Foremost Lithium Returns 2.13% Li2O and 1.86% Li2O in Samples from its Zoro and Jean Lake Properties and Begins Preparation for Winter Drill Program

Highlights Include:

  • Initial phase of rock sampling return assay of up to 2.13% Li2O at the Zoro Lithium Project and values of up to 1.86% Li2O at Jean Lake Lithium Project
  • Jean Lake Property displayed promising lithium mineralization with significant upside potential.
  • Zoro Project presents further potential to delineate future resources on spodumene-bearing dykes.

VANCOUVER, British Columbia, Oct. 12, 2023 (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, today announced positive results returned from the rock sampling program on its Peg North, Grass River Claims, Jean Lake, and Zoro properties, including high-grade lithium values and spodumene mineralization at both the Zoro and Jean Lake Property.

Dahrouge Geological Consulting Ltd. (“DGC”) conducted a large-scale surface exploration program on Foremost’s four Lithium Lane properties for Lithium Cesium Tantalum (“LCT”) pegmatites this past summer, focusing interest towards pre-defined, high-priority targets on the Zoro and Jean Lake Property.

“The compilation of work has yielded highly promising results from sampling to date, and the team at Dahrouge continues to demonstrate their ability to execute a successful exploration program,” said Jason Barnard, President and Chief Executive Officer of Foremost Lithium. “Our 2023 exploration campaign is focusing on our high-quality assets and is supported by extensive geological data. The potential of this fertile area gives us great confidence as we define drill targets in preparation in this upcoming drill program. We look forward to proving results for our company and our shareholders.”

Samples were shipped to SGS Laboratories (Burnaby) for analysis which used a total dissolution of the sample by sodium peroxide fusion and ICP-MS finish. This analytical approach is the standard analytical technique used by the Company on its Zoro and Jean Lake lithium projects. QAQC samples were inserted into the sample sequence at a rate of 5%, utilizing certified reference material and quartz blanks.

Zoro Property

Grab samples taken on the Zoro Property during the 2023 field program

Figure 1-0 – Grab samples taken on the Zoro Property during the 2023 field program

At the Zoro Property, the mapped spodumene occurrence at Dyke 1, was revisited for sampling and detailed structural mapping to assist with targeting for the upcoming winter drill season. This was revisited for sampling and hosts an inferred resources of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3% in accordance with the Company’s SK-1300 Technical Report Summary (2023) and NI-43101 Technical Report (2018). DCG verified the presence of spodumene-mineralized pegmatite on surface at Dyke 1. Eight (8) pegmatite samples, five (5) containing spodumene, were collected for assay. Assay highlights can be found in Table 1.

Sample ID Li (ppm) Li2O (%) Cs2O (ppm) Ta2O5(ppm)
153291 9883 2.13 161 44
153292 2627 0.57 178 44
153293 2979 0.64 147 60
153294 479 0.10 418 106
153295 5062 1.09 364 37
153296 6734 1.45 252 94

Table 1 – Assay highlights from grab samples taken on the Zoro property during the 2023 field program.

Overview of the Zoro Property showing spodumene-bearing pegmatites and untested LCT pegmatites which are targets for future exploration.

Figure 2-0 – Overview of the Zoro Property showing spodumene-bearing pegmatites and untested LCT pegmatites which are targets for future exploration.

Large spodumene crystals at Dyke 1 on the Zoro Property.

Photo 1 – Large spodumene crystals at Dyke 1 on the Zoro Property.

A grab sample from Dyke 1 on the Zoro Property that assayed at 2.13% Li2O

Photo 2 – A grab sample from Dyke 1 on the Zoro Property that assayed at 2.13% Li2O

Jean Lake Property

Spodumene-pegmatite occurrences (B1, B2, and B3) that are collectively known as the “Beryl Pegmatites” were sampled and mapped in further detail to assist with drill targeting for the upcoming drill season. Additional overburden was stripped from the B1 and B2 occurrence, revealing more spodumene mineralization. Four (4) chip samples were collected during the 2023 field program, three (3) of which were from spodumene bearing pegmatite. Samples taken from the B1 pegmatite hosted coarse-grained, pale green spodumene that ranged from 5cm to 0.70m (Photo 1). Samples taken from the B2 pegmatite hosted abundant apple-green to yellow-green spodumene that ranged from 5cm to 15cm (Photo 3). Assay highlights are presented in Table 2 below.

Sample ID Li (ppm) Li2O (%) Cs2O (ppm) Ta2O5(ppm)
153026 8434 1.82 24 1
153027 64 0.01 1 0
153029 8635 1.86 27 10

Table 2 – Assay highlights from 2023 chip samples field program

2023 chip samples on the Jean Lake Property.

Figure 3-0 – 2023 chip samples on the Jean Lake Property.

Spodumene-rich boulder excavated during historical blasting at the B2 pegmatite.

Photo 3 – Spodumene-rich boulder excavated during historical blasting at the B2 pegmatite.

Large spodumene crystals found in outcrop at the B1 pegmatite; Sample 153026

Photo 4 – Large spodumene crystals found in outcrop at the B1 pegmatite; Sample 153026

Next Steps – Winter Drill Program

Steps towards applying for a work permit and drill targeting are currently underway for a winter drill program in the coming months on both the Zoro and Jean Lake Properties. Drilling on Zoro will seek to expand the existing resource on Dyke 1, as well as further investigate the spodumene-bearing pegmatites on Dyke 8 and Dyke 16. The drill program at Jean Lake will follow up on the results from the winter 2023 drill program with the hopes of expanding the high-grade spodumene occurrences at B1 and B2.

