Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) paid the final $17,500 cash payment plus GST to close its acquisition of the Lac Simard South Property in Quebec.
The closure of the deal on Tuesday brings the Lac Simard South land package to Foremost, which consists of 80 mineral claims covering 11,482 acres. It’s strategically located within a highly developed mining region that offers a wealth of readily available support facilities and services.
The company has outlined its plans for an upcoming exploration program aimed at assessing the pegmatites found in Quebec’s active lithium mining and refining region. The initial stages of this exploration program will involve on-site verification to confirm and characterize the nature of the identified pegmatites. Additionally, specific areas will be prospected to locate pegmatites containing lithium.
To aid in this process, the company will consider employing indirect techniques, such as magnetic surveys conducted with the assistance of drones. This approach will be particularly useful in areas with limited surface exposure, helping to pinpoint potential new targets containing lithium-bearing pegmatites. The company will formulate further plans based on the initial assay results once they become available.
Lac Simard south map. Map via Foremost Lithium.
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Foremost to assess pegmatites found in Quebec’s lithium refining region
The property is positioned 80 kilometers southwest of Val-D’or, a well-established logistics hub renowned for its history in the mining industry and boasting a population of 30,000. Val-d’Or is home to an experienced mining workforce.
The Lac Simard South property shares borders with Sayona Mining Ltd. (ASX: SYA) and Refined Metals Corp. (RFMCF: OTCMKTS) Within the Lac Simard property, samples have revealed a lithium (Li) content of 2.1 per cent, equivalent to 4.52 per cent lithium oxide (Li2O) and a tantalum oxide (Ta2O5) content of 5.88 per cent.
The property is accessible year round via well-maintained roads, with minimal overburden and is conveniently situated just a few kilometers from major highways. Additionally, the province of Quebec, is a significant producer of electricity and ranks among the world’s largest hydropower generators. Remarkably, there is a hydroelectric power plant within the property claim block itself, offering access to grid power and the benefits of cost-effective hydroelectricity.
“Acquiring the Lac Simard South property aligns with our strategy to be in proximity of a lithium mine and concentrator,” said Jason Barnard, Chief Executive Officer and President of Foremost Lithium.
“Producing and delivering Direct Shipping Ore (DSO) will enable us to generate net cash and partner with downstream refineries to supply their raw lithium ore.”
Shares declined by 0.4 per cent to $5.20 on Wednesday on the Canadian Securities Exchange.
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Quebec’s abundant reserves make it a prime location for lithium mining
Quebec is a prime location for lithium mining due to its abundant reserves and strong mining infrastructure. The province has skilled workers and efficient supply chains, making mining operations smooth. Quebec’s focus on eco-friendly mining aligns with the global shift toward green energy, as lithium is essential for electric vehicle batteries and renewable energy storage. Additionally, Quebec’s access to affordable and clean hydroelectric power gives it a competitive edge, reducing costs and environmental impact.
Companies searching for lithium in Quebec include Nemaska Lithium, Sayona Mining Limited, Patriot Battery Metals (TSXV: PMET) in the James Bay Region and Brunswick Exploration (TSXV: BRW).
joseph@mugglehead.com
