To support the critical mineral industry, Foremost Lithium Resource and Technology (CSE: FAT; NASDAQ: FMST) has applied for $10 million in funding from the Government of Canada to support for Jean Lake lithium-gold project. An application has been submitted for Stream 1, which supports pre-construction projects to reach shovel-ready status. (Stream 2 supports the development of infrastructure.)
Foremost is seeking support for its Jean Lake lithium-gold project in northern Manitoba, situated on the eastern edge of the Snow Lake Greenstone Belt. The property has a power line running through it, and is close to an airstrip (5 km), a highway (11 km), and rail access (35 km).
According to the application, the company intends to build a 9.5-kilometer road and improve the current access to Jean Lake and Zoro properties if the application is approved.
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According to Foremost Lithium’s president and CEO, Jason Barnard, this project has the potential to stimulate economic growth and facilitate investment, not just for Foremost Lithium, but for other local and resource stakeholders. In order to build strong economic partnerships, we will continue to engage with the industry, local communities, the Manitoba government, and other organizations. In the case of this application’s success, we are confident that it will create a significant impact on our company, its shareholders, and the northern Manitoba resource community in general.”
A $300,000 grant had previously been provided to the company by the Manitoba government.
Before Foremost began exploring Jean Lake in late summer of 2021, no exploration had taken place there since 1942. Chip samples collected then returned assays as high as 3.89% and 6.17% lithium oxide (Li2O). Drilling began late in 2022. During the company’s 2023 drill program, it received assays of up to 1.26% Li2O, which indicated there was potential for lithium mining. But last summer they discovered high-grade gold. In one hole, 11.27 grams of gold were analyzed over 7.7 metres, including 91.8 grams over 0.3 metres.
A direct shipping operation will be developed at Jean Lake with a third party that will process the ore into concentrate.
