Foremost Lithium Expands Presence in Snow Lake Region with Option Agreement to Acquire the Peg North Claims
Foremost Lithium Expands Presence in Snow
Lake Region with Option Agreement to
Acquire the Peg North Claims
Vancouver, British Columbia--(Newsfile Corp. - June 29, 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 that it has entered in to an agreement (the "Option Agreement") with Strider Resources Ltd.
("Strider") pursuant to which the Company has the right to acquire a 100% interest in the PEG NORTH
CLAIMS located in the historic Snow Lake mining district in Manitoba (the "Peg North Claims"). The Peg
North Claims consist of 28 claims hosting five known pegmatite dykes, [Cerny, et. al.1981]
[1]
and
captures the northern extension of the Crowduck Bay Fault and surrounding area, known for its lithium-
enriched pegmatite dyke clusters. The acquisition pursuant to the Option Agreement will significantly
expand the Company's Snow Lake lithium holdings by 16,697 acres (6,757 hectares) to an
amalgamated 43,031 acres (17,414 hectares) in the prospective Snow Lake pegmatite fields. The
location of the newly acquired Peg North Claims is illustrated in Figure 1 below. In connection with this
important acquisition, the Company wishes to take this opportunity to provide a comprehensive update
and overview of the status of each of the properties comprising the Company's impressive package of
lithium and precious metals assets.
John Gravelle, President & CEO of Foremost Lithium, states: "
We now hold and/or have the right to
acquire an aggregate of over 43,000 acres, (17,400+ hectares) of what Foremost considers to be tier-
one lithium exploration properties in Snow Lake, Manitoba. This substantial increase in hectares will
add to Foremost's previously disclosed inventory of 30 high-quality drill targets to explore and
develop. The electrification movement is amongst us and the increased demand for lithium will be
here for decades to come.
This strategic option of the Peg North Claims continues to demonstrate
Foremost's commitment to deliver long-term shareholder value
."
Under the terms of the Option Agreement, Foremost has the right to acquire a 100% interest in the Peg
North Claims, subject only to a 2% net smelter return royalty granted to Strider (the "NSR") (the "First
Option") in consideration for making aggregate cash payments of $750,000, issuing Strider common
shares having an aggregate value of $750,000, and incurring an aggregate of $3,000,000 in exploration
expenditures on the Peg North Claims on or before the fifth anniversary of the effective date of the Option
Agreement.
The Common shares will be issued at a deemed price equal to the greater of (a) the
average closing price of the Company's shares on the CSE for the last 30 trading days prior to the date
such shares are issued; and (b) the minimum price permitted under the policies of the stock exchange.
In connection with signing the Option Agreement, the Company will make the initial option payment to
Strider of $100,000 in cash and issue Strider an aggregate of 526,316 common shares at a price of
$0.19 per share.
Once the First Option has been fully exercised, the Company may, at any time prior to commencement of
commercial production on the Peg North Claims, exercise a second option to acquire one half (1/2) of
the NSR (1%) for a cash payment of $1,500,000.
[1]
P. Cerny, D.L. Trueman, D.V. Ziehlke, B.E. Goad, and B.J. Paul, "
THE CAT LAKE-WINNIPEG
RIVER AND THE WESKUSKO LAKE PEGMATITE FIELDS, MANITOBA
." Manitoba Department of
Energy and Mines, Mineral Resources Division
Economic Geology Report ER80-1. 1981
Figure 1 - Foremost Lithium Snow Lake District Claim Map showing the Jean Lake, Zoro, GRC and
Peg North Claims assets. Foremost now controls an amalgamated 17,414 hectares (43,031 acres) in
the highly prospective Snow Lake pegmatite fields, including the entire northern extension of the
Crowduck Bay Fault
To view an enhanced version of this graphic, please visit:
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Foremost's initial exploration plans for these claims include a LiDAR survey (to discover never-before-
seen outcrops for prospecting), an airborne high-definition magnetic survey, and follow up Mobile Metal
Ions soil geochemistry ground proofing of high priority magnetic anomalies. This work will be carried out
to define quality drill targets.
John Gravelle, President & CEO of Foremost Lithium, continues: "
Foremost's acquisition of the Peg
North Claims was a priority due to its excellent exploration potential based on the northeast extension
of the Crowduck Bay and related faults that host the Thompson Brothers lithium mineralized
pegmatite dykes. The mapped presence of lithium bearing pegmatites east and southeast of the Peg
North Claims make this property prospective for lithium bearing pegmatite dykes.
"
Mr. Gravelle further
continues:
"I'd like to personally express my most sincere gratitude to Dr. Mark Fedikow, Foremost's
Vice President of Exploration, and Dan Ziehlke of Strider Resources for their work to complete this
transaction."
Technical information contained in this press release, regarding the Peg North Claims, the Zoro Lithium
Project, the Jean Lake Lithium and Gold Property, the Grass River Property and the Hidden Lake
Lithium Property has been approved by the Company's VP of Exploration, Dr. Mark Fedikow, P.Eng., P.
