Foremost Clean Energy Announces Positive Preliminary Results from Recently Completed Drill Program at the Hatchet Lake Uranium Property
Foremost Clean Energy (NASDAQ: FMST) has announced positive preliminary results from a recently completed 889-metre, four-hole diamond drill program at the Hatchet Lake Uranium Property in Saskatchewan's Athabasca Basin. Key highlights include:
1. Elevated radioactivity of up to 360 counts per second in drill hole RL-24-29.
2. A shear zone with reactivated graphitic-pyritic faults intersected in drill-hole TF-24-12, presenting a compelling future target.
3. Significant structural disruption and alteration indicative of hydrothermal fluid flow observed in multiple drill holes.
The drill program, managed by Denison Mines Corp., covered the Richardson claim block and the Tuning Fork grid. Foremost's CEO, Jason Barnard, expressed enthusiasm about the results and the company's collaboration with Denison, now Foremost's largest shareholder.
Foremost Clean Energy (NASDAQ: FMST) ha annunciato risultati preliminari positivi da un recente programma di perforazione a diamante di 889 metri, composto da quattro fori, presso il sito minerario di uranio Hatchet Lake nel bacino di Athabasca, in Saskatchewan. I punti salienti includono:
1. Elevata radioattività di fino a 360 conteggi al secondo nel foro di perforazione RL-24-29.
2. Una zona di taglio con falde grafo-piritiche riattivate intercettate nel foro di perforazione TF-24-12, che presenta un obiettivo futuro molto interessante.
3. Significativa alterazione e discontinuità strutturale indicative di flussi di fluidi idrotermali osservate in più fori di perforazione.
Il programma di perforazione, gestito dalla Denison Mines Corp., ha coperto il blocco di concessione Richardson e la griglia Tuning Fork. Il CEO di Foremost, Jason Barnard, ha espresso entusiasmo riguardo ai risultati e alla collaborazione dell'azienda con Denison, attualmente il maggiore azionista di Foremost.
Foremost Clean Energy (NASDAQ: FMST) ha anunciado resultados preliminares positivos de un programa de perforación con diamante recientemente completado de 889 metros y cuatro pozos en la propiedad de uranio de Hatchet Lake en la cuenca de Athabasca en Saskatchewan. Los puntos destacados incluyen:
1. Actividad radioactiva elevada de hasta 360 conteos por segundo en el pozo de perforación RL-24-29.
2. Una zona de cizallamiento con fallas grafito-piríticas reactivadas interceptadas en el pozo de perforación TF-24-12, presentando un objetivo futuro convincente.
3. Disrupción estructural significativa y alteración indicativa de flujo de fluidos hidrotermales observadas en múltiples pozos de perforación.
El programa de perforación, gestionado por Denison Mines Corp., cubrió el bloque de reclamos Richardson y la cuadrícula Tuning Fork. El CEO de Foremost, Jason Barnard, expresó entusiasmo por los resultados y la colaboración de la compañía con Denison, que ahora es el mayor accionista de Foremost.
포어모스트 클린 에너지(Foremost Clean Energy)(NASDAQ: FMST)는 새롭게 완료된 889미터의 4개 구멍 다이아몬드 시추 프로그램에서 긍정적인 초기 결과를 발표했습니다. 이는 사스카치완의 아사바스카 분지에 위치한 해치 레이크 우라늄 재산에서 진행되었습니다. 주요 하이라이트는 다음과 같습니다:
1. 시추 구멍 RL-24-29에서 초당 최대 360 카운트의 높은 방사능.
2. 시추 구멍 TF-24-12에서 교차된 재활성화된 그래파이트-피라이트 단층으로 구성된 전단대, 이는 향후 강력한 타겟입니다.
3. 여러 시추 구멍에서 관찰된 열수 흐름을 나타내는 구조적 변형 및 변질.
이 시추 프로그램은 데니슨 마인스(Denison Mines Corp.)가 관리하였으며, 리처드슨 청구 블록과 튜닝 포크 그리드를 포함합니다. 포어모스트의 CEO인 제이슨 바나드(Jason Barnard)는 결과에 대한 기대와 데니슨과의 협력에 대해 열정을 표명했으며, 현재 데니슨은 포어모스트의 가장 큰 주주입니다.
Foremost Clean Energy (NASDAQ: FMST) a annoncé des résultats préliminaires positifs d'un programme de forage au diamant récemment achevé de 889 mètres, comprenant quatre trous, sur la propriété d'uranium de Hatchet Lake dans le bassin d'Athabasca en Saskatchewan. Les principaux points forts comprennent :
1. Une radioactivité élevée allant jusqu'à 360 comptages par seconde dans le trou de forage RL-24-29.
2. Une zone de cisaillement avec des failles graphito-pyrites réactivées interceptées dans le trou de forage TF-24-12, présentant un objectif futur convaincant.
3. Des perturbations structurelles significatives et des altérations indiquant un flux de fluides hydrothermaux observées dans plusieurs trous de forage.
