Foremost Clean Energy Announces Positive Preliminary Results from Recently Completed Drill Program at the Hatchet Lake Uranium Property
Foremost Clean Energy Announces Positive Preliminary Results
from Recently Completed Drill Program at the Hatchet Lake
Uranium Property
VANCOUVER, British Columbia, October 22, 2024 -- Foremost Clean Energy Ltd. (NASDAQ:
FMST) (CSE: FAT) (“Foremost” or the “Company”) an emerging North American uranium and
lithium exploration company is pleased to announce positive preliminary results from an 889
metre, four-hole diamond drill program (the “2024 Hatchet Drill Program” or “Drill Program”) that
was recently completed at the Hatchet Lake Uranium Property (“Hatchet ”), located in the prolific
Athabasca Basin region of northern Saskatchewan. Highlights from preliminary results of the Drill
Program include:
• Elevated radioactivity of up to 360 counts per second (“cps”) associated with a post-
Athabasca reverse fault observed from drill hole RL-24-29,
• A shear zone with locally reactivated graphitic-pyritic faults was intersected approximately
80 metres below the unconformity in drill-hole TF-24-12. The projection of these structures
to the unconformity represents a compelling target for future follow-up.
Denison Mines Corp. (TSX:DML, NYSE American: DNN) (“Denison”), managed the 2024 Hatchet
Drill Program, which consisted of two holes (RL-24-29 and RL-24-30) within the Richardson claim
block (“Richardson”) and two holes (TF-24-11 and TF-24-12) within the Hatchet South claim block
at the Tuning Fork grid (“Tuning Fork”), as illustrated in Figure 1.
Jason Barnard President and CEO of Foremost, states “We are pleased to have hit the ground running
on our new portfolio of Athabasca Basin uranium exploration properties. Hatchet is a highly
prospective exploration property , and the preliminary results from the recently completed Drill
Program have already generated compelling targets for follow-up. Exploring a property of Hatchet’s
caliber represents an exceptional opportunity for Foremost – with historical mineralization identified
along the 5+km long Richardson trend and a multitude of varied exploration targets. Our accretive
collaboration with Denison, now Foremost’s largest shareholder, enabled this work to be completed
as Foremost rapidly transitions to a uraniu m exploration focus. We look forward to working with
Denison on this property and others within our portfolio to the mutual benefit of both of our
shareholders. ”
Hatchet Lake Uranium Property
The Hatchet Lake Property is located within the northeast portion of the Athabasca Basin, where
the sub-Athabasca unconformity ranges from zero to 250 metres. The unconformity represents the
contact between underlying basement rocks and the Athabasca Sandstone structures, which is
often a prime setting for uranium mineralization. Recent unconformity-related discoveries within
the region include IsoEnergy’s Hurricane Deposit* (Indicated Mineral Resources of 48.6 Mlbs U3O8
from 63,800 tonnes at an average grade of 34.5% U3O8 )1, which is situated within the LaRocque
Lake Conductive Corridor to the west of the Hatchet Lake Property.
* Mineralization on any other properties referred to herein is not necessarily indicative of
mineralization on the Hatchet Lake Property.
Figure 1. Map of Hatchet Lake and Surrounding Area
Richardson Trend
Previous drill programs at Hatchet returned significant cobalt and nickel enrichment, with grades of
up to 6.06% Co and 4.91% Ni (HT-83-61)2 indicative of a geologic setting conducive to polymetallic
1 https://www.isoenergy.ca/featured-project/
2 All historical drilling and exploration results provided by Denison Mines
uranium deposits, such as at the Midwest-U-Ni-Co deposit and at Cigar Lake. Historic hole RL-13-
13 intersected 1.52% U3O8 across 15 m and RL-13-16 intersected 0.45% U3O8 over 2.3 m2. This
mineralization is directly above the unconformity, within the Athabasca Sandstone.
Recently completed drill holes RL-24-29 and RL-24-30 both intersected significant structural
disruption within the sandstone in addition to alteration indicative of hydrothermal fluid flow, such
as strong dravite clay and illite clay alteration. Anomalous radioactivity of 360 cps, hosted in altered
pelite 60 cm below the unconformity, was measured using a hand-held RS-125 scintillometer (a
“Scintillometer”) on drill core recovered from drill hole RL-24-29 (Figure 2). A Scintillometer is
used to measure total gamma radiation from drill core. Total gamma is an indication of uranium
content, but may not correlate with chemical assays as other radioactive elements may be present.
Figure 2. Compilation Map Displaying Current and Historic Drill Hole Locations at Richardson
(Background: 2010 Horizontal Loop Electromagnic or “HLEM” Data)
Tuning Fork
Drilling at the Tuning Fork targeted Small Moving Loop Electromagnetic (“SML-EM”) conductive
anomalies in the vicinity of strongly anomalous geochemical results from previous drilling. Both
completed holes (TF-24-11 and TF-24-12) intersected significant structural disruption and alteration
indicative of hydrothermal fluid flow, including intense clay alteration and hydrothermal hematite .
Notably, a shear zone with locally reactivated graphitic-pyritic faults was intersected on drill-hole TF-
24-12 (Figure 3) at approximately 200 m, situated roughly 80 metres below the unconformity. The
projection of these structures to the unconformity represents a compelling target for future follow-
up.
Figure 3. Compilation Map Displaying Current and Historic Drill Hole Locations at Tuning Fork
(Background: 2009 HLEM Data)
Drill core samples from the 2024 drill program at Hatchet have been sent to the SRC Geoanalytical
Laboratories in Saskatoon, Saskatchewan for analysis. The results discussed in this news release
are preliminary, as assay results and interpretation thereof are pending.
Qualified Person
Technical information in this news release has been reviewed and approved by Jody Dahrouge,
P. G e o . of Dahrouge Geological Consulting Ltd. and Foremost’s chief technical advisor, who is a
Qualified Person as identified by Canadian National Instrument 43-101-Standards of Disclosure for
Mineral Projects and as defined by the Securities and Exchange Commission’s Regulation S-K 1300
rules for resource deposit disclosure.
About Foremost
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is an emerging North
American uranium and lithium exploration company with an option to earn up to a 70% interest in
10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able
to earn up to 51%) spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region
of northern Saskatchewan. As the demand for carbon-free energy continues to accelerate,
domestically mined uranium and lithium are poised for dynamic growth, playing an important role
in the clean energy mix of the future. Foremost’s uranium projects are at different stages of
exploration, from grassroots to those with significant historical exploration and drill-ready targets.
The Company’s mission is to make significant discoveries, alongside and in collaboration with
Denison (TSX:DML, NYSE American: DNN), through systematic and disciplined exploration
programs.
Foremost also has a portfolio of lithium projects at varying stages of development, which are
located across 55,000+ acres in Manitoba and Quebec. For further information please visit the
company’s website at www.foremostcleanenergy.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
www.mzgroup.us
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Forward-Looking Statements
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dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties
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