Foremost Clean Energy Announces Expansion of the Tuning Fork Uranium Zone at Hatchet Lake South
Rhea-AI Summary
Foremost Clean Energy (NASDAQ: FMST) reported results from its 2026 drill program at the Hatchet Lake South Tuning Fork Uranium Zone in Saskatchewan.
Mineralization occurred in six holes, highlighted by 0.34% eU₃O₈ over 4.6m (including 1.0% over 1.4m) and 0.18% eU₃O₈ over 2.9m, extending the zone ~100m north while ~600m of strike remains open south.
AI-generated analysis. Not financial advice.
Positive
- TF-26-30 intersected 0.34% eU₃O₈ over 4.6 metres
- High-grade 1.0% eU₃O₈ over 1.4 metres in TF-26-30
- TF-26-36 extends Tuning Fork mineralization ~100 metres north
- Six 2026 drillholes exceeded 0.05% eU₃O₈ threshold
- About 600 metres of conductive strike remain open to the south
- 750–1,000 metre drilling underway at Richardson SE on Hatchet Lake North
Negative
- True depths and thicknesses of mineralized intervals not yet determined
- Final geochemical assay results still pending for the 2026 program
- Historical exploration results on the property have not been fully validated
News Market Reaction – FMST
On the day this news was published, FMST gained 7.27%, reflecting a notable positive market reaction. Argus tracked a peak move of +10.9% during that session. Argus tracked a trough of -4.6% from its starting point during tracking. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2M to the company's valuation, bringing the market cap to $28.16M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FMST was down 3.51% with multiple Basic Materials peers also weaker: LITM -18.15%, ELBM -2.57%, and WWR -5.77%, suggesting broader sector pressure despite positive project news.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 5 | CLK survey results | Positive | +9.7% | Released MobileMT and ANT survey data defining drill targets at CLK uranium. |
| Apr 15 | High-grade drilling | Positive | +3.9% | Reported 0.34% eU3O8 over 4.6m including 1.0% over 1.4m at Hatchet Lake. |
| Mar 5 | Investor webinar | Neutral | -6.1% | Announced March 18 investor webinar covering portfolio, Denison option and plans. |
| Mar 2 | Drill program launch | Positive | +2.2% | Commenced ~5,000 m winter drill program targeting Hatchet Lake uranium project. |
| Feb 27 | Exploration agreement | Positive | -2.6% | Signed exploration agreement with Kiciwapa Cree Nation for Manitoba territory. |
FMST has often shown positive alignment between Athabasca exploration updates and short-term price moves, with occasional divergences on communications or agreement-related news.
Over the past months, Foremost has consistently advanced its Athabasca Basin uranium portfolio. On Feb 27, 2026, it signed an exploration agreement with Kiciwapa Cree Nation. A ~5,000 m winter drill program at Hatchet Lake began on Mar 2, followed by an investor webinar announcement on Mar 5. High-grade Hatchet Lake South drill results were reported on Apr 15, and CLK survey results on May 5. Today’s Hatchet Lake South expansion update continues this sequence of exploration-focused catalysts.
Market Pulse Summary
The stock moved +7.3% in the session following this news. A strong positive reaction aligns with Foremost’s pattern of constructive moves on Athabasca exploration updates. Recent Hatchet Lake and CLK results previously saw gains following technical milestones. However, the company’s reliance on external financing, as disclosed in regulatory filings, and limited float could introduce volatility once initial enthusiasm fades. Investors would have watched future drill assays and follow-up programs to gauge whether such a move might have been sustainable.
Key Terms
diamond drill technical
downhole gamma probe technical
scintillometer technical
iso/iec 17025 technical
national instrument 43-101 regulatory
electromagnetic technical
gravity surveying technical
AI-generated analysis. Not financial advice.
TF-26-36 Returns
VANCOUVER, British Columbia, May 13, 2026 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) is pleased to announce the successful completion of its 2026 drill program at the Hatchet Lake South Uranium Project (“Hatchet Lake”), located in the eastern Athabasca Basin region of northern Saskatchewan (Figure 1). The program successfully expanded the Tuning Fork Uranium Zone, first identified in discovery hole TF-25-16 (6.2 metres of
Highlights Include:
- Final drill fence intersected
0.18% eU3O8 over 2.9m from 138.0m in TF-26-36 - Six drillholes intersected mineralization exceeding
0.05% eU₃O₈ at the Tuning Fork Uranium Zone - Approximately 600m of underexplored conductive strike length remains open to the south for follow up drilling
Jason Barnard, Foremost’s President and CEO, commented: “The 2026 drill program at Hatchet Lake South successfully expanded the Tuning Fork Uranium Zone and demonstrated encouraging continuity of uranium mineralization along a conductive trend that remains underexplored to the south. Results from the program continue to support the broader potential of the Tuning Fork system and provide a strong foundation for follow-up drilling.
