Business
Foremost Lithium Completes Acquisition of Little Granite Mine in Winston Group of Properties, New Mexico, USA, Announces Chairman, Executive and Adviser Appointments
Vancouver, British Columbia--(Newsfile Corp. - December 14, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DC
About this update from Foremost Clean Energy Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 14, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) (www.foremostlithium.com) (\"Foremost Lithium\", \"Foremost\" or the \"Company\") is pleased to announce further to its news release of March 31, 2015, that it has entered into an amended property acquisition agreement pursuant to which it has acquired 100% interest of the Little Granite Claims in the Winston Group of Properties Gold/Silver Project (the \"Property\"). Under the amended terms, Foremost successfully negotiated the final cash payment required to exercise its option on the Property from $380,000USD to $75,000USD which has been satisfied through the issuance a non-interest-bearing promissory note to the arm's length Vendor (the \"Note\"). The Note is due and payable by October 15, 2023, of which an initial $25,000 payment has been made. Following these amendments, the Company has acquired the Property for aggregate consideration of $186,000USD, versus aggregate consideration of $434,000USD under the original terms. The Winston Gold and Silver Project is home to three historic producing mines: Ivanhoe, Emporia, and Little Granite located in Sierra County, New Mexico, USA. The project covers a 2780-acre property consisting of 139 unpatented BLM (Bureau of Land Management) mining claims and 2 patented Ivanhoe and Emporia lode mining claims. The Little Granite Mine has been worked during several periods since discovery in the 1870s; workings consist of 3 shafts, a 470ft decline, and several underground levels. The historic mines are hosted by north-south orientated vein systems which display characteristics typical of low sulphidation epithermal style mineralization, carrying grades in gold and silver. A sampling program at the Little Granite Mine last year, returned results ranging from 0.10 to 66.50 g/t gold and 7.6 to 2,940 g/t silver as disclosed in the Company's press release on June 29, 2022. Jason Barnard, Foremost's President and CEO states, \"The Winston Gold/Silver Project is an exceptional property with strong potential, returning assays as high 66 g/t gold and 4,610 g/t silver. Significantly reducing our capex, allows us to redirect the budget to a 2023 drill program in New Mexico, which our Company and shareholders have anticipated for m...