Contributions from MMDF have Provided Foremost Lithium a Total of $900,000 Towards Project Support for Mineral Exploration and Development
VANCOUVER, British Columbia, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, is pleased to announce today that it has received a $300,000 grant from the Manitoba Mineral Development Fund (“MMDF”) to help support and advance the Company’s recently announced 7,500-meter diamond drill program at its Zoro Lithium Project located in the Snow Lake area of the Province of Manitoba.
On January 4, 2023 and September 21, 2021 Foremost Lithium announced the MMDF’s approval of its previous two grant applications of $300,000 each in support of the Company’s continued exploration and drilling program on its Lithium Lane properties. The Company wishes to acknowledge MMDF’s continued contributions and recognizes that the grant’s financial injections assist and accelerate Foremost’s exploration objectives in the Province of Manitoba.
Edward Suzuki, Program Manager of The Manitoba Mineral Development Fund, comments: “Foremost Lithium stands as a reputable company that has achieved remarkable advancements on their properties in Manitoba. They are widely recognized for their substantial geological potential in terms of valuable mineral deposits. Through their diligent efforts, they have successfully identified and defined their lithium resources, clearly showcasing the significance of these essential minerals. Supporting mineral exploration companies like Foremost Lithium, the Government of Manitoba’s Mineral Development Fund not only stimulates exploration activity and attracts investment, but also fosters economic growth, job creation, and enhances the province’s competitiveness. These factors collectively contribute to the long-term sustainability and development of the mining industry in Manitoba.”
Jason Barnard, Chief Executive Officer and President of Foremost Lithium, added: “I would like to thank the MMDF for the validation and support they provide to our operations in the Snow Lake area. Manitoba has proven itself as a business friendly environment and to that end, I look forward to leveraging the province’s highly skilled local workforce as we continue the rapid development of our Lithium Lane properties in the quarters to come.”
The purpose of the MMDF is to grow the mineral development industry and stimulate economic development in northern Manitoba. This fund supplements current economic growth in Northern Manitoba and drives regional investment across the province. The MMDF program and the Manitoba Mineral Exploration Tax Credit ("MMETC") make Manitoba a compelling critical mineral investment story. The MMETC provides Manitoba residents with some of the most advantageous tax credits in Canada, when compared to other provinces. Being able to access this funding for future exploration programs should allow Foremost Lithium to lower its cost of capital. Manitobans may avail themselves of unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as Foremost’s Lithium Lane’s Projects.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) (CSE: FAT) (FSE: F0R0) (WKN: A3DCC8) is a hard-rock lithium exploration company focused on empowering the North American clean energy economy. Foremost’s strategically located lithium properties extend over 43,000 acres in Snow Lake, Manitoba, and hosts a property in a known active lithium camp situated on over 11,400 acres in Quebec called Lac Simard South.
Foremost’s four flagship Lithium Lane Projects as well as its Lac Simard South project are located at the tip of the NAFTA superhighway to capitalize on the world's growing EV appetite, strongly positioning the Company to become a premier supplier of North America's lithium feedstock. As the world transitions towards decarbonization, the Company's objective is the extraction of lithium oxide (Li₂O), and to subsequently play a role in the production of high-quality lithium hydroxide (LiOH), to help power lithium-based batteries, critical in developing a clean-energy economy. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA. Learn More at www.foremostlithium.com.
Contact and Information
Jason Barnard, President and CEO
+1 (604) 330-8067
Lucas A. Zimmerman
MZ Group - MZ North America
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