Foremost Lithium Resource & Technology Ltd., a North American company specializing in hard-rock lithium exploration, has confirmed the completion of its acquisition of the Lac Simard South Property. This acquisition involved a final cash payment of $17,500, plus GST, following the initial announcement made on March 20th, 2023.
Property Location Map of Lac Simard South in Quebec, Canada. Image Credit: Foremost Lithium Resource & Technology Ltd.
The Lac Simard South land package encompasses a total of 80 mineral claims, spanning an expansive area of 11,482 acres or approximately 4,647 hectares.
Acquiring the Lac Simard South property aligns with our strategy to be in proximity of a lithium mine and concentrator. Producing and delivering Direct Shipping Ore (DSO) will enable us to generate net cash and partner with downstream refineries to supply their raw lithium ore. We intend to optimize the advantages the property offers and look forward to beginning our exploration efforts.
Jason Barnard, Chief Executive Officer and President, Foremost Lithium Resource & Technology Ltd.
The Lac Simard South Property is situated about 90 km southwest of the NAL Lithium Processing Plant, a collaborative venture between Piedmont and Sayona. Notably, on September 6th, 2023, NAL reported receiving its initial cash proceeds after the successful inaugural shipment of lithium spodumene concentrate to the global lithium market.
This first shipment comprised approximately 20,500 wmt, equivalent to 19,200 dmt of spodumene concentrate, and was sold through a prominent trading company.
The Lac Simard South Property benefits from its strategic location in a well-established mining region that offers readily available support facilities and services. It is positioned 80 km southwest of Val-D'Or, a city known as a mining services logistics hub with a population of 30,000. Val-d'Or boasts a rich mining history and a skilled mining workforce.
The Property enjoys year-round accessibility via well-maintained roads, with minimal overburden, and it is conveniently located just a few kilometers from major highways. Furthermore, the province of Quebec is a significant electricity producer, ranking among the world's largest hydropower generators. Interestingly, a hydroelectric power plant is located within the property claim block, providing access to grid power and cost-effective hydroelectricity.
The Company plans to initiate a future work program aimed at evaluating the identified pegmatites in Quebec's active lithium mining and refining region. The initial stages of the exploration program will involve ground truthing to confirm and characterize the nature of these pegmatites. Additionally, prospecting activities will be conducted in selected areas to discover lithium-bearing pegmatites.
To aid in the exploration process, the company is considering the use of indirect techniques such as drone-assisted magnetic surveys. Surfacial geochemical surveys, including MMI surveys, will also be employed in areas where outcrops are limited, helping to identify potential locations for lithium-bearing pegmatites.
Foremost will develop further plans based on the initial assay results once they become available.