Foremost Lithium applies for $10M federal funds to advance Jean Lake in Manitoba

Foremost Lithium Resource and Technology (CSE: FAT; NASDAQ: FMST) has applied for funding of $10 million from the Government of Canada to support the critical mineral industry. The application has been made for Stream 1, which supports pre-construction projects in reaching shovel-ready status. (Stream 2 supports infrastructure development.)

Foremost is seeking support to advance its Jean Lake lithium-gold project, located on the eastern part of the Snow Lake Greenstone Belt in northern Manitoba. The property has a power line running through, and is close to an airstrip (5 km), a highway (11 km), and rail access (35 km).

If the application is successful, the company will build a 9.5-km road connecting Jean Lake and its Zoro properties to the existing road and make improvements to enhance current access.

“We realize that this project has the potential to promote significant economic growth and foster investment, not only for Foremost Lithium, but other resource and local stakeholders in the region as well,” said Jason Barnard, president and CEO of Foremost.“We will continue to engage with the industry, local communities, the Manitoba government and other organizations to develop strong economic partnerships. We feel positive, if this application is successful, that it has the potential to create a significant impact for our company, its shareholders, and the northern Manitoba resource community at large.”

The Manitoba government earlier provided a grant of $300,000 to the company.

The Jean Lake property had not been explored since 1942 until Foremost began its efforts in late-summer of 2021. Chip samples collected then returned assays as high as 3.89% and 6.17% lithium oxide (Li₂O). An initial drill program began late in 2022. During the 2023 drill program, the company’s interest was primarily in potential lithium mining and it was receiving assays as high as 1.26% Li₂O. But during last summer they made a high-grade gold discovery. One hole in the gold zone assayed 11.27 g/t gold over 7.7 metres, including 91.8 g/t over 0.3 metre.

Foremost’s strategy for Jean Lake is to develop a direct shipping operation (DSO) with a third-party processing the ore into a concentrate.

More information is posted on www.ForemostLithium.com.