Properties

JEAN LAKE LITHIUM GOLD PROJECT

The 2,476-acre/1,002-hectare Jean Lake Lithium-Gold Project, is located in the Snow Lake District of Manitoba. This five-claim property lies on the eastern portion of the Proterozoic Flin-Flon-Snow Lake greenstone belt o the Canadian Shield. This area is known for hosting world-class gold, and gold-rich base-metal deposits and for the development of lithium resources. Jean Lake remained unexplored since 1942 until Foremost Lithium began exploration efforts in the late summer of 2021. The Manitoba Mineral Development Fund ("MMDF") provided funding by way of a $300,000 grant, stimulating exploration on the property.

Foremost was awarded a second grant of $300,000 by the MMDF in January 2023, which will help support and advance the ongoing 2022/23 3,000-meter diamond drill program.

In August 2021, the re-discovery of the historic beryl lithium pegmatite from rock samples from what appears to be two separate pegmatites along the Beryl Pegmatite Lithium Trend (“BLT”) assayed high-grade lithium. Historic gold exploration on the property had indicated the presence of high-grade gold mineralization. Rock chip sampling between August and September by Foremost Lithium’s prospecting team confirmed the presence of this gold mineralization with assay results of up to 20.9 g/t gold. Of 15 assay samples only one was less than 1 g/t gold. This confirmation of notable gold potential brings significant additional value to the property in combination with the lithium.

Assay Results

Lithium

Five representative rock chip samples of spodumene-bearing mineralization were collected in August, 2021 from blast material in two trenched locations of the Beryl Pegmatites. Two of the samples were apple green, coarse grained spodumene (Far21-1 and -2)) and three samples were from straw-coloured, finer grained spodumene (Far21-3,4 and 5)).

Five representative rock chip samples of spodumene-bearing mineralization were collected in August, 2021 from blast material in two trenched locations of the Beryl pegmatites. Samples were shipped to Activation Laboratories in Ancaster (Ontario) for analysis, applying the UT-7 method which uses a total dissolution of the sample by sodium peroxide fusion and ICP-MS finish. This analytical approach is the standard analytical technique employed by the Company on its Zoro and Jean Lake lithium projects for the analysis of pegmatite.
Results indicate all samples returned high-grade lithium content regardless of the textural characteristics of the spodumene (Table 1).

^{Pic 1: Straw colored spodumene from a second pegmatite exposed in historic blasted outcrop along the Beryl Pegmatite Lithium Trend}

^{Pic 2: Coarse apple green spodumene exposed in an historic mucked-out trench along the Beryl Pegmatite Lithium Trend}

Gold

Fifteen representative rock chip samples from the Sparky Occurrence returned assay results with maximum contents of 20.9 g/t gold (Table 2). All but one sample exceeded 1 g/t gold. Grab samples representative of mineralization exposed in outcrop and in pits were collected from pervasively silicified wall rock containing brecciated and mineralized quartz veins. The deformation observed in the rocks sampled is attributed to faults cutting the eastern portion of the Rex Lake Pluton, which is bounded on the east by the crustal scale Crowduck Bay Fault.

Gold assays are determined by fire assay using a 30-gram sample followed by an instrumental neutron activation finish. 

JEAN LAKE PROPERTY HIGHLIGHTS

• Power access through the property
• Year-round access
• Airstrip located 5 km to the northwest.
• Highway access within 11 km.
• Rail access 35 km to the south.
• High percentage of outcrop on the property
• No modern exploration since 1942
• Entrained within the Thompson Brothers Lithium Trend

MINERALOGICAL AND CHARACTERIZATION

Fifteen representative rock chip samples from the Sparky Occurrence returned assay results with maximum contents of 20.9 g/t gold (Table 2). All but one sample exceeded 1 g/t gold. Grab samples representative of mineralization exposed in outcrop and in pits were collected from pervasively silicified wall rock containing brecciated and mineralized quartz veins. The deformation observed in the rocks sampled is attributed to faults cutting the eastern portion of the Rex Lake Pluton, which is bounded on the east by the crustal scale Crowduck Bay Fault.

Gold assays are determined by fire assay using a 30-gram sample followed by an instrumental neutron activation finish.

CURRENT DEVELOPMENTS – 2022 WINTER DRILL PROGRAM

The company announced On November 21, 2022, that a 3,000 metre, 24-hole drill program would commence on the Jean LakeLithium property on December 02, 2022.

Highlights of the program include:

• The focus of this drill program will be the Beryl Dyke B1 which returned two grab samples assaying 3.89 and 5.17% Li2O, and Beryl Dyke B2 which returned three grab samples assaying 3.81, 4.09 and 4.74% Li2O in addition to linear UAV-assisted magnetic trends overlain by soils with elevated lithium content (see figure 1)

• Compelling targets were developed by integrating results from drone magnetic surveys, prospecting/geological field observations assisted by Lidar surveys and soil geochemical survey data

In the Spring of 2022, Foremost Lithium contracted EarthEx Geophysical Solutions Inc. ("EarthEx") to perform an Unmanned Aerial Vehicle, ("UAV" or drone) magnetic survey on the property. The technology was utilized to aid with new prospective drill targets by producing high-resolution images, to define the 3D location, shape, size, and distribution of potential spodumene rich pegmatite dykes. The follow-up of the magnetic data identified 14 high priority structural targets for further exploration work in the northern portion of the Jean Lake property. Magnetic interpretation seems to indicate that the Jean Lake Lithium beryl pegmatites, which assayed at 3.89% and 5.17% Li20, trending along Snow Lake Lithium's high-grade SG and GRP spodumene and GRP pegmatites. SGM-3, now referred to as the Beryl dyke or B1, was re-discovered on the Jean Lake property in 2021 by prospecting beneath 80 years of organic and inorganic debris.

Foremost Lithium will provide further updates with results when they become available upon completion of the drill program expected in H1 of 2023.