Le programme de forage, géré par Denison Mines Corp., a couvert le bloc de revendication Richardson et la grille Tuning Fork. Le PDG de Foremost, Jason Barnard, a exprimé son enthousiasme concernant les résultats et la collaboration de l'entreprise avec Denison, qui est désormais le plus grand actionnaire de Foremost.
Foremost Clean Energy (NASDAQ: FMST) hat positive vorläufige Ergebnisse aus einem kürzlich abgeschlossenen 889 Meter langen Diamantbohrprogramm mit vier Löchern auf dem Hatchet Lake Uranium Property im Athabasca-Becken von Saskatchewan bekannt gegeben. Die wichtigsten Highlights sind:
1. Erhöhte Radioaktivität von bis zu 360 Zählungen pro Sekunde im Bohrloch RL-24-29.
2. Eine Scherzone mit reaktivierten grafit-pyritischen Störungen, die im Bohrloch TF-24-12 durchbohrt wurde und ein vielversprechendes zukünftiges Ziel darstellt.
3. Signifikante strukturelle Störungen und Veränderungen, die auf hydrothermale Fluidströmungen hinweisen, wurden in mehreren Bohrlöchern beobachtet.
Das Bohrprogramm, das von Denison Mines Corp. geleitet wurde, deckte das Richardson-Claim-Block und das Tuning Fork-Raster ab. Der CEO von Foremost, Jason Barnard, äußerte Begeisterung über die Ergebnisse und über die Zusammenarbeit des Unternehmens mit Denison, die nun der größte Aktionär von Foremost ist.
- Elevated radioactivity of up to 360 counts per second detected in drill hole RL-24-29
- Discovery of a shear zone with reactivated graphitic-pyritic faults in drill-hole TF-24-12, presenting a promising target for future exploration
- Significant structural disruption and alteration indicative of hydrothermal fluid flow observed in multiple drill holes
- Collaboration with Denison Mines Corp., an established player in uranium exploration
- Hatchet Lake Property located in the prolific Athabasca Basin, known for high-grade uranium deposits
- Preliminary results pending final assay confirmation
- No definitive uranium mineralization reported in the current drill program
Insights
The preliminary results from Foremost Clean Energy's drill program at Hatchet Lake are promising. The elevated radioactivity of 360 cps in drill hole RL-24-29 and the shear zone with graphitic-pyritic faults in TF-24-12 are particularly noteworthy. These findings indicate potential for uranium mineralization, especially given the property's location in the uranium-rich Athabasca Basin.
The structural disruptions, alteration patterns and presence of clay minerals like dravite and illite suggest hydrothermal fluid activity, which is often associated with uranium deposits in this region. The intersection of a post-Athabasca reverse fault is also significant, as such structures can act as conduits for mineralizing fluids.
However, it's important to note that these are preliminary results. The true significance will be determined by assay results and further analysis. The company's collaboration with Denison Mines, an established player in the uranium sector, adds credibility to the exploration efforts.
For investors, this news represents a positive step in Foremost's transition to uranium exploration, but it's early-stage. The property's proximity to other significant discoveries like IsoEnergy's Hurricane Deposit enhances its prospectivity, but direct comparisons should be made cautiously.
From a financial perspective, these preliminary results are encouraging for Foremost Clean Energy (NASDAQ: FMST). The positive findings could potentially increase the company's asset value, although it's too early to quantify the impact. With a market cap of just
The partnership with Denison Mines, now Foremost's largest shareholder, is a significant strategic advantage. It provides access to expertise and potentially additional capital for future exploration. This collaboration could be viewed favorably by the market, possibly leading to increased investor interest.
However, investors should be cautious. Exploration-stage companies carry high risk and FMST will likely require additional funding for continued exploration and development. The company's financial position and burn rate will be critical factors to monitor.
While these results are positive, they don't guarantee economic viability. Investors should await further results, including assays and consider the long timeline and capital requirements typical of uranium exploration and development projects before making investment decisions.
VANCOUVER, British Columbia, Oct. 22, 2024 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) an emerging North American uranium and lithium exploration company is pleased to announce positive preliminary results from an 889 metre, four-hole diamond drill program (the “2024 Hatchet Drill Program” or “Drill Program”) that was recently completed at the Hatchet Lake Uranium Property (“Hatchet ”), located in the prolific Athabasca Basin region of northern Saskatchewan. Highlights from preliminary results of the Drill Program include:
- Elevated radioactivity of up to 360 counts per second (“cps”) associated with a post-Athabasca reverse fault observed from drill hole RL-24-29,
- A shear zone with locally reactivated graphitic-pyritic faults was intersected approximately 80 metres below the unconformity in drill-hole TF-24-12. The projection of these structures to the unconformity represents a compelling target for future follow-up.
Denison Mines Corp. (TSX:DML, NYSE American: DNN) (“Denison”), managed the 2024 Hatchet Drill Program, which consisted of two holes (RL-24-29 and RL-24-30) within the Richardson claim block (“Richardson”) and two holes (TF-24-11 and TF-24-12) within the Hatchet South claim block at the Tuning Fork grid (“Tuning Fork”), as illustrated in Figure 1.
