Foremost Lithium Finalizes Acquisition of Lac Simard South Property in Quebec

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[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 19, 2023 (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, today announced that it has made the second and final cash payment in the amount of $17,500 plus GST for the acquisition of Lac Simard South Property (the “Property”), previously announced on March 20, 2023. Lac Simard South land package consists of 80 mineral claims covering 11,482 acres/4,647 hectares. Figure 1. Property Location Map of Lac Simard South in Quebec, Canada “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. We intend to optimize the advantages the property offers and look forward to beginning our exploration efforts.” Figure 2. Lac Simard South Property Claims with surrounding concentrators and refineries. Total – 11,482 acres/4,647 hectares. Lac Simard South Property is located approximately 90km southwest from the NAL Lithium Processing Plant (a Piedmont/Sayona Joint Venture) (“NAL”). On September 06, 2023, NAL announced the receipt of the first cash proceeds following the inaugural shipment of lithium spodumene concentrate to the international lithium market. The first shipment consisted of approximately 20,500 wmt (19,200 dry metric tonnes or dmt) of spodumene concentrate and was sold via a major trading company.¹ Lac Simard South Property is located in a well-developed mining region with readily available support facilities and services and is situated 80km southwest of Val-D'or, an established logistics hub for mining services. Val-d’Or is a city with a population of 30,000 and is well-known for its mining history, with an experienced mining workforce. The Property is easily accessible year-round by way of well-maintained roads, with little overburden connecting and within a few km from major highways. The province of Quebec is a major producer of electricity and one of the largest hydropower generators in the world, and a hydroelectric power plan...

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