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Winston Property New Mexico, United States

 

Dr. Michael Feinstein, CPG, QP, has visited the Winston Project area on ten separate occasions since October 2020.  He conducted confirmatory sampling of the known historic mines, as well sampling the prominent structural trends along strike.

All samples were collected under the direct supervision of Dr. Michael Feinstein, and securely transported to the Tucson facility of ALS Laboratories for analysis. Ore characterization samples from these three mines returned peak values of: 66.5 g/t gold with 2,940 g/t silver from Little Granite, 26.8 g/t gold and 940 g/t silver from Ivanhoe, and 44.9 g/t gold and 517 g/t silver from Emporia.

This sampling confirmed the occurrence of high-grade material at all three of the historic mines, but also in several locations away from these areas. Foremost expanded its footprint, increasing the property from 415 acres to 2,980 acres, and increased its mineral rights from 14 to 150 BLM Lode Mining Claims.  Previously, no modern exploration efforts have systemically assessed the northern portion of the Chloride District.

 

Winston Project
*Highest Grade Sample From Each Mine

Mine Au_ppm Ag_ppm
Little Granite 66.5 2,940
Ivanhoe 26.8 940
Emporio 44.9 517
Prospecting Best 41.5 4,610

 

Project Highlights

 

The project has contiguous landholdings totaling approximately 150 claims covering almost 3,000 acres.  Claims are targeted along footprint of mineralization extending for more than 8 km of strike.

 

Historic drilling in early 1980s suggests potential for high-grade ore shoots within larger mineralized envelopes.  The Chloride District saw a rush of miners and prospectors in the 1860s-1890s, a period of renewed mining activity in the 1980s, and has been largely unexplored by modern methods.

 

Potential for District-Scale discovery in a Precious Metal Endowed Low-Sulphidation Epithermal Vein System. 

 

Ground geological mapping and surveying has utilized high resolution satellite imagery and LiDAR (laser-generated infrared light beams) to construct a detailed digital model of the area.  This 3D GIS will be used for all drill targeting and project planning.  Special attention will be given to maintaining a high level of vertical accuracy due to the local topography. 

 

Exceptional results from property-wide confirmatory sampling completed in 2021 include:

 

Measured width Highlights:

3.35 g/t Au with 245 g/t Ag from a 0.3m channel sample inside the Little Granite Decline.

1.97 g/t Au with 232 g/t Ag from a 0.3m channel sample across JAP vein at LG mine.

29.2 g/t Au with 462 g/t Ag from a 0.6m continuous chip sample in north zone.

3.2 g/t Au with 34 g/t Ag from a 1.0m continuous chip sample in north zone.

0.75 g/t Au with 489 g/t Ag from a 0.3m continuous chip sample in north zone.

 

Prospecting Highlights:

Sample 1671079 collected at a prospect pit in recently staked ground returned 41.5 g/t Au with 4,610.0 g/t Ag.

Samples 1671021, 1671024, 1671027 were collected from the same vein trend over 300m of strike

                #1671021 returned 20.6 g/t Au with 21.0 g/t Ag.

                #1671024 returned 12.3 g/t Au with 381.0 g/t Ag.

                #1671027 returned 5.7 g/t Au with 254.0 g/t Ag.

 

For the 155 samples across the project, gold values range from Below Detection (BD; <0.02 for Au) to a maximum of 66.5ppm, and Silver values range from BD (<0.02 for Ag) to a maximum of 4,610ppm. 

 

Geological Setting of the Winston Project

 

The Winston Project, situated in the historic Black Range Mining District of southwestern New Mexico, covers 36 square kilometers of the northern portion of the Chloride District. High-grade deposits of silver and gold were discovered in 1880 and the area was a major producer until the 1893 silver price crash. Little production or modern exploration has occurred since.

 

The mineralization is of the well-documented Low-Sulphidation Epithermal type.  Deposits of this style are emplaced throughout the Cordillera of North and South America and elsewhere in similar tectonic settings. This style of mineralization is known world-wide and hosts some of the highest-grade gold/silver mines, such as: Hishikari in Japan, Fruta del Norte in Ecuador and Round Mountain in Nevada.

 

On the Winston Property, the primary structure is the Paymaster Fault which is readily traced both on the ground and by satellite imagery.  Locally, the mineralized veins are generally associated with north-south trending structures. The overall controlling geological feature is known as the Rio Grande Rift, which extends into northern Mexico hosting several past and present silver mines.

