Foremost Lithium Announces Commencement of Drill Program at Zoro Lithium Project

• Dyke 1, the Company’s maiden resource, remains the focus for resource expansion as it’s open along strike and at depth.
• The Company has been awarded a two-year work permit from the Manitoba Mines Branch

VANCOUVER, British Columbia, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, is pleased to confirm today that it has commenced drilling on it’s Zoro Lithium Property located in the Snow Lake region of Manitoba.

The Company has received a multi-year work permit for its Zoro Property from the Mining Permit Office of the Manitoba Government, valid until April 26th of 2026, which will improve future corporate administration flow, increase consistency with other application processes, and will ease future long-term drill and exploration programs on the property. This drill program has been partially funded from a $300,000 grant awarded to the Company by The Manitoba Mineral Development Fund in January of 2024.

Figure 1: Planned Drill Holes Targeting Spodumene Bearing Dykes 8, 3, 5, 2, and 1

Jason Barnard, President and CEO of Foremost Lithium, said: “Our maiden resource at our Dyke 1 remains our high priority target with the potential for significant resource expansion beyond its current estimates. Given the fact that we have received a multi-year permit, we have time on our side to build tonnage and resource. Our Zoro Property has 16 proven spodumene bearing lithium pegmatite dykes. This is an ideal opportunity to get those drills turning and hit some great intersections to create great new catalysts for our Company and shareholders, regardless of current market conditions.”

Drilling commenced at the Zoro Property the first week of February at Dyke 8. Previous drilling at this Dyke consisted of eight holes (total of 98.25 metres) that intersected high-grade lithium in 36.5 metres of spodumene-bearing pegmatite. Lithium assay results varied from 0.7% to 1.3% in DDH Far18-034 over drill intersections of 0.9-4.9 metres and from 1.1% to 1.5% Li2O in DDH Far18-035 over drill intersections of 2.2 to 12.3 metres. This Dyke has been defined over 120 metres in length, 5-15 metres in width, has been drilled to a depth of 157 meters and remains open in all directions. Dyke 3 will also be drill tested as it is also open in all directions. Additional drill testing will be performed to determine the relationship between Dyke 8 and Dyke 3. Other spodumene bearing dykes will also be drill tested for resource expansion and development.