STOCK TITAN

Foremost Lithium Successfully Completes its Winter Drill Program at its Zoro Lithium Project in Manitoba, Canada

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Foremost Lithium has completed its winter drilling program at the Zoro Lithium Project in Manitoba, Canada, achieving over 5,800 meters through 21 diamond drill holes. Drilling results indicate continuity of lithium mineralization along Dyke 1, extending the mineralized body by 150 meters to over 400 meters, with potential for further resource expansion. Initial assays from two drill holes confirmed significant lithium mineralization, with final assay results expected within 4-6 weeks. Dyke 1 remains open in all directions, indicating potential for continued resource growth and future drilling programs.

Positive
  • Completion of 5,826 meters in 21 diamond drill holes.
  • Extended mineralized body along Dyke 1 by 150 meters, now over 400 meters.
  • Initial assays confirm significant lithium mineralization: 1.09% Li2O over 10 meters, 1.52% Li2O over 5.02 meters.
  • Potential for new resource calculation with step-out extensions.
  • Dyke 1 remains open in all directions, suggesting potential for future resource expansion.
Negative
  • Final assay results pending, creating uncertainty over complete mineralization extent.
  • Reported drill intersection lengths may not represent true width of mineralized zones.
  • Potential delays if final assay results are unfavorable or delayed.

The completion of Foremost Lithium's winter drill program on the Zoro property shows promising results for extending the known lithium mineralization. Drill results indicate that Dyke 1, a primary lithium-bearing structure, has been extended from a previous strike length of 265 meters to over 400 meters. This extension, coupled with the discovery of spodumene in multiple step-out extensions, suggests a significant potential for increasing the resource base.

Dyke 1 being open in all directions is a positive indicator for future exploration potential. This implies that with further drilling, the resource could be expanded even more, which is important when considering the future feasibility of mining operations. Investors should note that the vertical orientation and variable nature of the mineralization mean that the true width of the mineralized zones may differ from the reported intersection lengths.

An essential aspect here is the initial assay results showing lithium grades of 1.09% Li2O and 1.52% Li2O in certain drill holes. These grades are competitive within the industry, considering that lithium projects generally target grades around 1% Li2O. Such findings enhance the project's viability and potential profitability in the long run.

Investors should keep an eye on the forthcoming final assay results, as they will provide a clearer picture of the overall resource potential.

The recent drilling results from Foremost Lithium’s Zoro project could significantly impact the company’s financial outlook. With lithium demand surging due to the global shift towards electric vehicles and renewable energy storage, any increase in resource estimates could translate to higher company valuation and investor interest.

Expanding the mineralized body by 150 meters indicates not just resource continuity but also the potential for future resource calculations to increase substantially. This could lead to higher estimated reserves, which are a critical factor in determining a mining company’s market value.

However, investors should exercise caution until the final assay results are available. While the initial results are promising, the final assays will provide a clearer financial picture. The pending assays could either confirm the preliminary positive outlook or reveal discrepancies affecting the resource’s estimated value.

From a financial standpoint, continuity and lateral expansion of the resource bode well for Foremost Lithium. Still, the market will likely be reactive to the comprehensive assay results expected in the coming weeks.

Summary:

  • Over 5,800 meters completed over 21 diamond drill holes
  • Drilling results demonstrate continuity of lithium mineralization along Dyke 1, extending the previous mineralized body by 150 meters to over 400 meters in several 50-meter steps out providing promising potential for new resource calculation
  • Dyke 1 is still open in all directions indicating potential for continued resource expansion and subsequent future drill programs

VANCOUVER, British Columbia, May 23, 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 to announce that is has successfully completed its 2024 winter diamond drilling program on its Zoro property, which was previously announced in the Company’s press release dated February 13, 2024. The Company completed 5,826 meters, 21 diamond drill holes targeting untested mineralization to the south-east of Dyke 1, 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).

Drilling results have demonstrated the continuity of lithium mineralization along Dyke 1, targeting new, untested areas proximal to the dyke, as well as infill areas along strike and at depth. In the west, the body is comprised of multiple near surface lithium-bearing pegmatites that range up to an apparent 17.9 m thickness; Multiple 50-meter step-outs, perpendicular to the strike of Dyke 1, were used to assess lateral continuity as well as the presence of at depth, extending Dyke 1 from a previous 265-meter strike length to greater than 400 meters. Spodumene was confirmed in drill core in several of the 50 metre step out extensions, providing promising potential for new resource calculation.

