Foremost Lithium Announces Receipt of Its Second $300,000 Grant from The Manitoba Mineral Development Fund (MMDF)
Foremost Lithium Announces Receipt of Its
Second $300,000 Grant from The Manitoba
Mineral Development Fund (MMDF)
Vancouver, British Columbia--(Newsfile Corp. - January 4, 2023) -
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 that the Company has been approved for a $300,000 grant for the second time in just over two
years (see the Company's news release dated September 30, 2021) from the Manitoba Mineral
Development Fund ("MMDF"). The funds will help support and advance the ongoing 2022/23 3,000-
meter diamond drill program (see the Company's news release dated November 21, 2022) on its Jean
Lake Lithium Project located in the Snow Lake area of the province of Manitoba.
The drill targets at the Jean Lake Lithium property include the high-grade spodumene-bearing B1 and
B2 pegmatite dykes and Mobile Metal Ion lithium-anomalous magnetic trends defined by a UAV-
assisted geophysical survey completed earlier in 2022. The Jean Lake Property is adjacent to Snow
Lake Resources Project which includes the Sherritt Gordon and Grass River pegmatites and the
Thompson Brothers lithium-bearing pegmatite with a recently announced historic (SEC in S-K 1300)
indicated mineral resource of 9.08 million tonnes @ 1% lithium oxide and an inferred resource of 1.96
million tonnes @ 0.98% Li2O based on a 0.3% cut-off.
1
Drill Rig at B1 Pegmatite Dyke next to drill shack at the Jean Lake Lithium Project in Snow
Lake, Manitoba
To view an enhanced version of this graphic, please visit:
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It is intended that ongoing exploration in 2023 on the Lithium Lane's Snow Lake properties will include
focused prospecting and surficial geochemical surveys designed to follow-up drone-assisted magnetic
and LIDAR surveys on the Grass River, Zoro and Peg North properties. Recent and historical
geoscientific databases will be integrated to provide targets on the properties.
The MMDF was launched by the Government of Manitoba in August 2020 with the stated goal of jump-
starting mineral and economic development initiatives throughout the province. The MMDF is
administered through the Manitoba Chambers of Commerce and aims to support new economic
development opportunities that capitalize on existing assets and infrastructure across Manitoba.
Jason Barnard, Foremost's President and CEO, states,
"We are pleased to once again receive this
support from the Manitoba Mineral Development Fund. Historic as well as current base and precious
metal mining and developing battery metal projects have provided employment and economic
development opportunities in the Snow Lake region. With this assistance from the MMDF and the
Government of Manitoba, Foremost Lithium plans to contribute to the growth and prosperity to Snow
Lake and nearby communities. The top 10 battery manufacturing plants are currently in China
2
.
Europe and North America are looking to reduce their reliance to Asia, and are seeking domestic
supply chains, to which they can procure their critical minerals locally, as well as secure partnerships
with local battery metal suppliers and manufacturers. As we advance our Lithium Lane Projects in
Snow Lake, we envision that we will be forming great strategic partnerships and are thankful to have
contributions from the MMDF assisting our company."
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.
Follow us or contact us on social media:
Twitter: @foremostlithium
Linkedin:
https://www.linkedin.com/company/foremost-lithium-resourcetechnology/mycompany
Facebook:
https://www.facebook.com/ForemostLithium
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.
1
https://ir.snowlakelithium.com/sec-filings/all-sec-filings/content/0001213900-21-017941/ea138244-
f1_snowlake.htm
2
https://www.ecolithiumbattery.com/top-10-chinese-lithium-battery-manufacturers-in-2022/
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