Foremost Lithium Announces Positive Drill Results Including 1.10% Li2O at 10 Metres From its Zoro Property, Manitoba
Foremost Lithium Announces Positive Drill Results Including 1.10%
Li2O at 10 Metres From its Zoro Property, Manitoba, Canada
Results from drill holes FL24-009 FL24-0010 & FL24-0020 include:
• DL FL24-009 confirmed 1.15% Li2O over 4.97 m and 1.52% Li2O over 5.02 m
• DL FL24-010 confirmed 1.10% Li2O over 9.88 m
• DL FL24-020 confirmed 0.80% Li2O over 9.05 m
Vancouver, British Columbia – August 14, 2024 - Foremost Lithium Resource & Technology Ltd. (NASDAQ:
FMST) (CSE: FAT) (“Foremost Lithium” , “Foremost” or the “Company”), a North American hard -rock lithium
exploration company, is pleased to announce positive results from completed 5,826-metre drilling campaign at its
Zoro Lithium Property (the “Property” or “Project”) that was previously announced completed on May 23, 2023. The
drilling program targeted untested mineralization at depth, south-east of Dyke 1, the Company's maiden inferred
resource of 1,074,567 tons at a grade of 0.91% Li 2O, with a cut -off of 0.3%, as outlined in the Company’s filed
Regulation SK -1300 Technical Report Summary (2023) and NI 43-101 Technical Report (2018). Assay results
included 1.52% Li2O over 5.02m in drill hole FL24-009, 1.10% Li2O over 9.88m in drill hole FL24-010, and 0.80% Li2O
over 9.05m in drill hole FL24-020.
Jason Barnard, President & CEO of Foremost, said: “We are pleased to announce these strong drill results, reflecting
the significant upside potential in our Zoro property and in the entirety of our Lithium Lane projects. As the world
continues its energy transition, lithium projects in friendly nations close to industrial demand centers are poised to
play a key role. To that end, I firmly believe that Foremost’s lithium project portfolio could help make Canada into a
leading supplier of lithium to North American industry. ”
Figure 1. Drill holes Completed at the Dyke 1 Spodumene Pegmatite
2024 Drill Results – Dyke 1
Drill results completed during the Winter 2024 program proximal to Dyke 1 have demonstrated the continuity of
lithium mineralization along Dyke, as well as infill areas along strike and at depth. Figure 1 (above) illustrates the drill
hole locations, displaying multiple 50-meter step-outs perpendicular to the strike of Dyke 1. Drilling was used to
assess lateral continuity as well as to test the presence of mineralization at depth . Confirmation of lithium
mineralization extended Dyke 1 from a previous 265-meter strike length to greater than 400 meters. In the west, the
body is comprised of multiple near surface lithium -bearing pegmatites that range up to an apparent 17.9 m
thickness.
Figure 2 (below) illustrates Dyke 1 lithium mineralization in previously untested areas and tested areas supporting
the Company’s theory that Dyke 1 hosts further lithium zones providing further potential for expansion.
Figure 2. Preliminary geological model of drill collars at Dyke 1 from Zoro 2024 drill program (denoted by teal markers)
Assay Results:
Drillholes FL24-009, FL24-010, and FL24-020 intercepted significant spodumene pegmatite intervals varying from
10-20% spodumene content (pic 1-4 below). The presence of such intervals indicates the continued mineralization
at depth and to the south-east of Dyke 1. Table 1 provides full assay results for lithium and related material; Table 2
lists drill hole collar information.
Table 1: Summary for NQ core assay results for lithium and related metals from the 2024 Winter drill
campaign at Dyke 1.