“We are pleased to announce the conclusion of a successful drill program on our Zoro Property, which we believe is likely to reflect a continuity of mineralized lithium along Dyke 1,” said Jason Barnard, President & CEO of Foremost Lithium. “As global lithium trends continue to straighten, we look forward to the final assay results, which provide the potential for us to pursue additional resource expansion on the Zoro property.”

The Company reported initial assay results (see press release dated April 08, 2024) on the first two holes confirming lithium mineralization spanning a cumulative length of 25.92 metres including 1.09% Li2O across 10 metres on drill hole FL24-010 and 1.52% Li2O in drill hole FL24-009 across 5.02 meters. A total of 973 drill core samples have been collected for assay and shipped to SGS Laboratories in Burnaby for detailed analysis. All remaining assays are still pending and are anticipated to be reviewed and completed in approximately 4 to 6 weeks.

Drilling Details*

Hole IDProspectEasting (m)Northing (m)Elevation (m)Azimuth (deg.)Dip (deg.)Depth (m)
FL24-001Dyke 845950360803412916855125
FL24-002Dyke 845948760803072906865176
FL24-003Dyke 845949660803882917755125
FL24-004Dyke 8459494608025629110065149
FL24-005Dyke 845943560801982959345119
FL24-006Dyke 8459440608011529610245125
FL24-007Dyke 145833260791012807445248
FL24-008Dyke 145827460790802807355395
FL24-009Dyke 145836960789432877755308
FL24-010Dyke 145836960789432877745287
FL24-011Dyke 145838360788862867645300
FL24-012Dyke 145838360788862867455311
FL24-013Dyke 145832360788722887660449
FL24-014Dyke 145839860788332867545299
FL24-015Dyke 145833260788262887555425
FL24-016Dyke 145834960787732877545395
FL24-017Dyke 145840760787882867545350
FL24-018Dyke 145846160788562867545200
FL24-019Dyke 145832260788722887052350
FL24-020Dyke 145827660790802739552350
FL24-021Dyke 145832260788732886852350

*Data Verification / Quality Assurance and Quality Control

Due to the vertical orientation and variable nature of mineralization at the Company’s Dyke 1 deposit, the reported drill intersection lengths, derived from linear measurements along the drill core, may not accurately represent the true width of the mineralized zones. Best practice drilling techniques and geological interpretation were utilized to intersect mineralization in an orientation that approximates the true width as closely as feasible.

Location of diamond drill holes from the Winter 2024 drill campaign superimposed on magnetic Root-To-Pole (RPT) geophysical data.

Figure 1: Location of diamond drill holes from the Winter 2024 drill campaign superimposed on magnetic Root-To-Pole (RPT) geophysical data.

Dyke 1 – Future Potential

The body is still open in all directions indicating potential for continued resource expansion and subsequent future drill programs. Foremost will be reporting the results of all assays on a subsequent news release.

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

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, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. 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 www.sedarplus.ca. for further information respecting the risks affecting the Company and its business.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6a373778-151a-46f9-be3e-49f30513995a


FAQ

What was the outcome of Foremost Lithium's winter drilling program at the Zoro Lithium Project?

Foremost Lithium completed over 5,800 meters through 21 diamond drill holes, extending the mineralized body along Dyke 1 by 150 meters to over 400 meters.

How much lithium mineralization was confirmed in Foremost Lithium's initial assays?

Initial assays confirmed 1.09% Li2O over 10 meters and 1.52% Li2O over 5.02 meters.

What is the significance of Dyke 1 in Foremost Lithium's Zoro Project?

Dyke 1 has shown continuity of lithium mineralization and remains open in all directions, indicating potential for continued resource expansion.

When are the final assay results from Foremost Lithium's winter drilling program expected?

The final assay results are expected to be reviewed and completed in approximately 4 to 6 weeks.

What potential does Foremost Lithium see in the Zoro Lithium Project?

Foremost Lithium sees promising potential for new resource calculations and further resource expansion at the Zoro Project, given the continuity and extension of lithium mineralization along Dyke 1.

Foremost Lithium Resource & Technology Ltd.

NASDAQ:FMST

FMST Rankings

FMST Latest News

FMST Stock Data

16.07M
5.48M
10.8%
0.07%
0.89%
Crushed and Broken Limestone Mining and Quarrying
Mining, Quarrying, and Oil and Gas Extraction
Link
United States of America
Vancouver