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Foremost Lithium Reports Widest Intercept to Date; 32.53 Metres of Spodumene-Bearing Pegmatite at its Zoro Lithium Project in Manitoba, Canada

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Foremost Lithium Resource & Technology reports significant drilling progress at Zoro Lithium Property in Manitoba, with a wide drill intercept of spodumene-bearing pegmatite at Dyke 1. The Company's maiden inferred resource at Dyke 1 shows positive growth potential, with drill holes intersecting substantial lengths of pegmatite. The ongoing drilling program aims to expand the known pegmatite system and explore new zones. Foremost Lithium is optimistic about the results and looks forward to further updates.
Positive
  • Foremost Lithium reports the widest drill intercept to date at Dyke 1, with 32.53 meters of spodumene-bearing pegmatite.
  • The Company's maiden inferred resource at Dyke 1 consists of 1,074,567 tons at a grade of 0.91% Li2O.
  • Drill holes FL-24-009 and FL24-010 intersected 32.53 meters and 14.5 meters of spodumene-bearing pegmatite, respectively.
  • The ongoing drilling program aims to expand the known pegmatite system, particularly to the south of Dyke 1.
  • Dahrouge Geological Consulting has identified the southern extension of Dyke 1 as a priority target for exploration.
  • A total of 10 drill holes have been completed on the property, covering approximately 2,100 meters.
  • Core samples are being processed on-site and shipped to SGS Canada's laboratory for assay analysis.
  • Results of the core sample assays are expected to be reported in batches in the coming weeks.
  • Foremost Lithium has granted a consultant a fully vested stock option to purchase up to 20,000 common shares of the Company.
  • Technical information in the news release has been reviewed and approved by a Qualified Person.
  • Foremost Lithium is optimistic about the drilling results and the potential for growth at the Zoro Lithium Property.
Negative
  • None.

The recent drilling update from Foremost Lithium Resource & Technology Ltd. has indicated substantial intersections of spodumene-bearing pegmatite, which is a primary source of lithium. The widening of the mineralized zone at Dyke 1 suggests a potential increase in the resource estimate, which could have significant implications for the company's valuation and growth prospects. The lithium market is driven by the demand for electric vehicles and energy storage solutions, thus a confirmed extension of a high-grade resource can enhance a company's strategic position in the supply chain.

It's important to note that the true width of the mineralized zones has yet to be determined and the orientation of the drill intercepts may not represent the actual scale of the deposit. The forthcoming assay results will provide a more accurate picture of the grade distribution within these intersections. Investors should be aware that there is a level of uncertainty until these results are published and the company's ability to economically extract the resource will be a determining factor in the actual impact of this news on its business performance.

The announcement of Foremost Lithium's drilling results at the Zoro Lithium Property is a positive signal for investors in the lithium market. As the electric vehicle (EV) and renewable energy sectors continue to expand, the demand for lithium as a critical component in lithium-ion batteries is expected to rise. This positions companies with promising lithium resources for potential growth and investment attractiveness.

However, investors should consider the timing of these developments. The transition from resource estimation to actual production involves various stages, including feasibility studies, permitting and securing financing. The company’s share price may respond to these updates, but the long-term value will hinge on the successful transition through these stages. Moreover, the company's strategic decisions, such as partnerships and off-take agreements, will be critical in determining its future market position.

From a financial perspective, the exploration updates by Foremost Lithium could lead to a revaluation of the company's assets, especially if the resource expansion is significant. The potential increase in inferred resources at the Zoro Property could attract institutional investors and partnerships, which are important for funding the next stages of development. The stock option grant mentioned in the update is a routine incentive mechanism but does signal confidence in the project's prospects.

Investors should monitor the cost of exploration and development relative to the company's cash flow and capital structure. Lithium projects can be capital-intensive and the company's ability to manage these expenses without excessive dilution of equity will be important for shareholder value. The market will also be looking for cost-per-ton estimates and projected production timelines to assess the project's economic viability.

Highlights Include:

  • Drill hole FL 24-009 intersected 32.53 metres of spodumene-bearing pegmatite at its Zoro Dyke 1, the Company’s maiden resource area, starting at 196.23 metres
  • Drill hole FL24-010 intersected 14.19 metres of spodumene-bearing pegmatite starting at 174.57 metres
  • Ongoing definition drilling continues with systematic step-outs to test southward continuity of spodumene-bearing pegmatite at Dyke 1

VANCOUVER, British Columbia, March 27, 2024 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, is pleased today provide a drilling progress update at the Zoro Lithium Property located in the Snow Lake region of Manitoba. Foremost reports the widest drill intercept to date with an intersection of spodumene-bearing pegmatite at Dyke 1, spanning a cumulative length of 32.53 meters. Dyke 1 hosts the Company's maiden inferred resource of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3%, as outlined in the Company’s filed Regulation SK-1300 Technical Report Summary (2023) and NI-43-101 Technical Report (2018). Drill holes FL-24-009 and FL24-010 intersected 32.53 metres and 14.5 metres of spodumene-bearing pegmatite, respectively (See pictures 1 and 2 for pictures of drill core from two holes). Analytical results are still pending.

