Foremost Lithium Resource & Technology Ltd. [CSE-FAT], a North American hard-rock lithium exploration company, confirms further to its news release on June 29, 2022 in respect of the company’s 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 by 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.
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,” stated Jason Barnard, President and CEO. “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.
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. Additional 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.
Foremost Lithium’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. cobjective 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 economy. Foremost Lithium also has the Winston gold/silver property in New Mexico USA.
