Foremost Lithium Resources Technology Co. Ltd. (NASDAQ: FMST) (CSE: FAT), a North American hard rock lithium exploration company, today announced that it has acquired a $300,000 grant from “Mani The Toba Minerals Development Fund (MMDF)” to support and advance the company’s recently announced 7,500-meter diamond drilling program at the Zoro lithium project in the Snow Lake region of Manitoba.
MMDF had previously approved two grants
On January 4, 2023 and September 21, 2021, Foremost Lithium announced that MMDF had approved its two previous grant applications for US$300,000 each to support the company’s continued exploration and drilling of its Lithium Lane property plan. The Company recognizes MMDF’s continued contributions and recognizes that this grant will support and accelerate Foremost’s exploration objectives in Manitoba.
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Edward Suzuki, Program Manager of the Manitoba Mineral Development Fund, commented: “Foremost Lithium is recognized as a reputable company that has made significant progress in mineral development in Manitoba. They are recognized for their valuable mineral deposits are widely known for their vast geological potential. Through their hard work, they have successfully identified and defined lithium resources, highlighting the importance of these important minerals. By supporting mineral exploration companies like Foremost Lithium, the Manitoba Government The Mineral Development Fund not only stimulates exploration activity and attracts investment, it also promotes economic growth, creates jobs and increases the competitiveness of the province. Combined, these factors contribute to the long-term sustainability and development of Manitoba’s mining industry. develop.”
Jason Barnard, CEO and President of Foremost Lithium, added: “I would like to thank MMDF for the validation and support they have provided to our operations in the Snow Lake region. Manitoba has proven to be a conducive environment for doing business and I look forward to We will continue to rapidly develop our Lithium Lane project in the coming quarters by leveraging the province’s highly skilled local workforce.”
The purpose of the MMDF is to expand the mineral development industry and stimulate economic development in northern Manitoba. The fund complements Northern Manitoba’s current economic growth and drives regional investment across the province. The MMDF program and the Manitoba Mineral Exploration Tax Credit (“MMETC”) make Manitoba a compelling story for critical mineral investment. The MMETC offers Manitoba residents some of the most favorable tax credits in Canada compared to other provinces. Foremost Lithium’s use of these funds for future exploration programs should lower its capital costs. Manitobans can benefit from unique tax incentives when investing in eligible mineral exploration projects in Manitoba, such as Foremost’s Lithium Lane Project.