Drill
Hole ID
NQ Core
Sample
Depth
(m)
Width
(m) Li (ppm) Li2O (%) Cs (ppm) Ta (ppm)
FL24-009 FL009-029 199.00 – 199.96 0.96 10009 2.155 125 21.6
FL009-030 199.96 -201.00 1.04 6686 1.439 149 28.4
FL009-033 201.00 – 202.00 1.00 601 0.129 187 10.1
FL009-034 202.00 – 202.92 0.92 4690 1.01 141 22.5
FL009-035 202.92 – 203.97 1.05 4815 1.037 106 17.7
FL009-036 203.97 – 205.00 1.03 2341 0.504 170 19.4
FL24-009 FL009-061 235.98 – 237.00 1.02 2520 0.542 123 36.4
FL009-062 237.00 – 237.97 0.97 7262 1.563 366 46.4
FL009-064 237.97 – 238.99 1.02 11420 2.458 270 35.8
FL009-065 238.99 – 240.09 1.1 7493 1.613 303 39
FL009-066 240.09 – 241.00 0.91 6567 1.414 247 49.8
FL24-010 FL010-024 176.22 – 176.85 0.63 5036 1.084 375 70.5
FL010-026 176.85 – 177.48 0.63 166 0.036 460 41.7
FL010-027 177.48 – 178.11 0.63 2246 0.483 550 34.3
FL010-028 178.11 – 178.80 0.69 7664 1.65 419 34.5
FL010-029 178.80 – 179.48 0.68 9405 2.025 281 34.6
FL010-030 179.48 – 180.73 1.25 287 0.062 133 67.2
FL010-033 180.73 – 181.99 1.26 1758 0.378 253 39.9
FL010-034 181.99 – 183.05 1.06 6104 1.314 494 71.3
FL010-035 183.05 – 184.06 1.01 11270 2.426 305 87.6
FL010-036 184.06 – 185.08 1.02 8493 1.828 254 108
FL010-037 185.08 – 186.10 1.02 4687 1.009 520 102
FL24-020 FL020-029 232.00 – 233.00 1.00 4933 1.062 191 70.1
FL020-030 233.00 – 234.00 1.00 3397 0.731 283 52.6
FL020-033 234.00 – 235.00 1.00 4779 1.029 344 64.1
FL020-034 235.00 – 236.03 1.03 2642 0.569 325 70.9
FL020-035 236.03 – 237.00 0.97 458 0.099 147 35.5
FL020-036 237.00 – 238.00 1.00 5580 1.201 192 37.3
FL020-037 238.00 – 239.03 1.03 2400 0.517 285 40.9
FL020-039 239.03 – 240.00 0.97 3043 0.655 210 47.8
FL020-040 240.00 – 241.05 1.05 6215 1.338 215 34.1
Table 2: Attributes for drillholes reported herein at the Zoro Property. (Coordinates are presented in NAD83/UTM Zone
14N. Azimuth and dips presented are those “planned” and may vary off-collar/downholes)
Hole
ID
Core
Diameter Easting (m) Northing (m) Elevation
(m)
Target
Area Azimuth Dip
FL24-
009 NQ 458380 6078940 285 Dyke 1 77 -55.0
FL24-
010 NQ 458380 6078940 285 Dyke 1 77 -45.0
FL24-
020 NQ 458323 6078873 288 Dyke 1 95 -52.0
Pic 1. Spodumene Pegmatite from FL24-009. Approximately 1.15% Li2O over interval (199.00 m – 203.97 m)
Pic 2. Spodumene Pegmatite from FL24-009. Approximately 1.52% Li2O over interval (235.98 m – 241.00 m)
Pic 3. Spodumene Pegmatite from FL24-010. Approximately 1.10% Li2O over interval (176.22 m – 186.10 m)
Pic 4. Spodumene Pegmatite from FL24-020. Approximately 0.75% Li2O over interval (232.00 m – 245.00 m)
Future Potential
Dyke 1 is still open at depth and to the southeast with a continued presence of spodumene pegmatite
intersected on 50-metre step-outs, which is indicative of potential for continued resource expansion.
