Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (FSE: F0R), a hard-rock exploration company focusing on the North American clean energy economy, plans to spin-out its gold and silver Winston Group of Properties.
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Jason Barnard, President and CEO, stated: "The Winston Group of Properties has yet to realize its full value and this plan of arrangement will offer the time and attention the property deserves. These past producing gold and silver mines are within an extremely favourable geological environment and with gold recently hitting over $2,400/ounce, we also find ourselves in a favourable precious metals market. The spin out will provide tremendous upside potential for our shareholders as they gain a stake in two different meaningful projects."
The properties will be placed into a new wholly owned subsidiary, Rio Grande Resources, which will be distributed to the current Foremost shareholders, with Foremost retaining an interest. This spin-out will be subject to the usual conditions, such as shareholder, court, CSE, NASDAQ and other regulatory approvals. Foremost intends to apply to list Rio Grande Resources on the CSE.
The Winston Group of companies, located in the Black Range Mountains of Sierra County, New Mexico, cover 3,000 acres. The drill ready site contains three historic past producing gold and silver mines, Ivanhoe, Emporia and Little Granite, but has had little to no modern exploration since the early 1980s.
The company has a 100% interest in the each of the Little Granite Claims and two patented mining claims, Ivanhoe and Emporia, for a total of 149 mining claims. The last drill program in 1984 at Little Granite consisted of 7 diamond drillholes. Gold values increased with depth with the deepest hole, number 7, returning 1.16 ounces per ton, or 32.88 grams per tonne gold. These results are historic in nature and not NI 43-101 compliant.
Michael Feinstein, PhD, CPG, QP, visited the Winston Property area on ten separate occasions since October 2020 and spent more than 3 months, cumulatively, on the Property; most recently visited in September 2023. The 2020-21 geological work campaign consisted of conducting confirmatory sampling of the known historic mines, as well as the first project-wide reconnaissance which identified multiple new targets.
The table in the video shows the sample descriptions and Gold/Silver values for Ore Characterization Samples collected at historic mine dumps. Exceptional results from property-wide sampling completed in 2021 included many high-grade samples including 41.5 g/t Gold and 4,610 g/t Silver on newly staked claims. Additional samples from these three mines returned peak values of 66.5 g/t gold and 2,940 g/t silver from Little Granite, 26.8 g/t gold and 940 g/t silver from Ivanhoe, and 44.9 g/t gold and 517 g/t silver from Emporia.
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.
The shares are trading at $2.38 on NASDAQ. For more information please visit the company's website, www.ForemostLithium.com, contact Jason Barnard, President and CEO, at 604-330-8067 or email info@ForemostLithium.com. Investor Relations is handled by Lucas A. Zimmerman of MZ Group, who can be reached at 949-259-4987, or by email at FMST@MZGroup.us.
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