Foremost Clean Energy Ltd. has finalized its acquisition of the Jean Lake Lithium-Gold Project in Manitoba’s Snow Lake District by exercising a low-cost option agreement, acquiring 100% interest in the property. Key highlights include high-grade gold and lithium intercepts, strategic infrastructure proximity, and a proven jurisdiction near Hudbay Minerals’ gold-producing Lalor Mine. The company solidified ownership with a final cash payment of $75,000 and common share issuances totaling $75,000 to Mount Morgan Resources Ltd., bringing the total property acquisition cost to $250,000.
Foremost’s President and CEO, Jason Barnard, emphasized the company’s successful investment in lithium and gold exploration in Manitoba, noting the potential leverage and optionality provided by the high-grade gold and lithium mineralization at Jean Lake. A 3,002-meter initial diamond drill program intersected significant gold mineralized intervals at vertical depths of up to 110m below the surface, along with confirmed lithium mineralization in the B1 spodumene-bearing pegmatite.
The company plans to conduct a 15-hole, 2,500-meter diamond drill program at Jean Lake before the year-end to fulfill its commitments. Targets include expanding mineralization at the B-1 spodumene-bearing pegmatite dyke towards the B-2 and B-3 pegmatites. Previous drilling results indicate the potential for additional gold mineralization at depth, with notable intersections such as 7.50 g/t Au over 7.66m and 1.26% Li2O over 3.35m.
Historically, the Jean Lake Property area has seen significant gold production from base metal copper-zinc massive sulphide deposits, with major gold deposits like New Britannia, Puffy Lake, and Tartan contributing over 1.5 million ounces of gold. Recent drilling efforts aim to further understand the emplacement mechanisms of spodumene-bearing pegmatites at Jean Lake, particularly the B-1 and B-2 pegmatites’ potential continuity.
Active wildfires in northern Manitoba have prompted evacuation orders in Snow Lake, affecting regional mining operations. Hudbay Minerals Inc., a major operator in the area, expects minimal impact on its 2025 gold production despite the wildfires. Foremost is preparing for its upcoming diamond drill program once safe conditions are declared, emphasizing safety and community support during the crisis.
Read more at GlobeNewswire: Foremost Clean Energy Exercises Low-Cost Option to Acquire