Geo, who is a "Qualified Person" within the meaning of National Instrument 43-101 Standards of
Disclosure for Mineral Projects. Dr. Fedikow holds Honours B.Sc. and M.Sc. degrees in geology,
geophysics and geochemistry from the University of Windsor, Canada, and a Ph.D. in exploration
geochemistry from the School of Applied Geology, University of New South Wales in Sydney, Australia.
The technical content of this news release regarding The Winston Project has been approved by Dr.
Michael Feinstein, CPG, who is a Qualified Person as defined by NI 43-101.
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DESCRIPTION AND STATUS OF FOREMOST'S PROPERTIES
Zoro Lithium Project, Manitoba Canada
The Zoro Lithium Project is located at the east end of the 200 km long and 70 km wide Paleoproterozoic
Flin Flon-Snow Lake Greenstone Belt approximately 20 km east of the historic mining town of Snow
Lake (Figures 1 and 2). The project consists of 16 claims with a total of 3,603 hectares including the
100%-owned Zoro1 claim, that hosts the primary source of lithium on the property in Dyke 1, and the
Green Bay and Manitoba option properties. Foremost holds the rights to 100% of the lithium resources
on these properties.
Nearby infrastructure includes a power line servicing the town of Snow Lake
approximately 5 km south of the property, the Snow Lake airport, and an all-weather gravel road 11 km
west of the property, as well as a rail link located at Wekusko Siding, 20 km to the south of Herb Lake
Landing which is 30 km south of the property.
Geological Setting
1
The Zoro Lithium Project is underlain by ocean floor volcanic rocks of the Roberts Lake allochthon and
lesser amounts of Missi Group sedimentary rocks.
The Ocean Floor rocks comprise mafic volcanic and
related intrusions and the Missi Group consists of sandstone, siltstone, mudstone, and quartzo-
feldspathic gneiss and migmatite. The Ocean Floor mafic volcanic rocks adjacent to the pegmatite
dykes consist of a fine to medium-grained strongly foliated dark green lithology. These andesitic to
basaltic lithologies are locally interbedded with volcaniclastic sedimentary rocks and all are intruded by a
quartz-phyric granite intrusion (Figure 3).
Pegmatite dykes generally strike northwest to north-northwest with steep dips and crosscut the regional
foliation at a low angle. The dykes tend to be concentric in internal structure and the grain size of the
constituent minerals (potassium feldspar, quartz, spodumene and black tourmaline) coarsens towards
the center of the dykes. This pattern may be locally interrupted by patches of saccharoidal albite, large
muscovite aggregates and coarse albite stringers with garnet and beryl. Spodumene is concentrated in
the cores of the dykes. Some of the dykes have been split into sub-parallel veins by post-emplacement
tectonic activity.
Approach to Exploration
Integrated exploration on the project consists of soil and rock geochemical surveys, a drone magnetic
survey, prospecting, and mapping all followed-up with diamond drilling. This has led to the discovery of
16 previously unknown spodumene-bearing pegmatite dykes and the delineation of multiple lithium
targets. To date, 70 drill holes for 9,915 m have been completed on the property.
Source of Lithium
The principal source of lithium on the property is spodumene-bearing Dyke 1 with an inferred resource of
1,074,567 tonnes at 0.91% Li2O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 Rb, and 43 ppm Ta at a
0.3 percent Li2O cut-off .1
Please refer to the Company's NI 43-101 Technical Report titled "NI 43-101
Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba" dated effective July 6, 2018,
prepared by Dr. Mark Fedikow, P. Geo, and Scott Zelligan P. Geo. Tantalum mineralization has also
been intersected in Dyke 1 with an assay of 0.113% Ta2O5
(cf. November 1, 2017 news release).
Elsewhere on the property assays of 2.42% to 7.28% Li2O have been documented from spodumene-
bearing pegmatite Dyke 5 on the property3 (cf. Green Bay Mining and Exploration Ltd. Corporation File).
Metallurgy
Preliminary metallurgical testing by SGS Canada Inc. of a spodumene concentrate from Dyke 1
indicates that a high-grade (6% Li2O) lithium concentrate can be produced from Dyke 1 mineralization
using industry standard methods.2
Recent Exploration
Lithium
In 2022, a ten-hole 1,509-meter drill program was undertaken to test Mobile Metal Ion ("MMI") soil
geochemical anomalies and assess the deeper levels of high-grade spodumene pegmatite Dyke 8
discovered in 2018.
The sixteenth spodumene-bearing pegmatite dyke on the Zoro property was discovered during this
program. It was intersected by two drill holes (c.f. April 26, 2022, news release). DDH FM22-70 drilled at
-50 degrees inclination intersected two pegmatite intercepts totaling 4.9 meters with up to 15% light
green spodumene crystal aggregates. A second hole, DDHFM22-70B was drilled at a steeper
inclination of -65 degrees to undercut the first pegmatite intersection. This hole intersected a five-meter
intercept of the same spodumene mineralized pegmatite as hole FM22-70. The host rock to these
pegmatites is a fine-grained foliated basalt. The location of Dyke 16 in relation to all other pegmatite
dykes intersected on the Zoro property is illustrated in Figure 4.
