InvestmentPitch Media Video Discusses Foremost Lithium’s Acquisition of a 100% Interest in the Peg North Claims, Hosting Five Known Pegmatite Dykes, in the Highly Prospective Snow Lake Pegmatite Fields, Manitoba

Rhea-AI Summary

Foremost Lithium Resource & Technology has announced its agreement to acquire a 100% interest in the Peg North Claims in Manitoba, significantly expanding its Snow Lake lithium holdings by 16,697 acres, totaling 43,031 acres. The Peg North Claims host five known pegmatite dykes in a region recognized for lithium-enriched deposits. The acquisition involves cash payments of $750,000, shares valued at $750,000, and $3 million in exploration expenses over five years. Shares are currently trading at $0.14.

Positive

• Acquisition expands total lithium holdings by 16,697 acres.
• Includes five pegmatite dykes in a lithium-rich area.

Negative

• Acquisition requires significant cash and share payments totaling $1.5 million.
• Exploration expenditures of $3 million needed within five years.

VANCOUVER, British Columbia, June 30, 2022 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (CSE:FAT) (OTCQB:FRRSF) (FSE:F0R0) has signed an agreement to acquire a 100% interest in the Peg North Claims in Manitoba. The Peg North Claims, which host five known pegmatite dykes, are located in the highly prospective Snow Lake pegmatite fields.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with video comments from John Gravelle, Foremost’s President and CEO. The video is available for viewing on “InvestmentPitch.com” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Foremost” in the search box.

The property, consisting of 28 claims, captures the northern extension of the Crowduck Bay Fault and surrounding area, known for its lithium-enriched pegmatite dyke clusters. This acquisition will significantly expand the company's Snow Lake lithium holdings by 16,697 acres to a total of 43,031 acres.

To acquire its 100% interest in the Peg North Claims, subject only to a 2% NSR granted to Strider Resources, with Foremost having an option to purchase one-half (1%) of the NSR for $1.5 million, Foremost must make cash payments totalling $750,000, issue shares valued at $750,000 and incur $3,000,000 in exploration expenditures on or before the fifth anniversary of the Option Agreement. The shares will be issued at deemed market prices, with the initial option payment to Strider consisting of $100,000 in cash and 526,316 shares valued at $0.19 per share.

In addition to its 5 Manitoba lithium properties, the company has its Hidden Lake lithium project in the Northwest Territories. The company also holds an asset in precious commodities with its Winston Gold/Silver Project in New Mexico, USA

The shares are trading at $0.14. For more information on the company and its other projects, please visit www.ForemostLithium.com, or contact the company at 604-330-8067 or by email at IR@ForemostLithium.com.

Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. Foremost Lithium has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What is the purpose of Foremost Lithium's acquisition of Peg North Claims?

The acquisition aims to expand Foremost Lithium's holdings in a lithium-rich area, enhancing its resource base.

How much will Foremost Lithium pay for the Peg North Claims?

Foremost Lithium will make cash payments of $750,000 and issue shares valued at $750,000 for the acquisition.

What is the total area of Foremost Lithium's holdings after the acquisition?

After the acquisition, Foremost Lithium's total holdings will increase to 43,031 acres.

Where are the Peg North Claims located?

The Peg North Claims are located in Manitoba, in the Snow Lake pegmatite fields.

What is the current trading price of Foremost Lithium's shares?

Foremost Lithium's shares are currently trading at $0.14.