“Our success at Hatchet Lake continues to demonstrate the value of Foremost’s strategic collaboration with Denison Mines Corp. (“Denison”), (NYSE American: DNN, TSX: DML), where decades of historical exploration data and geological interpretation have helped identify prospective structural settings for uranium mineralization across our portfolio. With the Hatchet Lake South program now complete, we are excited to commence drilling at the Richardson SE target on Hatchet Lake North, where integrated geophysical indicators of structure, and alteration indicate strong potential for additional uranium discoveries.”
Figure 1. Hatchet Lake Project – Regional Map
2026 Tuning Fork Uranium Zone Expansion Program
The 2026 Hatchet Lake South drill program successfully extended the Tuning Fork Uranium Zone across five, 50m spaced drill fences. Drill hole TF-26-30 returned the strongest mineralization of the program, intersecting
Uranium mineralization exceeding
The program consisted of 19 diamond drill holes totaling 3,848 metres and was designed to systematically evaluate the Tuning Fork Uranium Zone, first discovered in drill hole TF-25-16 (6.2 metres of
Figure 2 illustrates the current drill pattern at the Tuning Fork Uranium Zone and highlights approximately 600 metres of conductive strike length south of current drilling that remains sparsely tested. Results to date continue to reinforce the prospectivity of the broader Tuning Fork structural corridor and support the potential for additional discoveries along strike.
Table 1 – Tuning Fork Uranium Zone eU3O8 Results
| Hole ID | From (m) | To (m) | Length (m)1 | eU3O82 |
| TF-26-23 | 143.7 | 145.8 | 2.1 | 0.06 |
| TF-26-24 | 134.0 | 140.9 | 6.9 | 0.06 |
| TF-26-26 | 139.8 | 140.2 | 0.4 | 0.08 |
| TF-26-27A | 140.0 | 140.7 | 0.7 | 0.13 |
| 146.3 | 146.7 | 0.4 | 0.06 | |
| TF-26-30 | 139.1 | 143.7 | 4.6 | 0.34 |
| includes | ||||
| 139.6 | 141.0 | 1.4 | 1.00 | |
| TF-26-36 | 138.0 | 140.9 | 2.9 | 0.18 |
_______________________
1 True depth and thickness measurements have not yet been determined
2 Composited at a
Figure 2. Tuning Fork Uranium Zone
Table 2 – Hatchet Lake 2026 Drill Collar Locations
| 2026 Drill Fence | Hole ID | Azimuth | Dip | Final Depth (m) | Northing | Easting3 |
| 1 | TF-26-21A | 290 | -65 | 224 | 6484294 | 564425 |
| 1 | TF-26-22 | 290 | -60 | 230 | 6484294 | 564425 |
| 1 | TF-26-23 | 290 | -72 | 233 | 6484294 | 564425 |
| 1 | TF-26-24 | 290 | -80 | 231 | 6484294 | 564425 |
| 1 | TF-26-25 | 0 | -90 | 188 | 6484294 | 564425 |
| 2 | TF-26-26 | 290 | -75 | 179 | 6484340 | 564454 |
| 2 | TF-26-27A | 290 | -80 | 206 | 6484340 | 564454 |
| 2 | TF-26-28 | 290 | -85 | 188 | 6484340 | 564454 |
| 3 | TF-26-29 | 290 | -75 | 209 | 6484375 | 564485 |
| 3 | TF-26-30 | 290 | -65 | 236 | 6484375 | 564485 |
| 3 | TF-26-31 | 290 | -60 | 221 | 6484375 | 564485 |
| 4 | TF-26-32 | 285 | -70 | 194 | 6484425 | 564500 |
| 4 | TF-26-33 | 285 | -80 | 188 | 6484425 | 564500 |
| 4 | TF-26-34 | 0 | -90 | 161 | 6484425 | 564500 |
| 5 | TF-26-35A | 285 | -70 | 233 | 6484465 | 564520 |
| 5 | TF-26-36 | 285 | -80 | 185 | 6484465 | 564520 |
| 5 | TF-26-37 | 0 | -90 | 170 | 6484465 | 564520 |
| 3 | TF-26-38 | 290 | -60 | 181 | 6484347 | 564554 |
| 3 | TF-26-39 | 290 | -75 | 191 | 6484347 | 564554 |
_______________________
3 Coordinate Reference System NAD 83 UTM Zone 13
Hatchet Lake South Next Steps
Foremost believes the 2026 drill program has significantly advanced its geological understanding of the Tuning Fork Uranium Zone and the broader structural corridor hosting mineralization. The Company is currently awaiting final geochemical assay results which will be integrated into the evolving geological model for the Tuning Fork Uranium Zone. Future drilling at Hatchet Lake South is expected to focus on refining priority targets along the Tuning Fork trend and evaluating additional parallel conductive structures identified through geophysical interpretation.
