Foremost Clean Energy Exercises Low-Cost Option to Acquire 100% Ownership of Jean Lake Lithium-Gold Property

Core Insights - Foremost Clean Energy Ltd. has successfully acquired a 100% interest in the Jean Lake Lithium-Gold Property for a total investment of $250,000, which includes cash payments and the issuance of common shares [1][3] - The Jean Lake property is noted for its historic high-grade gold intercepts and confirmed lithium mineralization, positioning it as a valuable asset amid rising gold prices [3][6] - The company plans to conduct a 15-hole, 2,500-metre diamond drill program at Jean Lake to further explore its mineral potential [13][18] Acquisition Details - The acquisition involved a final cash payment of $75,000 and the issuance of $75,000 worth of common shares to Mount Morgan Resources Ltd. [1] - Mount Morgan retains a 2% Net Smelter Royalty (NSR), with Foremost having the option to repurchase 1% for $1,000,000 [1] Exploration and Drilling Results - Foremost's initial drill program in 2022/2023 covered 3,002 metres and identified multiple gold mineralized intervals, including 7.50 g/t Au over 7.66 metres and 1.26% Li₂O over 3.35 metres [4][6][15] - The drilling program confirmed the presence of high-grade gold and lithium, with significant intersections reported in various drill holes [7][9][10] Strategic Location and Infrastructure - The Jean Lake property is strategically located near essential infrastructure such as power access, highways, rail, and airstrips, facilitating future development [6] - The property is in proximity to Hudbay Minerals' operations, which have historically produced over 1 million ounces of gold [6] Future Plans - Foremost aims to further investigate the potential for additional gold mineralization at depth based on previous encouraging results [14][15] - The upcoming drill program will target the B-1 spodumene-bearing pegmatite dyke and assess the mineralization potential of adjacent pegmatites [13][17] Community and Environmental Considerations - The company expresses solidarity with the Snow Lake community during the ongoing wildfire crisis, acknowledging the impact on local families and operations [3][18] - Foremost plans to advance its drilling program once conditions are deemed safe by authorities [18]