VANCOUVER, British Columbia, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (CSE:FAT) (OTCQB:FRRSF) (FSE:F0R0), a hard-rock exploration company, focused on lithium, has signed a binding term sheet to sell its 60% interest in its Hidden Lake Lithium Project in Yellowknife, NWT for $3.5 million.
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The Hidden Lake Lithium Project, located in the prolific Yellowknife Pegmatite district, consists of five contiguous mineral claims, with at least 10 lithium-bearing spodumene pegmatite dykes across 4,100 acres. Foremost has received a $100,000 non-refundable deposit, from an arm’s length party, with the remaining $3.4 million due upon closing. Closing is expected to occur with 30 days, subject to completion of definitive binding documentation, final due diligence, and receipt of other customary and regulatory approvals for a transaction of this nature.
Jason Barnard, Director, stated: “I’m looking forward to the completion of the sale of one of our non-core assets which will allow us to inject working capital and continue our focus on our Lithium Lane Properties in Snow Lake, Manitoba. It’s been a pleasure working this deal for our Company.”
Foremost is focussing on its five hard rock lithium projects in Snow Lake, Manitoba, Canada, which cover more than 43,000 acres. The 5 Lithium Lane Properties, Peg North, Jol, Grass River, Jean Lake and Zoro, are all near existing infrastructure including highway, grid power and railway. The company has uncovered 39 spodumene-lithium bearing pegmatite dykes and 30 follow-up drill targets with massive upside and resource potential.
Foremost recently completed a UAV-assisted high-resolution airborne magnetic survey on its "Lithium Lane" Properties, with EarthEx Geophysical Solutions flying a total of 7,473-line km over the entire 43,031 acre land package. 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. The linear trend of magnetic lows defined on the Jean Lake property by the UAV survey are interpreted as the extension of the magnetic signatures of the coarse spodumene-bearing Sherritt Gordon #1 and #2 and the Grass River pegmatite dykes currently being explored by Snow Lake Resources Ltd.
Daniel Card, President, and Chief Geophysicist of EarthEx stated: "I believe that the magnetic data collected over Foremost Lithium's properties in the Snow Lake area are among the highest quality of any magnetic dataset that I have seen in over 15 years of geophysical data analysis for mineral exploration. Foremost's approach to embracing new technologies in their exploration efforts may provide a competitive advantage. We feel large continuous data sets of this calibre could play a central role in Foremost's exploration efforts."
The company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico.
The shares are trading at $0.19. For more information, please visit the company’s website, www.ForemostLithium.com, call 604-330-8067 or email info@ForemostLithium.com.
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