The company plans on using the data gathered from this drill campaign to integrate with geochemical
survey data. This database will be combined with historic and current exploration data to refine the
current targeting model that will provide key data for future drill targets.
Chief Financial Officer Appointment
Foremost would like to announce the appointment of Mr. Dong Shim, CPA, CA, CPA (Illinois) – a
partner in SHIM & Associates LLP – as Chief Financial Officer effective August 15, 2024. Mr. Shim
brings an extensive background as a CFO for various publicly traded companies, primarily focused
on the junior mining, oil and gas, pharmaceutical, and high-tech sectors. Mr. Shim serves as an audit
partner on numerous audit engagements has led a successful accounting and finance career in both
the U.S. and Canada. He brings a wealth of knowledge to the team with his expertise in auditing
publicly-traded junior mining and high -tech companies on both the TSX Venture Exchan ge, the
Canadian Securities Exchange and on U.S. exchanges. He is a member of the Chartered Professional
Accountants of British Columbia and a Certified Public Accountant registered in the State of Illinois
(United States). Sead Hamzagic will be stepping down from his role as CFO to be able to focus time
and energy with his family. The Company wishes to thank Mr. Hamzagic for his commitment and
strong contributions during his tenure.
Barnard concluded: “I would be remiss not to thank Sead for his dedication to our team. He’s been
an extremely valuable executive member and an incredible partner to our Company . I look forward
to working closely with Dong in his new role as Foremost’s CFO, – and fully expect he will be playing
a key role in reaching our company’s financial objectives and driving key elements in our growth
strategy. ”
Quality Assurance / Quality Control (QAQC)
A Quality Assurance / Quality Control protocol following industry best practices was incorporated
into the program and included a systematic insertion of quartz blanks and certified reference
materials into sample batches at a rate of approximately 5%. Additionally, analysis of pulp-split and
coarse-split sample duplicates were completed to assess analytical precious at di fferent stages of
the laboratory preparation process.
All core samples were shipped to SGS Canada’s Laboratory in Burnaby, BC for sample preparation
which includes drying at 105°C, crush to 75% passing 2 mm, riffle split 250 g, and pulverize 85%
passing 75 microns. The homogenized pulps were subsequently anal yzed for multi -element
(including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (codes GE_IMS91A50 and
GE_ICP91A50).
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew Carter,
P .Geo., who is a Qualified Person as identified by Canadian National Instrument 43-101-Standards of
Disclosure for Mineral Projects and as defined by the Securitie s and Exchange Commission’s
Regulation S-K 1300 rules for resource deposit disclosure.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) (FSE: F0R0) (WKN: A3DCC8) is a hard -rock lithium
exploration company focused on empowering the North American clean energy economy.
Foremost’s strategically located lithium properties extend over 43,000 acres in Snow Lake, Manitoba,
and hosts a property in a known active lithium camp situated on over 11,400 acres in Quebec called
Lac Simard South.
Foremost’s four flagship Lithium Lane Projects as well as its Lac Simard South project are located at
the tip of the NAFTA superhighway to capitalize on the world's growing EV appetite, strongly
positioning the Company to become a premier supplier of North America's lithium feedstock. As the
world transitions towards decarbonization, the Company's objective is the extraction of lithium oxide
(Li₂O), and to subsequently play a role in the production of high -quality lithium hydroxide (LiOH), to
help power lit hium-based batteries, critical in developing a clean -energy economy. Foremost
Lithium also has the Winston Gold/Silver Property in New Mexico USA. Learn More
at www.foremostlithium.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
Except for the statements of historical fact contained herein, the information presented in this news release and oral
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with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of
development or construction activities or claims limitations on insurance coverage. Although the Company has attempted
to identify important factors that could cause actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated,
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expectations reflected in such forward -looking statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be achieved. Forward -looking information is subject to certain risks, trends and
uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond
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could impact the Company and the statements contained in this news release can be found in the Company’s filings with
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