EXCLUSIVE: Foremost Lithium Sets Winter Drilling Agenda At Jean Lake Lithium/Gold Property

Foremost Lithium Resource & Technology Ltd. FMST announces its upcoming winter drilling plans at the Jean Lake Lithium/Gold Property near Snow Lake in Manitoba, Canada. 

The company aims to conduct a comprehensive 15-hole, 2,500-meter diamond drill program during winter. 

Expected to commence in 1Q24, the primary target of this drilling exercise is the B-1 spodumene-bearing pegmatite dyke. 

The company plans to extend exploration along this dyke towards the B-2 and B-3 pegmatites. 

This strategic move is expected to broaden the lateral and down-plunge mineralization scope significantly.

In 2023, exploratory drilling in other parts of the Jean Lake Property revealed several gold-rich areas. One notable find was a concentration of 7.50 grams per tonne of gold over a span of 7.66 meters. 

FMST anticipates that ongoing drilling will reveal more deep-seated gold deposits while also establishing a geological structure that will assist in identifying the gold discovered in the 2022-23 drilling efforts.

The northeast region of the Jean Lake Property shares borders with Snow Lake Resources' lithium property, home to the Sherritt Gordon and Grass River pegmatites. 

Foremost Lithium's B-1 and B-2 Beryl pegmatites are believed to align with these formations. 

Recent drills in these adjacent areas have unearthed lithium concentrations as high as 2.0% Li2O over 6.0 meters, raising prospects for similar findings in Foremost's drilling endeavors.

Foremost Lithium has secured up to $3.0 million in credit financing from various vendors for the drill program. 

This financial arrangement offers flexible repayment terms up to 18 months from the service delivery date.

Jason Barnard, Chief Executive Officer and President of Foremost Lithium, in an exclusive comment for Benzinga, said, "We are encouraged from past drill results from our Jean-Lake Lithium Gold Project in Manitoba Canada, and believe the probability of further discoveries have significantly increased through our precise methodology of defining qualitative drill targets. One of our strategic priorities is defining the lithium mineralization on this property alongside further assessing its gold potential, which has opened up new opportunities for growth for our company and its shareholders. We look forward to our up-coming winter drill program on this prospective property."

Price Action: FMST shares are trading higher by 10.98% at $3.74 premarket on Tuesday.