Foremost Lithium Completes Acquisition of The Little Granite Mine in the Winston Group of Properties, New Mexico, USA, Announces Chairman, Executive and Adviser Appointments
Foremost Lithium Completes Acquisition of
The Little Granite Mine in the Winston Group
of Properties, New Mexico, USA, Announces
Chairman, Executive and Adviser
Appointments
Vancouver, British Columbia--(Newsfile Corp. - December 14, 2022) -
Foremost Lithium Resource &
Technology Ltd.
(CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8)
(
www.foremostlithium.com
) (
"
Foremost Lithium
"
,
"
Foremost
"
or the "
Company
"
)
is pleased to
announce further to its news release of March 31, 2015, that it has entered into an amended property
acquisition agreement pursuant to which it has acquired 100% interest of the Little Granite Claims in the
Winston Group of Properties Gold/Silver Project (the "
Property
").
Under the amended terms, Foremost successfully negotiated the final cash payment required to
exercise its option on the Property from $380,000USD to $75,000USD which has been satisfied through
the issuance a non-interest-bearing promissory note to the arm's length Vendor (the "
Note
"). The Note is
due and payable by October 15, 2023, of which an initial $25,000 payment has been made. Following
these amendments, the Company has acquired the Property for aggregate consideration of
$186,000USD, versus aggregate consideration of $434,000USD under the original terms.
The Winston Gold and Silver Project is home to three historic producing mines: Ivanhoe, Emporia, and
Little Granite located in Sierra County, New Mexico, USA.
The project covers a 2780-acre property
consisting of 139 unpatented BLM (Bureau of Land Management) mining claims and 2 patented Ivanhoe
and Emporia lode mining claims. The Little Granite Mine has been worked during several periods since
discovery in the 1870s; workings consist of 3 shafts, a 470ft decline, and several underground levels.
The historic mines are hosted by north-south orientated vein systems which display characteristics
typical of low sulphidation epithermal style mineralization, carrying grades in gold and silver. A sampling
program at the Little Granite Mine last year, returned results ranging from 0.10 to 66.50 g/t gold and 7.6
to 2,940 g/t silver as disclosed in the Company's press release on June 29, 2022.
Jason Barnard, Foremost's President and CEO states,
"The Winston Gold/Silver Project is an
exceptional property with strong potential, returning assays as high 66 g/t gold and 4,610 g/t silver.
Significantly reducing our capex, allows us to redirect the budget to a 2023 drill program in New
Mexico, which our Company and shareholders have anticipated for many years. I look forward to
strategizing these objectives with our new board and management team."
Foremost would like to announce they have made the following key appointments:
Chairman of the Board
Mike McLeod has over 40 years of experience in the corporate financial services industry. He has been
a long-term member of the Canadian Investor Relations Institute and Governance Professionals of
Canada. Mr. McLeod has served as advisor to and counseled many boards of directors and
management teams on a wide range of topics including corporate governance, capital markets
intelligence, M&A transactions, and shareholder engagement and communications.
Chief Financial Officer and Corporate Secretary
Cyrus Driver is a Chartered Accountant and was founding partner in the firm of Driver Anderson since its
inception in 1981. He is a retired partner in the firm of Davidson and Company LLP after merging with
them in 2002. Whilst providing general public accounting services to a wide range of clients, he
specializes in servicing TSX Venture Exchange-listed companies and members of the brokerage
community. He also serves on the boards of several listed companies. Mr. Driver's roles as CFO and
Corporate Secretary will commence on January 01, 2023.
Advisory Board
Raymond Strafehl is a current director at Tearlach Resources, recently stepping down as President and
CEO.
He was a former stock exchange trader, investment advisor and registered Commodity Trading
Advisor for more than 20 years. Mr. Strafehl negotiated the $170 million takeover transaction of Valley
High Ventures Ltd. He served several public mining companies in roles as president, director, and
corporate relations over the past 15 years.
Option Grant
Foremost announces it has granted incentive stock options to purchase an aggregate of 1,550,000
common shares of the Company at an exercise price of $0.19 per common share expiring three years
from the date of grant. The stock options are granted to certain officers, directors, consultants,
employees, and advisors to the Company in accordance with the terms and conditions of the Company's
Rolling Stock Option Plan, which was approved by the shareholders at the Company's annual general
meeting, and the policies of the Canadian Securities Exchange.
In Connection with Mr. Driver's appointment as CFO effective January 1, 2023, Foremost's current CFO,
Andrew Lyons, has announced his intention to resign in that role effective January 1, 2023.The Company
would like to thank Mr. Lyons for his contributions over the last year, and he will continue to serve in his
capacity on the board of directors. The Company would like to confirm John Gravelle and Pierre Yves
Tenn did not stand for re-election at the most recent AGM and are no longer associated with the
Company.
Foremost wishes them well in their future endeavors.
QP Statement
Geologic sampling was completed by Michael Feinstein, PhD, CPG.
Mr. Feinstein is the Qualified
Person (Q.P.) and has approved the technical material contained in this document. All samples are
collected and maintained in accordance with established QA/QC protocols.
On Behalf of the Board of Directors
Jason Barnard, President and CEO
Email:
Phone: +1 (604) 330-8067
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news
release and accepts no responsibility for the adequacy or accuracy hereof.
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a hard-rock exploration company strategically located to capitalize on the world's
growing EV appetite and is committed to being a premier supplier of North America's lithium feedstock.
As the world transitions towards decarbonization, the Company is focused on exploration and growth on
its 5 Lithium Lane Projects in Snow Lake Manitoba. Foremost Lithium also has the Winston Gold/Silver
Property in New Mexico USA.
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@foremostlithium
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Forward-Looking Statements
This news release contains "forward-looking statements" and "forward looking information" (as defined
under applicable securities laws), based on management's best estimates, assumptions, and current
expectations. Such statements include but are not limited to, statements with respect to the plans for
future exploration and development of the Company's properties and the acquisition of additional
exploration projects. Generally, these forward-looking statements can be identified by the use of forward-
looking terminology such as "expects", "expected", "budgeted", "forecasts", "anticipates" "plans",
"anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective",
"prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could"
or "should" occur. These statements should not be read as guarantees of future performance or results.
Such statements involve known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements to be materially different from those expressed or implied by such
statements, including but not limited to:
risks related to the receipt of all necessary regulatory and third
party approvals for the proposed operations of the Company's business and exploration activities,
completion of the Company's recently announced financing, risks related to the Company's exploration
properties; risks related to international operations; risks related to general economic conditions, actual
results of current exploration activities, unanticipated reclamation expenses; changes in project
parameters as plans continue to be refined; fluctuations in prices of commodities including lithium and
gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables,
possible variations in reserves; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of
the mining industry; delays in the completion of exploration, development or construction activities,
changes in national and local government regulation of mining operations, tax rules and regulations, and
political and economic developments in jurisdictions in which the Company operates. Although the
Company has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such statements will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
statements. The forward-looking statements and forward-looking information are made as of the date
hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any
obligation to revise or update any such factors or to publicly announce the result of any revisions to any
forward-looking statements or forward-looking information contained herein to reflect future results,
events or developments, except as require by law. Accordingly, readers should not place undue reliance
on forward-looking statements and information. Please refer to the Company's most recent filings under
its profile at
www.sedar.com
for further information respecting the risks affecting the Company and its
business.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/147947