Foremost Lithium Resource & Technology Ltd. has announced final interpreted results from the Unmanned Aerial Vehicle, (“UAV“) magnetic survey over the Jean Lake property first disclosed on March 1st, 2022 (see press release of same date). Jean Lake is Foremost’s 100% owned 1,002-hectare (2,476-acre) property situated in Snow Lake, Manitoba, Canada. The North-East sector of Foremost’ s Jean Lake property (claim JOL 9419) directly abuts with Snow Lake Lithium’s Sherritt Gordon (“SG“) and Grass River (“GRP“) pegmatites exposed on Snow Lake Lithium’s ADD3203 claim.
Final images from EarthEx Geophysical Solutions Inc. (“EarthEx“) magnetic data identified fourteen (14) high priority structural targets for further exploration work in the northern portion of the Jean Lake property. Fourteen sets of independently colored lines are final interpretations of the magnetic low lineaments from a Centre for Exploration Targeting (“CET”) analysis and overlay the magnetic “low” picks layer. The coincidence of the magnetic lows with the Beryl Pegmatites and their extension along a trend recognized for its association with Snow Lake Lithium’s high-grade SG and GRP spodumene pegmatites is highly encouraging. Of particular importance, Target 11 (BLUE) and Target 10 (GREEN) directly match the previously identified Beryl Pegmatite dykes (B-1 and B-2) which assayed between 3.89% and 5.17% Li2O, respectively.
Lindsay Bottomer, Co-founder, and Geoscience Advisor of Foremost states: “The Jean Lake results are very encouraging with regards to the clarity and abundance of the trends of magnetic lows identified from the EarthEx magnetic data. Targets 10 and 11 correspond with the locations of the B-1 and B-2 Beryl Pegmatites on Jean Lake and Targets 5, 6, and 7 are on trend with the SG and GRP on Snow Lake Lithium’s ground. On March 10th, 2022, Snow Lake Lithium announced results from exploration hole GRP-001, an exploration hole previously undrilled, returned 2 pegmatite intercepts grading 30% spodumene from 34.8 m to 40.48 m, and 41.86 m to 44.22 m for a total intersection of 8.04 m. It is noteworthy that Snow Lake Lithium’s GRP structure appears to directly connect to one of the imaged magnetic low features present on Jean Lake. We have prioritized the top 10 drill targets for an immediate drill program based upon all available data.”
Scott Taylor, President and CEO of Foremost Lithium states: “The final magnetic data interpretation, together with the 3.89% Li2O assayed on the B-1 Beryl pegmatite outcrop and the 5.17% Li2O on the B-2 Beryl pegmatite outcrop, and the March 10th disclosure of Snow Lake Lithium’s interim drilling results hitting intercepts of 30% spodumene on GRP-001 have imparted a sense of urgency and enthusiasm to extend and expedite our exploration work and drilling campaign throughout the spring and summer on Jean Lake.”
Scott Taylor continues: “In recent news, Canada’s mining sector is set to receive an unprecedented tranche of Federal incentives to accelerate and scale up production of raw materials used in EV batteries. One example is the new Critical Mineral Exploration Tax Credit (CMETC) which specifically incentivizes capital deployed to support hard rock Canadian lithium exploration and development activities. Stellantis and LG Energy Solution recently announced a new $4.9 Billion-dollar Ontario based Gigafactory scheduled to come online in 2024. American automakers General Motors & Ford Motor Co. have both announced plans to make electric vehicles at Ontario based factories. These long-term macroeconomic catalysts all support the Company’s strategic focus and enhance the value of our Snow Lake lithium assets which are situated nearby these massive long-term Canadian EV investments.”