Dyke 8
High-grade spodumene pegmatite Dyke 8 was discovered on the Zoro property in 2018 by the drill
testing of a Mobile Metal Ions soil geochemical anomaly. Drill hole Far18-35 testing the MMI anomaly
intersected 36.5 m of spodumene-bearing pegmatite. Assay results from hole FAR18-35 included three
separate intercepts of high-grade lithium including 12.3 m of 1.1% Li2O, 4.4 m of 1.2% Li2O, and 2.2 m
of 1.5% Li2O (cf. April 26, 2022, news release).
In 2022, DDHFM22-71 was drilled at -65 degrees to undercut the 2018 pegmatite intersections. A 4.5-
meter spodumene-bearing pegmatite was intersected between 70.45 and 75.89 meters before being
truncated by a fault. This intercept is 37 meters below the previous 2018 drill intercepted Dyke 8
spodumene mineralization. A further pegmatite was intersected below the fault between 84.4 and 86.65
meters.
To date, Dyke 8 has drill indicated dimensions of 120 m in length, 5-15 m in width and has been drilled
to a depth of 157 m (cf. April 26, 2022, news release).
Gold
Numerous intersections of core intersected mineralized zones characterized by disseminated and
veinlet arsenopyrite with lesser chalcopyrite, sphalerite, and pyrite. Mineralized sections were
intersected in silicified and variably altered dacite and basalt volcanic rocks with or without quartz veins.
Assay Samples
A total of 19 core samples of pegmatite have been collected from drill core. Fourteen samples were
collected from pegmatite with visible spodumene, and five samples were collected from pegmatite
without visible spodumene. Nine samples were collected from lithologies other than pegmatite. Fifty-
seven samples were collected from core mineralized with disseminated and stringer arsenopyrite and
lesser pyrite, chalcopyrite, and sphalerite for gold assay.
After logging and photographic recording, all core samples were sawn in half and one half of the core
has been shipped to Activation Laboratories (Ancaster, Ontario). Remaining drill core is stored in a
secure facility in Snow Lake.
Pegmatite samples will be analysed using UT-7 lithium and related element analysis after total
dissolution by sodium pyrophosphate with finish by ICP-MS. Samples for gold assay were undertaken on
30-gram samples with fire assay and finish by Instrumental Neutron Activation.
Results for all samples are pending but will be reported in a news release and on the website once
available.
Future Exploration
Exploration on the property is ongoing with prospecting, mapping and geochemical surveys following up
on a recently completed (June 2022) drone magnetic survey. The drone survey was completed by
EarthEx Geophysical Solutions Inc. Interpreted results from the drone magnetic survey will provide the
focus for ongoing exploration. A drone-assisted LiDAR survey is planned for the summer of 2022.
1: Fedikow, M.A.F. and Zelligan, S. 2018. NI 43-101 Technical report on the Zoro Lithium Project, Snow
Lake, Manitoba; 188p.
2: Grammatikopoulos, T., Aghamirian, M., Fedikow, M.A.F. and Mayo, T. 2020 : Mineralogical
characterization and preliminary beneficiation of the Zoro Lithium Project, Manitoba, Canada:
HTTPS://DOI.ORG/10.1007/S42461-020-00299-2
.
3: Green Bay Mining and Exploration Ltd. Corporation File: 1956: Manitoba Mining Recorder, Corporate
and Assessment Files.
Figure 1. Location map for the Zoro Lithium Project.
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Figure 2: Regional geology map of the Flin Flon-Snow Lake Greenstone Belt and the location of the
Zoro Lithium Project.
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Figure 3. Geological setting of the Zoro Lithium Project with claim boundaries.
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Figure 4. Location of Dyke 16 in relation to previously discovered pegmatite dykes on the Zoro
Lithium Project.
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Jean Lake Lithium and Gold Property, Manitoba Canada
The five claim, 1002-hectare Jean Lake Lithium and Gold Property is situated in west-central Manitoba,
15 kilometers east of the historic town of Snow Lake. It is hosted by the Early Proterozoic (1.832 Ga)
Rex Lake Plutonic Complex which is a circular intrusion 8 km in diameter. The property hosts the historic
west-northwest striking Beryl lithium pegmatites rediscovered in August of 2021 in blasted trenches
beneath 80 years of organic deadfall and glacial sediment. The 270-degree trending dykes are
characterized by coarse grained light green spodumene crystals in a matrix of potassium feldspar,
quartz, and muscovite. The host rocks are coarsely porphyritic gabbro. The property also hosts the shear
zone-hosted Sparky Gold Occurrence discovered in 1918. The gold mineralization is associated with