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Jun 30, 2023

Foremost Lithium Resource & Technology Ltd. Undertakes Extensive Exploration Program in Preparation of Upcoming Drill Season

Foremost Lithium Resource & Technology Ltd. has undertaken an extensive summer exploration program on its ?Lithium Lane Properties?, near the historic mining center of Snow Lake, Manitoba. Dahrouge

Foremost Lithium Resource & Technology Ltd. has undertaken an extensive summer exploration program on its ?Lithium Lane Properties?, near the historic mining center of Snow Lake, Manitoba. Dahrouge Geological Consulting Ltd., is conducting a large-scale surface exploration program on Foremost?s four Lithium Lane properties for Lithium Cesium Tantalum (?LCT?) pegmatites which includes: Targeted geochemical sampling and geological mapping; Prospecting and rock sampling over priority target areas; MMI-soil or till sampling of target areas lacking outcrop. DGC has applied its established targeting methodology to Foremost?s extensive geological database, integrating historical and recent exploration records to highlight high-priority targets.

The program's focus includes properties that are either under-explored or have good potential for discovering additional LCT pegmatites. Peg North Property: The Peg North Project consists of 28 contiguous claims, totaling 16,697 acres/6,757 hectares. Peg North hosts significant potential for lithium mineralization, given its proximity to the Wekusko Pegmatite Fields and its position along strike of the Thompson Brothers Lithium Deposit and the Crowduck Bay Fault (?CBF?).

Spodumene-bearing LCT pegmatite has been historically associated with the CBF. High-resolution magnetic data acquired and processed by EarthEx Geophysical Solutions has identified a substantial sinistral fault on the eastern side of the property, accompanied by a magnetically depleted zone at its southern boundary. Notably, this fault has not been documented in regional government mapping.

The structure attains a width of approximately 50 meters, extending upwards of three kilometers in a northerly direction within the property. Its presence indicates the possibility of it being a potential conduit for LCT mineralization, thus warranting further exploration. Historical records from the Geological Survey of Canada (GSC) in 1949 confirm the existence of five pegmatites on the property.

Furthermore, historical sampling records from 1981 suggest the presence of numerous additional pegmatites. The property has not been subjected to substantial LCT Pegmatite exploration, making it a focus for the 2023 surface exploration initiatives. Grass River Property: The ?GRC?

Project consists of 29 contiguous claims totaling 15,664 acres/6,339 hectares. A total of 10 pegmatites have been identified on the property. These pegmatites were not well documented in historical literature, warranting further exploration.

Historical exploration on the property includes 69 drillholes specifically targeting base metal mineralization. Among these 69 drillholes are 19 pegmatite intersections, seven of which are drill-indicated spodumene-bearing pegmatites. These intersections provide additional evidence of LCT pegmatite mineralization on the property.

The Zoro Property: The Zoro Property consists of 16 claims totaling 8,377-acre /3,390-hectares. It is comprised of three option agreements including The Zoro 1, which hosts a high-grade partially outcropping lithium bearing spodumene pegmatite within Dyke 1. This dyke hosts an inferred resources of 1,074,567 tons at a grade of 0.91% Li2O, with a cut-off of 0.3% in accordance with the Company?s SK-1300 Technical Report Summary (2023) and NI-43101 Technical Report titled ?NI 43-101 Technical Report on the Zoro Lithium Project, Snow Lake, Manitoba? Fedikow and Zelligan (2018).

The company has earned 100% undivided interest in all minerals on the option agreement. Two additional option agreements on the Zoro Property host 15 additional spodumene-bearing pegmatite dykes discovered to date. Foremost has earned 100% interest in all lithium bearing pegmatite dykes, with the balance of the mining rights, including precious metals, owned by an armed length party.

The property was recently surveyed with UAV-borne magnetic and Lidar surveys conducted EarthEx Geophysical between May 28 and June 15, 2022, and comprised 1,264.7-line km. Dyke 1 and Dyke 8, are the most prominent dykes on Zoro, as they remain open at depth and along strike and the survey results, along with further summer exploration, will provide a base map for targeting for planned follow-up drilling to assess both dykes with the goal of expanding existing resource. Jean Lake Property: The Jean Lake Property consists of five contiguous claims totaling 2,476 acres/1,002 hectares.

The property contains three pegmatites: B1, B2, and B3. The B1 and B2 pegmatites contain coarse-grained spodumene, confirmed by 2023 drilling. Results include 1.26% Li2O over a length of 3.35 metres in drill hole FM23-01A.

Additionally, hand samples have returned assays of 3.89% to 5.17% in two samples from pegmatite dyke B1 and 3.81% to 4.74% Li2O in three samples from pegmatite dyke B2. Further assessment will be conducted on the Jean Lake Property to assess B1, B2 and B3 and their strike extensions.