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 EarthEx Geophysical Solutions Inc. will commence
LiDAR surveying at the Company’s Peg North property the week of
October 9, 2023. The upcoming LiDAR survey on the Peg North claim
block will complete the collection of LiDAR and high-resolution
magnetics over the entirety of Foremost’s “Lithium Lane” properties
in the Snow Lake area, including its Jean Lake, Grass River, Zoro
and Peg North properties.
Foremost has flown a total of 7,472.7-line km of
drone-borne magnetics, using the exMAG system over its entire
43,000+ acres/17,500 ha land package. The drone magnetometer
surveys were flown with a flightline azimuth of 070º and
flight-line spacing of 25m. Tie lines were established at 250m
spacing.
Figure 1. Drone Carrying a Magnetometer
“Completing the LiDAR surveying over the
entirety of our Lithium Lane properties is an important development
for our exploration program,” said Jason Barnard, President and
Chief Executive Officer of Foremost Lithium. “Utilizing aerial
drone surveys to better understand the structural details both
above and below surface enables us to prioritize the best targets
for future drilling. This approach is effective on our large,
43,000-acre district-scale Lithium Lane properties. We look forward
to sharing the results from the final LiDAR survey on Peg North
once it is completed.”
Unmanned Arial Vehicles (“UAV”) and The
exMAG System
UAV magnetic data lends itself very well to
finding new prospective drill targets. The UAV system's resolution
has provided excellent litho-structural detail over all Foremost's
Lithium Lane properties and has generated detailed 3D models of the
magnetic sources on the properties. Magnetic surveys can provide
valuable exploration information such as depth to source, dip of
the body as well as the overall shape and morphology of the
lithological unit. The exMAG system is a geophysical system which
generates industry-leading magnetic maps and 3D models by employing
advanced drone navigation technology to fly lower and more precise
missions than other drone-borne systems, and advanced processing
methodology to generate high quality deliverables. Its purpose is
to provide Foremost with the best possible suite of tools for
characterizing the magnetic characteristics subsurface in their
study-area, with a focus on detail and precision.
The resolution of the mag survey and the exMAG
system allows targeting of bedrock structures which may host
lithium pegmatite deposits, which when coupled with 3D products
from inversion of magnetic survey data provides an excellent source
of information for Foremost Lithium to define drill-targets on its
property based on its magnetic signatures including both magnetic
and non-magnetic targets. The combination of previously flown
magnetics, and LiDAR collected by EarthEx have revealed numerous
important features across the various properties, including
structures in the exMAG drone-borne magnetic data which line up
with known pegmatite occurrences, other structures in the vicinity
of known pegmatites which suggest a pegmatite dyke swarm may be
present; topographic expressions which may indicate bodies
resistive to weathering, such as pegmatites, are present.
Daniel Card, President, and Chief Geophysicist
of EarthEx, commented: “The upcoming of the Peg North LiDAR will
complete blanket coverage of multiple high-resolution datasets
which will serve as an excellent foundation for exploring the
impressive Lithium Lane land package. Exploration meetings
examining the previously acquired magnetic and LiDAR datasets over
the rest of the property have shown excellent correlation between
the data and known pegmatites on the property. This allows Foremost
to use these areas as a benchmark for data signatures, which will
serve as a powerful tool for generating high quality drilling
targets.”
Peg North Property
EarthEx flew a drone-assisted magnetic survey
over the entire property in Q3 of 2022 and completed a UAV assisted
high-resolution airborne magnetic survey. The survey was conducted
between June 15th, 2022, and October 6th, 2022, comprised
2990.5-line km, and identified specific areas of interest. The
exMAG detailed magnetic data collected by EarthEx at Peg North
revealed a 3km long discontinuity in the northeast of the project.
This major structure may provide pathways suitable for
mineralization. An MMI (Mobile Metal Ion) survey by Dahrouge
Geological Consulting has been completed in the area this past
summer with assays pending. The upcoming LiDAR survey will commence
in this area, before proceeding to cover the remainder of the Peg
North property.
Figure 2. Peg North Property’s Magnetic Fabric and Focus
of its 3KM Structure
A review of the magnetic survey data on each of
the four Lithium Lane properties has defined numerous
discontinuities in the magnetic fabric as documented by the
UAV-assisted survey. These discontinuities are interpreted to
reflect geological structures with the potential to provide
pathways for lithium-bearing pegmatite and other mineralization.
The orientations of the discontinuities are consistent with those
of the B1 pegmatite on the Company's Jean Lake property and the
Thompson Brothers deposit hosting 11.1 million metric tonnes of
indicated and inferred resources at 1% Li20 (lithium oxide).1
Similarly, high resolution LiDAR models of
ground elevation or relief on the Lithium Lane properties have also
defined many areas with comparable orientations as known
spodumene-bearing pegmatite. Both magnetic discontinuities and
LiDAR images with appropriate orientations, coupled with mapping
and geochemical surveys compliments the magnetic survey to provide
a base to follow-up exploration and drill targeting.
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 (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. Learn More at
www.foremostlithium.com.
Follow us or contact us on social
media:Twitter: @foremostlithiumLinkedin:
https://www.linkedin.com/company/foremost-lithium-resource-technology/
Facebook: https://www.facebook.com/ForemostLithium
CompanyJason Barnard, President and CEO+1 (604)
330-8067info@foremostlithium.com
Investor RelationsMichael Kim or Brooks
HamiltonMZ North America +1 (737) 289-0835FMST@mzgroup.us
The CSE has neither approved nor disapproved the
contents of this news release. The CSE does not accept
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking
statements" and "forward-looking information" (as defined under
applicable securities laws), based on management's best estimates,
assumptions, and current expectations. Such statements include but
are not limited to, statements with respect to the plans for future
exploration and development of the Company's properties and the
acquisition of additional exploration projects. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "expected",
"budgeted", "forecasts", "anticipates" "plans", "anticipates",
"believes", "intends", "estimates", "projects", "aims",
"potential", "goal", "objective", "prospective", and similar
expressions, or that events or conditions "will", "would", "may",
"can", "could" or "should" occur. These statements should not be
read as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from those expressed or implied by such
statements, including but not limited to: risks related to the
receipt of all necessary 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, unanticipated 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 Company operates. .
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The
forward-looking statements and forward-looking information are made
as of the date hereof and are qualified in their entirety by this
cautionary statement. 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 information contained herein to reflect future
results, events, or developments, except as require by law.
Accordingly, readers should not place undue reliance on
forward-looking statements and information. Please refer to the
Company's most recent filings under its profile at www.sedar.com
for further information respecting the risks affecting the Company
and its business.
1
https://www.abnnewswire.net/companies/en/37973/Snow-Lake-Resources-Ltd.html
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