InvestmentPitch Media Video Discusses Foremost Lithium and its Pending Acquisition of the Pegmatite-Hosting Lac Simard South Property within Sayona Mining’s Abitibi Hub of Lithium Projects in Quebec
2023-03-21 06:00 ET - News Release
VANCOUVER, British Columbia, March 21, 2023 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (CSE:FAT) (OTCQB:FRRSF) (FSE:F0R0), a hard-rock exploration company with a focus on lithium, is acquiring a 100% interest on the Lac Simard South property in Quebec, Canada. The Lac Simard South property, consisting of 120 mining claims covering approximately 20,349 acres, or 8,235 hectares, is located approximately 90 km southwest of Sayona Mining’s North American Lithium Mine, a joint venture with Piedmont Lithium, and 80 km southwest of Val d’Or, a logistics hub for mining services.
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It lies within the area that Sayona refers to as its Abitibi Hub, which includes the Authier Lithium Project, the Tansim project and the restored NAL operation. Sayona reported an estimated Measured, Indicated and Inferred Mineral Resource of 101.9 million tonnes @ 1.06% Li2O, for 1.081 million tonnes of contained Li2O for its Abitibi Hub and nearby Moblan Project.
Lac Simard South, with 24 pegmatites identified from satellite imagery, is easily accessible year-round by way of well-maintained roads with little overburden. According to a report from 1980, the Lac Simard South property sampled 2.1% Lithium which is 4.52% Lithium Oxide and 5.88% Tantalum Oxide.
Jason Barnard, President and CEO, stated: "We are excited to be adding this pegmatite rich property to our growing portfolio of lithium assets, in addition to moving east in this prospective lithium-dense area of Canada. This acquisition is consistent with our focus of acquiring quality assets near known established lithium production and processing regions. Not only is Lac Simard South property in an active lithium camp with large established resources, but we will be located near Sayona's lithium concentrators and refineries. We couldn't have picked a better location as it offers year-round access with close proximity to infrastructure enabling us to explore and drill during all seasons. Quebec is known for being the most generous tax-incentive province in our country, and our management team has already begun strategizing ways to capitalize on this amazing opportunity for our company and for shareholders."
Foremost Lithium will pay $50,000 upon closing and another $50,000 within four months of closing, along with 1.5 million units. Each unit will consist of one share and one warrant, which is exercisable at $0.35 for 36 months.
The property is underlain by the large monzodiorite batholith of Lac Simard Sud, which is pinkish grey in color and composed of plagioclase, K-feldspar hornblende with minor amounts of epidote and quartz.
The company intends to begin an active work program to test the identified pegmatites as well as prospecting selected areas to locate lithium-bearing pegmatites. The company anticipates using an EarthEx drone-assisted magnetic survey in addition to surficial geochemical surveys including Mobile Metal Ions technology to help delineate new targets in areas lacking outcrops, which if located will be followed up with a drilling program.
Qubec’s clean and green hydropower, its world-class infrastructure, skilled labour and proximity to North American battery markets make it a leader in ESG-friendly lithium production, with the province focused on developing its own battery sector from mining to manufacturing.
Foremost Lithium also holds five Lithium Lane Properties, Peg North, Jol, Grass River, Jean Lake and Zoro, which cover more than 43,031 acres or 17,414 hectares, in Snow Lake, Manitoba. These properties are all near existing infrastructure including highway, grid power and railway. When combined with its new acquisition, Foremost’s total lithium land holdings exceed 63,000 acres or 25,000 hectares.
The company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico.
The shares are trading at $0.205. For more information, please visit the company’s website, www.ForemostLithium.com, call 604-330-8067 or email info@ForemostLithium.com.
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