Foremost Clean Energy Exercises Low-Cost Option to Acquire 100% Ownership of Jean Lake Lithium-Gold Property
By completing this option agreement first entered into in July 2021, Foremost has acquired 100% interest in the Jean Lake Lithium-Gold Property with historic high-grade gold intercepts and confirmed lithium mineralization
VANCOUVER, British Columbia, July 16, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ:FMST) (CSE:FAT) ("Foremost" or the "Company"), is pleased to announce it has exercised a low-cost option to acquire a 100% interest in the 2,476-acre Jean Lake Lithium-Gold Project ("Jean Lake") in Manitoba's Snow Lake District. The Company finalized ownership by making a final cash payment of $75,000 and issuing $75,000 worth of common shares to Mount Morgan Resources Ltd. ("Mount Morgan"), purchasing the property for a total of $250,000 cash, issuing a total aggregate of 47,299 of the Company's common shares, and incurring the required exploration expenditures. Mount Morgan retains a 2% Net Smelter Royalty ("NSR"), with the Company retaining the right to repurchase 1% for $1,000,000.
Key Highlights
Foremost Safeguards Value With Established Potential: Jean Lake is a prospective Gold and Lithium exploration property where Foremost's initial drill program intercepted 7.50 g/t Au over 7.66m (including 102.0 g/t Au over 0.48 metres) in drill hole FM23-8 and 1.26% Li₂O over 3.35m in drill hole FM23-04A.
Strategic Infrastructure: The property is within close proximity to power access, highway, rail, airstrip and mines, making it ideally situated for future advancement as a gold and/or lithium development project.
Proven Jurisdiction: Located in proximity to Hudbay Minerals' core operating area, which has produced more than 1 million+ ounces of gold at its Lalor Mine1.
Foremost's President and CEO, Jason Barnard comments, "Prior to Foremost's pivot to focus on uranium exploration in the prolific Athabasca Basin region of northern Saskatchewan, Foremost invested successfully in lithium and gold exploration in Manitoba, generating positive results and confirming the prospectivity of the Company's Manitoba project portfolio. With gold achieving historic price highs, our Jean Lake property provides exceptional leverage and optionality with its demonstrated high-grade gold mineralization and confirmation of lithium mineralization. With a modest final investment in the property, Foremost has successfully secured this prospective asset."
Mr. Barnard continues, "Amidst our operational update, our deepest solidarity remains with the people of the Snow Lake region during this devastating wildfire season. The mandatory evacuation orders impacting families, First Nations partners, and our dedicated local workforce underscore the profound human dimension of this crisis. We recognize the resilience shown by this community, one that has supported Manitoba's mining legacy for generations, and extend our unwavering commitment to their safety and recovery, and recognize the efforts of emergency responders to protect those impacted by the wildfires."
Foremost's 2022/2023 Drill Campaign
The Company completed a 3,002 metre initial diamond drill program, designed to test targets based on integrated prospecting, UAV-borne magnetic survey results, MMI soil geochemical surveys and outcrop rock chip analyses (Foremost news release June 6, 2023). The program intersected numerous gold mineralized intervals at vertical depths up to 110 m below surface as well lithium at the B1 spodumene bearing pegmatite. The locations of drill holes that intersected gold mineralized intervals are illustrated in Figure 1, in addition to the B1 drill hole location. Details of the lithium and gold intersections are provided in Table 1 below.
Highlights include:
GOLD
In drill hole FM23-8: 7.50 g/t Au over 7.66 metres from 94.35 - 102.01 m (including 102.0 g/t Au over 0.48 metres from 94.77 - 95.25 m)
In drill hole FM23-04A: 11.27 g/t Au over 2.75 metres from 73.75 - 76.50 m (including 91.8 g/t Au over 0.32 metres from 74.74 - 75.06 m)
In drill hole FM23-01A: 2.46 g/t Au over 3.70 metres from 41.30 - 45.00m
LITHIUM
1.26% Li2O over 3.35 metres in drill hole FM23-01A
Figure 1. Lithium and Gold Intersections Drill Holes
Table 1 - 2022, 2023 Program Lithium and Gold Intersections in Drill Holes
Hole ID
Easting
Northing
Strike
Dip
Depth
Intercept in Metres
FM23-01A
452688
6076420
205
-66
62m
1.26% Li2O over 0-3.35m
FM23-01A
452688
6076420
205
-66
62
2.46 g/t Au over 3.70m from 41.30m-45m
FM23-04A