 

Foremost’s Winston Project enjoys a close association with volcanic host rocks which formed at a similar time as the mineralization. Individual mines and prospects generally show strong controlling geological structures, typically north-south high angle faulting associated with the Rio Grande Rift (RGR).  The RGR is a crustal-scale feature which extends over 1,200 kilometers, from northern Mexico to central Colorado. 

 

Precious metal deposits of note along the RGR include the historic Creede Mining District in southwestern Colorado.  The timing of mineralization is within several million years of that on the Winston Project, where alteration minerals have been dated at approximately 26.5 Ma.  The Creede District has recorded production of over 84 million ounces of silver.  Hecla Mining Corp., a premier US silver producer, is undertaking a major effort in the Creede District to bring a new mining complex online.

 

Located 100km to the east, The Mogollon District in western New Mexico has produced more than 13 million ounces silver and 270k ounces old.  Mineralization is of the same Low-Sulphidation Epithermal Vein Type.  Summa Silver is currently exploring the Mogollon Camp.

 

 

Little Granite Mine

 

The Little Granite Mine is a past-producing high-grade silver-gold mine hosted in Tertiary volcanics.  The main vein has been traced for over 200 meters by past drilling and underground workings and remains open along strike to both the north and south, and at depth. Historically reported high-grade values were confirmed in limited re-sampling by Foremost in late 2020.  Historic drill reports suggest the primary vein widens to more than 4m (12ft) true width, at depth.

 

Ivanhoe – Emporia Mines

 

The Ivanhoe – Emporia is a past producing gold-silver mine. Its main shaft was sunk to 384 feet depth with a 370 ft. decline and multiple working levels. There is potential for large tonnage of lower grade, stockwork veins surrounding high grade veins mined in the past. The strike continuation needs to be explored as favorable structural conditions persist along the bends and jobs of the Paymaster Fault.

 

Conclusion

 

Foremost is committed to commence a drill program in 2022 on multiple targets on the property.  Past preparatory work for drilling has included data compilation both of historic and recent work, along with acquisition of high-resolution LiDAR data to allow construction of an accurate terrane model. This property had little to no modern exploration since the early 1980s and with such high-grade samples returned, the Company is keen to see the full potential from the Winston Gold/Silver Project.

 

There has been insufficient exploration to define a mineral resource.  The potential quantities and associated grades have not been defined by drilling, but historic production in the district reflects the potential scope of orebodies which may be encountered.  It is uncertain if further exploration will result in the delineation of a mineral resource.

 

QA/QC Statement-

166 samples have been processed by ALS Laboratories’ (“ALS”) for Precious Metals and Multi-Elements.  All Foremost's (previously FAR Resources) rock sample assay results have been independently monitored through a quality assurance/quality control (“QA/QC”) protocol which includes the insertion of blind standard reference materials at regular intervals.  Samples were maintained by Dr. Feinstein and securely transported to ALS sample preparation facilities in Tucson, Arizona and Reno, Nevada. Sample pulps were sent to ALS’s labs in Vancouver, Canada, for analysis.

 

All samples were of hard rock and prepared by fine crushing to 70% passing <2mm, riffle split, and then pulverization to 80% passing < 75 um (ALS Method Prep-31). Gold content was determined by fire assay of a 50-gram charge with ICP finish (ALS method Au-GRA22). Silver and 47 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-MS61). Over-limit samples for Ag, and Cu were determined by ore-grade analyses Ag-OG62, Cu-OG62, respectively. 

 

ALS Laboratories is independent of Foremost and its Vancouver facility is ISO-17025 accredited. ALS also performed its own internal QA/QC procedures to assure the accuracy and integrity of results. Parameters for ALS’ internal and Foremost's external blind quality control samples were acceptable for the samples analyzed. Foremost is not aware of any sampling, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

 

QP Statement-

Michael Feinstein, PhD, CPG, is the Qualified Person (Q.P.) responsible for the technical material contained in this document. All samples are collected and maintained in accordance with established QA/QC protocols.  Samples were analyzed by Fire Assay and ICP-MS. Internal laboratory QA/QC protocols were followed and 5% external standards are submitted with all sample batches.  The technical content of this news release has been reviewed by Dr. Michael Feinstein, CPG, who is a Qualified Person as defined by NI 43-101.