The presence of spodumene and the length of pegmatite encountered in multiple holes, highlighted by over 32-metres of spodumene-bearing pegmatite hit in one hole, are very positive in terms of the potential for our maiden resource to now grow in significant scale,” states Jason Barnard, President and CEO of Foremost Lithium. “As drilling progresses, the focus will continue to build resource to the south of Dyke 1, a promising new unchartered area, which has confirmed spodumene pegmatite as drilling progresses. Manitoba is emerging as a critical minerals hub of Canada and we are encouraged by the drilling results to date, of our Zoro Property for our Company and for our shareholders. We look forward to further results.”

Drill Core from FL 24-009

Picture 1 - Drill Core from FL 24-009

Drill Core from FL 24-010

Picture 2 - Drill Core from FL 24-010

Dyke 8

Drilling on the Zoro Property commenced in February, 2024, with holes FL2024-001 through FL2024-006 targeting Dyke 8 and surrounding areas. Drilling confirmed spodumene presence in some drill core. The core has been packaged and shipped to SGS in Burnaby, B.C. for assay analysis.

Zoro 1

Drilling is now focused on Zoro’s Dyke 1 at the southeast section of the property. Based on a comprehensive geological review, Dahrouge Geological Consulting (“DGC”) has identified the southern extension of Dyke 1 as a priority target. This section of Dyke 1 remains largely unexplored with limited historical drilling. The Company’s objective is to explore the pegmatite both at depth and along strike, and to test new zones that have remained unexplored until now.

Jody Dahrouge of DGC comments, “The winter exploration at Zoro, has confirmed the presence of spodumene mineralization within the drilled intersections at Dyke 1. Several of the drilled thicknesses exceed expectations and we are cautiously optimistic that these will provide the basis for the expansion of the known pegmatite system. The ongoing drill program will test the Dyke 1 strike extensions and elsewhere, as winter drill conditions permit.”

Drilling will further explore mineralization in order to create what is presently expected to be a geological framework for an updated Regulation SK-1300/ and Ni 43-101 resource estimate. To date, a total of 10 drill holes have been reported to be completed on the property covering approximately 2,100 meters. Refer to Figure 1 for drill hole location map and Tables 1 and 2 for more detailed information for each drill hole.

Zoro Property Location Map Indicating Drill Hole Locations

Figure 1 – Zoro Property Location Map Indicating Drill Hole Locations

Table 1 – 2024 Drilling Header Summary

Hole IDTargetCore SizeHole Depth (m)Grid NorthingEastingElevationAzimuthDip
FL24-001Dyke 8NQ124NAD83 / UTM zone 14N6080344608034429068-55
FL24-002Dyke 8NQ179NAD83 / UTM zone 14N6080311608031129068-65
FL24-003Dyke 8NQ124.98NAD83 / UTM zone 14N6080391608039129077-55
FL24-004Dyke 8NQ149NAD83 / UTM zone 14N60802516080251290100-65
FL24-005Dyke 8NQ119NAD83 / UTM zone 14N6080201608020128893-45
FL24-006Dyke 8NQ125NAD83 / UTM zone 14N60801166080116288102-45
FL24-007Dyke 8NQ248NAD83 / UTM zone 14N60790986079098276.674-45
FL24-008Dyke 1NQ394NAD83 / UTM zone 14N60790806079080277.173-55
FL24-009Dyke 1NQ308NAD83 / UTM zone 14N60789406078940284.977-55
FL24-010Dyke 1NQ288.88NAD83 / UTM zone 14N60789406078940284.977-45


Table 2 – 2024 Pegmatite Interval Summary

Hole numberFromToLengthRock Type
FL24-00141.7844.072.29Pegmatite
FL24-00156.5662.125.56Spodumene Pegmatite
FL24-00271.6275.363.74Spodumene Pegmatite
FL24-00280.7381.70.97Pegmatite
FL24-00284.0889.195.11Spodumene Pegmatite
FL24-00313.9215.231.31Pegmatite
FL24-00319.7824.44.62Pegmatite
FL24-00337.5239.11.58Pegmatite
FL24-00526.3427.61.26Pegmatite
FL24-00578.2279.060.84Pegmatite
FL24-00669.4171.11.69Pegmatite
FL24-00779.6480.190.55Pegmatite
FL24-009196.23206.3810.15Spodumene Pegmatite
FL24-009222.09233.0410.95Spodumene Pegmatite
FL24-009234.37245.811.43Spodumene Pegmatite
FL24-010174.57177.482.91Pegmatite
FL24-010177.48188.7611.28Spodumene Pegmatite


Geology

Spodumene-bearing pegmatite is defined by the visible occurrence of spodumene as distinct mineral crystals, varying in size and orientation, within a quartz-feldspar pegmatite matrix across the specified interval. Visual assessments of mineral abundance are not to be used as replacements or equivalents for laboratory analyses, where precise measurements of concentrations or grades are critical for economic evaluation.