Jason Barnard President and CEO of Foremost, states “We are pleased to have hit the ground running on our new portfolio of Athabasca Basin uranium exploration properties. Hatchet is a highly prospective exploration property, and the preliminary results from the recently completed Drill Program have already generated compelling targets for follow-up. Exploring a property of Hatchet’s caliber represents an exceptional opportunity for Foremost – with historical mineralization identified along the 5+km long Richardson trend and a multitude of varied exploration targets. Our accretive collaboration with Denison, now Foremost’s largest shareholder, enabled this work to be completed as Foremost rapidly transitions to a uranium exploration focus. We look forward to working with Denison on this property and others within our portfolio to the mutual benefit of both of our shareholders.”
Hatchet Lake Uranium Property
The Hatchet Lake Property is located within the northeast portion of the Athabasca Basin, where the sub-Athabasca unconformity ranges from zero to 250 metres. The unconformity represents the contact between underlying basement rocks and the Athabasca Sandstone structures, which is often a prime setting for uranium mineralization. Recent unconformity-related discoveries within the region include IsoEnergy’s Hurricane Deposit* (Indicated Mineral Resources of 48.6 Mlbs U3O8 from 63,800 tonnes at an average grade of
* Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Hatchet Lake Property.
Figure 1. Map of Hatchet Lake and Surrounding Area
Richardson Trend
Previous drill programs at Hatchet returned significant cobalt and nickel enrichment, with grades of up to
Recently completed drill holes RL-24-29 and RL-24-30 both intersected significant structural disruption within the sandstone in addition to alteration indicative of hydrothermal fluid flow, such as strong dravite clay and illite clay alteration. Anomalous radioactivity of 360 cps, hosted in altered pelite 60 cm below the unconformity, was measured using a hand-held RS-125 scintillometer (a “Scintillometer”) on drill core recovered from drill hole RL-24-29 (Figure 2). A Scintillometer is used to measure total gamma radiation from drill core. Total gamma is an indication of uranium content, but may not correlate with chemical assays as other radioactive elements may be present.
Figure 2. Compilation Map Displaying Current and Historic Drill Hole Locations at Richardson (Background: 2010 Horizontal Loop Electromagnic or “HLEM” Data)
Tuning Fork
Drilling at the Tuning Fork targeted Small Moving Loop Electromagnetic (“SML-EM”) conductive anomalies in the vicinity of strongly anomalous geochemical results from previous drilling. Both completed holes (TF-24-11 and TF-24-12) intersected significant structural disruption and alteration indicative of hydrothermal fluid flow, including intense clay alteration and hydrothermal hematite. Notably, a shear zone with locally reactivated graphitic-pyritic faults was intersected on drill-hole TF-24-12 (Figure 3) at approximately 200m, situated roughly 80 metres below the unconformity. The projection of these structures to the unconformity represents a compelling target for future follow-up.
Figure 3. Compilation Map Displaying Current and Historic Drill Hole Locations at Tuning Fork (Background: 2009 HLEM Data)
Drill core samples from the 2024 drill program at Hatchet have been sent to the SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for analysis. The results discussed in this news release are preliminary, as assay results and interpretation thereof are pending.
Qualified Person
Technical information in this news release has been reviewed and approved by Jody Dahrouge, P.Geo. of Dahrouge Geological Consulting Ltd. and Foremost’s chief technical advisor, who is a Qualified Person as identified by Canadian National Instrument 43-101-Standards of Disclosure for Mineral Projects and as defined by the Securities and Exchange Commission’s Regulation S-K 1300 rules for resource deposit disclosure.
About Foremost
Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is an emerging North American uranium and lithium exploration company with an option to earn up to a
Foremost also has a portfolio of lithium projects at varying stages of development, which are located across 55,000+ acres in Manitoba and Quebec. For further information please visit the company’s website at www.foremostcleanenergy.com.
Contact and Information
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
info@foremostcleanenergy.com
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
FMST@mzgroup.us
www.mzgroup.us
Follow Us Or Contact Us On Social Media:
Twitter: @fmstcleanenergy
Linkedin: https://www.linkedin.com/company/foremostcleanenergy/
Facebook: https://www.facebook.com/ForemostCleanEnergy/
Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties and satisfaction of the conditions to the Transaction, risks and uncertainties associated with the environment, delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. and information. Please refer to the Company’s most recent filings under its profile at on Sedar+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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1 https://www.isoenergy.ca/featured-project/
2 All historical drilling and exploration results provided by Denison Mines
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ba914618-8a26-4081-a7e0-e586bb488976
https://www.globenewswire.com/NewsRoom/AttachmentNg/558e7989-c7d2-45bf-8750-400386e240a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/8e1bbb84-4639-4f18-8b1e-39eb2195b112
FAQ
What were the key findings of Foremost Clean Energy's 2024 Hatchet Drill Program?
How many drill holes were completed in Foremost Clean Energy's (FMST) recent Hatchet Lake drill program?
Who managed Foremost Clean Energy's (FMST) 2024 Hatchet Drill Program?
What is the significance of the shear zone discovered in Foremost Clean Energy's (FMST) drill hole TF-24-12?
