Foremost Lithium Resource & Technology Ltd. has announced that it has entered in to an agreement (the “Option Agreement”) with Strider Resources Ltd. pursuant to which the Company has the right to acquire a 100% interest in the PEG NORTH CLAIMS located in the historic Snow Lake mining district in Manitoba (the “Peg North Claims”).
The Peg North Claims consist of 28 claims hosting five known pegmatite dykes, and captures the northern extension of the Crowduck Bay Fault and surrounding area, known for its lithium-enriched pegmatite dyke clusters. The acquisition pursuant to the Option Agreement will significantly expand the Company’s Snow Lake lithium holdings by 16,697 acres (6,757 hectares) to an amalgamated 43,031 acres (17,414 hectares) in the prospective Snow Lake pegmatite fields. The location of the newly acquired Peg North Claims is illustrated in Figure 1 below. In connection with this important acquisition, the Company wishes to take this opportunity to provide a comprehensive update and overview of the status of each of the properties comprising the Company’s impressive package of lithium and precious metals assets.
John Gravelle, President & CEO of Foremost Lithium, states: “We now hold and/or have the right to acquire an aggregate of over 43,000 acres, (17,400+ hectares) of what Foremost considers to be tier-one lithium exploration properties in Snow Lake, Manitoba. This substantial increase in hectares will add to Foremost’s previously disclosed inventory of 30 high-quality drill targets to explore and develop. The electrification movement is amongst us and the increased demand for lithium will be here for decades to come. This strategic option of the Peg North Claims continues to demonstrate Foremost’s commitment to deliver long-term shareholder value.”