In particular, the Company plans to further evaluate the southern portion of the trend, where approximately 600 metres of sparsely tested conductive strike length remain south of current drilling (Figure 2). Results from the 2026 program support the potential for additional discoveries along the Tuning Fork structural corridor.
Drilling Commences at High-Priority Richardson SE Targets at Hatchet Lake North
Following completion of the Hatchet Lake South program, the Company has commenced an approximately 750-1,000 metre diamond drill program at the Richardson SE target area on the Hatchet Lake North Project (Figure 3).
The Richardson SE target area is located along the Athabasca Basin margin within a regionally prospective structural corridor associated with the broader Richardson conductive corridor. The target area contains more than 5 kilometres of untested electromagnetic conductor strike length supported by historical VTEM data, conductor modelling, and recently completed gravity surveying.
The current drill program is designed to test zones of structural complexity and hydrothermal alteration identified through the integration of geological, electromagnetic, magnetic, and gravity datasets. The Company believes Richardson SE represents a compelling opportunity to test for unconformity-related uranium mineralization within a highly prospective and underexplored portion of the Hatchet Lake Project.
Figure 3. Hatchet Lake North – Richardson SE Compilation Map
Sampling, Analytical Methods and QA/QC Protocols
Following the completion of a drill hole, the hole is radiometrically logged using a downhole gamma probe, which collects continuous readings of radioactivity along the length of the drill hole. Probe results are then calibrated using an algorithm calculated from the comparison of probe results against a geochemical reference. The gamma-log results provide an immediate radiometric equivalent uranium value (eU3O8%) for the hole, which, except in very high-grade zones, is reasonably accurate.
The downhole gamma probe data detailed in this news release was measured using a QL40-GR Natural Gamma probe from Mount Sopris that was calibrated on July 17, 2025, at the Grand Junction, CO, calibration test pits. Downhole measurements were taken at 0.10m intervals from the top of hole and depth corrected to the handheld RS-125 scintillometer, which was used to determine radioactivity of the core.
Final depth measurements and true thickness have not yet been determined.
Where core has been recovered, sampling over mineralized interval is standardized 0.5m samples, except over intervals of strongly elevated radioactivity where select samples between 0.10 & 0.25m were collected. This includes shoulder samples 1m above and below the elevated zone. These select samples were split in half, with one kept in the core box and the other shipped to SRC for sample preparation and analysis. SRC is an independent laboratory with ISO/IEC 17025: 2005 accreditation for the relevant procedures. Control samples are implemented at a frequency of ~
Qualified Person
The technical content of this news release has been reviewed and approved by Cameron MacKay, P. Geo., Vice President of Exploration for Foremost Clean Energy Ltd., and a Qualified Person under National Instrument 43-101.
A qualified person has not performed sufficient work or data verification to validate the historical results in accordance with National Instrument 43-101. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program.
About Foremost
Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is a North American uranium and lithium exploration company strategically positioned to support the accelerating demand for reliable, carbon-free energy. As artificial intelligence, data centers, and electrification drive unprecedented growth in global power consumption, the expanding need for reliable nuclear baseload power creates a direct and critical imperative for the sustained exploration required to secure its uranium feedstock.
The Company holds an option from Denison to earn up to
Foremost also has a portfolio of lithium projects at varying stages of development spanning 43,000+ acres in Manitoba, providing exposure to other critical materials essential in electrification and energy storage.
For further information, please visit the Company’s website at www.foremostcleanenergy.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostcleanenergy.com
Investor Relations
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
1-800-REDCHIP (733-2447)
FMST@redchip.com
Follow us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: https://www.linkedin.com/company/foremostcleanenergy
Facebook: https://www.facebook.com/ForemostCleanEnergy
Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties and satisfaction of the conditions to the option agreement with Denison, risks and uncertainties associated with the environment, delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or 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. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company’s most recent filings under its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business.
The CSE has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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