Foremost Lithium Provides Update on its Peg North Property in Manitoba, Canada
Foremost Lithium Provides Update on its Peg North Property in
Manitoba, Canada
Highlights:
• The Peg North Property straddles the northeastern extension of the Crowduck Bay
Fault which is a focal point for the development of lithium-enriched pegmatite dyke
clusters
• The Peg North Property is the largest of the Company’s Lithium Lane Properties
consisting of 28 claims covering 16,697 acres/6,757 hectares or approximately 26.4
square miles
Vancouver, British Columbia – June 13, 2024 - Foremost Lithium Resource & Technology
Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a
North American hard-rock lithium exploration company, confirms further to its news release
on June 29, 2022 in respect of the Company's o ption ("the Option ") to acquire a 100%
interest in the Peg North Claims located in the historic Snow Lake Mining District in
Manitoba, that the Company has completed its third installment of the Option payment due
on or before June 28, 2024. In accordance with the terms of the Option agreement, the third
installment payment consisted of a cash payment of $100,000 and the issuance of 28,818
common shares at a deemed price of $3.47 per share, being the 30- day weighted volume
average price of the Company’s shares on the Canadian Securities Exchange. The shares
are subject to a hold period of four months and one day expiring on October 13, 2024.
Fig 1. Peg North Property Map
The Peg North Property
The Peg North Claim block is the largest of the Company’s Lithium Lane properties and
consists of 16,697 acres /6,757 hectares or approximately, 26.4 square miles . It contains
many historically documented pegmatite outcrops , and high volume of pegmatite dykes
were discovered during the Summer 2023 exploration field program that Dahrouge
Geological Consulting undertook. The focus was on the historically mapped pegmatites to
assess the degree of pegmatite fractionation and to determine LCT mineralization potential.
Dense cover, difficult terrain, and forest fires hindered exploration progress and a large area
of Peg North remains to be prospected. The Crowduck Bay Fault extends into the Peg North
Property which is known for its lithium -enriched pegmatite dyke clusters; significant
numbers of pegmatites seem to be within unexplored territory highlighting the prominence
of the Crowduck Bay Fault.
“We are delighted to complete the third installment of the option payment to acquire 100%
interest of the Peg North Claims , which we believe is a significant prospective property for
our Company, and believe it brings inherent value for our shareholders ,” state s Jason
Barnard, President and CEO of Foremost Lithium . “ While lithium pricing has experienced
transitory challenges, we feel market conditions are starting to change and reflective of
positive sentiment. We remain highly confident in our Lithium Lane projects , and their
potential. We are well positioned within the industry and remain committed on the path
towards future value creation for our stakeholders.”
Foremost announced on October 08, 2023, that LiDAR survey on the Peg North claim block
would be completed in the fall last year to add to the collection of high-resolution magnetics
aerial drone surveys on the property to better understand the structural details of the
property and its topographic expressions. High-resolution LiDAR models of ground elevation
or relief on other of Foremost’s Lithium Lane properties have also defined many areas with
comparable orientations as known spodumene -bearing pegmatite, suggesting that LiDAR
and magnetic could also be an effective tool for future drill targeting on Peg North.
Future Plans
Foremost’s plans include extensive exploration as the summer 2023 was limited due to the
forest fires inhibiting access to a large portion of the property. A dditional lithium-bearing
pegmatites occur northeast, east and southeast of the Peg North property which underscore
the highly prospective nature for repetitions of lithium-bearing pegmatite dykes, making this
property potential extremely favourable. Both magnetic survey and LiDAR images, with
appropriate orientations, coupled with mapping, and geochemical survey, will provide a
base to follow-up exploration and drill targeting.
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 lithium -based
batteries, critical in developing a clean-energy econom y. 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
Follow us or contact us on social media:
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