Qualified Person

The technical information contained in this news release has been reviewed by Matthew Carter B.Sc., P.Geo., of Dahrouge Geological Consulting, who is a “Qualified Person” as defined in NI 43-101 and as defined by SEC’s S-K 1300 rules for mineral deposit disclosure.

On Behalf of the Board of Directors
Jason Barnard, President and CEO
Email: [email protected]
Phone: +1 (604) 330-8067

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; Zoro, Jean Lake, GRC, and Peg North 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: @foremostlithium
LinkedIn: https://www.linkedin.com/company/foremost-lithium-resource-technology/
Facebook: https://www.facebook.com/ForemostLithium

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.

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.

Company
Jason Barnard, President and CEO
+1 (604) 330-8067
[email protected]

Investor Relations
Michael Kim or Brooks Hamilton
MZ North America
+1 (737) 289-0835
[email protected]

Appendix I – Sample Results Sample ID Easting Northing Li (ppm) Cs (ppm) Ta (ppm)
153026 452686 6076406 8434 22.7 1.1
153027 452688 6076418 64 1.2 0.25
153028 452657 6076470 14 2 2.9
153029 452827 6076320 8635 25.9 8.4
153288 458571 6078894 5 56 49.9
153289 458568 6078904 11 36.3 62.9
153291 458527 6078936 9883 152 36.3
153292 458535 6078935 2627 168 36.2
153293 458525 6078949 2979 139 49.4
153294 458502 6079056 479 394 87.2
153295 458495 6079046 5062 343 30.6
153296 458497 6079023 6734 238 76.7
153277 471636 6087768 36 12.4 39.8
153278 471631 6087751 35 10.1 23.3
153279 471616 6087740 25 11.8 35.4
153280 471567 9087169 35 15 72.8
153281 471493 6086820 25 7.6 2.9
153282 472496 6081260 27 1.5 0.25
153283 472491 6081264 13 4.2 0.25
153284 472315 6082485 26 19.8 0.6
153285 475656 6084561 23 1.1 0.25
153286 476536 6084594 16 1 0.25
153287 476588 6084569 17 1.6 0.25
153001 465525 6088798 48 2.3 0.6
153002 465654 6088773 44 15.5 7.6
153003 458683 6061725 410 40.8 0.6
153004 458683 6061725 57 5.3 2.6
153005 466525 6089258 121 5.7 0.25
153006 466829 6089572 40 0.8 0.25
153007 466403 6090059 74 13.1 5.4
153008 466484 6090068 98 0.4 0.25
153009 464309 6087074 48 14.2 1.3
153010 464304 6087070 55 15 0.6
153011 646310 6087068 80 28.8 1.9
153201 465908 6089973 41 3.2 0.9
153202 465895 6090518 24 1.8 0.25
153203 466004 6090730 68 1.3 1.1
153204 465988 6090927 36 6.8 0.25
153205 465985 6090927 58 3.4 0.25
153206 466070 6090815 57 3.1 0.6
153207 466223 6090617 139 5 1.4
153208 464184 6087760 61 3.1 0.25
153209 464200 6087765 102 10.4 0.9
153210 464214 6087759 82 2.9 0.25
153211 464221 6087752 93 4.7 1
153212 464220 6087740 117 0.8 0.25
153213 464253 6087861 149 18.2 3.9
153214 464209 6087925 79 6.1 2.9
153215 467965 6088927 99 3.2 0.5
153251 465064 6089353 17 0.05 0.25
153252 465220 6089935 82 3.2 0.25
153253 465204 6090028 24 2.2 1.2
153254 465165 6090227 21 15.8 4.8
153255 463953 6087389 61 1.1 0.25
153256 463722 6087178 57 3.6 1.2
153257 464160 6088129 65 4.3 0.9
153258 464123 6088061 51 6.5 0.7
153259 464186 6088007 94 4.1 0.7
153260 463651 6087816 54 13.9 2.1
153261 463708 6087726 37 6.5 0.9
153262 463601 6087879 42 4.1 1
153263 464220 6091437 51 2.1 0.25
153264 464226 6091441 58 1.5 0.25
153265 464282 6091429 54 2.4 0.25
153266 464304 6091510 64 1.5 0.25
153267 464114 6091186 16 0.1 0.25
153268 464111 6091189 18 0.2 0.25
153269 466647 6089091 43 43 11.2
153271 467009 6088844 5 0.05 0.25
153272 466675 6089738 62 0.8 0.25
153273 466646 6089833 15 37.1 7.7
153274 467140 6089650 11 2 0.25
153275 466714 6089336 49 12.6 6.5
153276 467176 6088904 97 4 0.25

Images accompanying this announcement are available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/90466000-384d-49c6-b280-3299525c6c84

https://www.globenewswire.com/NewsRoom/AttachmentNg/b0114c4e-810d-4afc-897e-d03a5750b22b

https://www.globenewswire.com/NewsRoom/AttachmentNg/3b72d00c-8927-4f80-bedf-60ba4516faf2

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https://www.globenewswire.com/NewsRoom/AttachmentNg/4767bad9-3b79-4e6b-94dc-c805b042a983

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