Foremost Lithium Finalizes Acquisition of Lac Simard South Property in Quebec
Foremost Lithium Finalizes Acquisition of Lac Simard
South Property in Quebec
-- Property Includes 12 Identified Pegmatites Strategically Located to
Potentially Support Direct Shipping Ore (DSO) Strategy --
Vancouver , British Columbia , Sept 19, 2023 -- Foremost Lithium Resource &
Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium ”,
“Foremost ” or the “ Company ”), a North American hard- rock lithium exploration
company, today announced that it has made the second and final cash payment in the
amount of $17,500 plus GST for the acquisition of Lac Simard South Property (the
“Property”), previously announced on March 20, 2023.
Lac Simard South land package consists of 80 mineral claims covering 11,482
acres/4,647 hectares.
Figure 1. Property Location Map of Lac Simard South in Quebec, Canada
“Acquiring the Lac Simard South property aligns with our strategy to be in proximity of a
lithium mine and concentrator,” said Jason Barnard, Chief Executive Officer and
President of Foremost Lithium. “Producing and delivering Direct Shipping Ore (DSO)
will enable us to generate net cash and partner with downstream refineries to supply
their raw lithium ore. We intend to optimize the advantages the property offers and look
forward to beginning our exploration efforts.”
Figure 2. Lac Simard South Property Claims with surrounding concentrators and
refineries. Total - 11,482 acres/4,647 hectares.
Lac Simard South Property is located approximately 90km southwest from the NAL
Lithium Processing Plant (a Piedmont/Sayona Joint Venture) (“NAL”). On September
06, 2023, NAL announced the receipt of the first cash proceeds following the inaugural
shipment of lithium spodumene concentrate to the international lithium market. The first
shipment consisted of approximately 20,500 wmt (19,200 dry metric tonnes or dmt) of
spodumene concentrate and was sold via a major trading company. 1
Lac Simard South Property is located in a well-developed mining region with readily
available support facilities and services and is situated 80km southwest of Val-D'or, an
established logistics hub for mining services. Val-d’Or is a city with a population of
30,000 and is well-known for its mining history, with an experienced mining workforce.
The Property is easily accessible year-round by way of well-maintained roads, with little
overburden connecting and within a few km from major highways. The province of
Quebec is a major producer of electricity and one of the largest hydropower generators
in the world, and a hydroelectric power plant is situated right within the property claim
block, allowing access to grid power and low-cost hydroelectricity.
The Company intends to begin a future work program to test the identified pegmatites
associated in Quebec’s active lithium, mining, and refining region. The exploration
program’s first steps are expected to include ground truthing to confirm and describe the
nature of the identified pegmatites as well as prospecting selected areas to find lithium-
bearing pegmatites. Uses of indirect techniques such as drone-assisted magnetic
surveys, in addition to surficial geochemical surveys including MMI, will be
contemplated in areas with scarce outcrops to help delineate new targets prospective
for lithium-bearing pegmatites. Foremost will strategize further plans upon the return of
initial assay results.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) 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 (Li ₂O), and to subsequently play a
role in the production of high-quality lithium hydroxide (LiOH), to help power lithium-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.
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the Company's properties and the acquisition of additional exploration projects.
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regulatory and third party approvals for the proposed operations of the Company's
business and exploration activities, 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, unantic ipated 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
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that could cause actual results to differ materially from those contained in forward-looking
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accurate, as actual results and future events could differ materially from those anticipated
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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
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Company
Jason Barnard, President and CEO
+1 (604) 330-8067
Investor Relations
Michael Kim or Brooks Hamilton
MZ North America
+1 (737) 289-0835