The reported drill intersection lengths, derived from linear measurements along the drill core, may not accurately represent the true width of the mineralized zones due to angular differences between the drill path and mineralization orientation. Best practices in drilling techniques and geological interpretation are being utilized to intersect mineralization in an orientation that approximates the true width as closely as feasible. Detailed geological modelling and analysis are being conducted to refine these estimates and achieve a more precise characterization of the mineralized body's true dimensions.

Analysis

Core processing continues on-site, with core samples being shipped and submitted to SGS Canada’s laboratory in Burnaby, BC. Core sample assays remain to be announced as current processing is underway at the laboratory. Results are anticipated to be reported in batches in the coming weeks.

Option Grant

Foremost Lithium wishes to announce it has granted a consultant to the Company a fully vested stock option to purchase an aggregate of up to 20,000 common shares of the Company at an exercise price of CAD $3.30 per common share of the Company, expiring two years of date of grant. The stock option is granted in accordance with the Company's current Stock Incentive Plan and the policies of the Canadian Securities Exchange.

Qualified Person

Technical information in this news release has been reviewed and approved by Matthew Carter, P.Geo., who is a Qualified Person as identified by Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects and as defined by the Securities and Exchange Commission’s Regulation S-K 1300 rules for resource deposit disclosure.

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 economy. 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 
info@foremostlithium.com

Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
FMST@mzgroup.us
www.mzgroup.us

Follow us or contact us on social media:
Twitter: @foremostlithium
Linkedin: https://www.linkedin.com/company/foremost-lithium-resource-technology/
Facebook: https://www.facebook.com/ForemostLithium

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

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 use of proceeds of the Flow-Through Private Placement and Private Placement, 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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/ad81a9b9-220f-4be9-b0f1-cd6eb7d69da4

https://www.globenewswire.com/NewsRoom/AttachmentNg/1335aab8-9f76-4654-ad48-582b3e9173a6

https://www.globenewswire.com/NewsRoom/AttachmentNg/b94bcd96-f5f2-4a0e-b45c-83b2c6712fb5


FAQ

What is the ticker symbol for Foremost Lithium Resource & Technology ?

The ticker symbol for Foremost Lithium is FMST.

What is the latest drilling progress update at the Zoro Lithium Property?

Foremost Lithium reports significant drilling progress at the Zoro Lithium Property, with a wide drill intercept of spodumene-bearing pegmatite at Dyke 1.

How much spodumene-bearing pegmatite was intersected at Dyke 1?

Drill hole FL 24-009 intersected 32.53 meters, and drill hole FL24-010 intersected 14.19 meters of spodumene-bearing pegmatite at Dyke 1.

What is the grade of the maiden inferred resource at Dyke 1?

The maiden inferred resource at Dyke 1 consists of 1,074,567 tons at a grade of 0.91% Li2O.

How many drill holes have been completed on the property?

A total of 10 drill holes have been completed on the property, covering approximately 2,100 meters.

Where are the core samples being processed for assay analysis?

Core samples are being processed on-site and shipped to SGS Canada's laboratory in Burnaby, BC for assay analysis.

What is the purpose of the stock option granted by Foremost Lithium?

Foremost Lithium has granted a consultant a fully vested stock option to purchase up to 20,000 common shares of the Company at an exercise price of CAD $3.30 per common share.

Who reviewed and approved the technical information in the news release?

The technical information in the news release has been reviewed and approved by Matthew Carter, P.Geo., a Qualified Person.

What is the focus of the ongoing drilling program at the Zoro Lithium Property?

The ongoing drilling program aims to expand the known pegmatite system and explore new zones, particularly focusing on the southward continuity of spodumene-bearing pegmatite at Dyke 1.

What are the expectations for the results of the core sample assays?

Results of the core sample assays are anticipated to be reported in batches in the coming weeks.

What is the significance of the drilling results for Foremost Lithium?

Foremost Lithium is optimistic about the drilling results and the potential for growth at the Zoro Lithium Property.

Foremost Lithium Resource & Technology Ltd.

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