- Foremost Lithium Resource & Technology (FAT) has signed an amended property acquisition agreement
- Under the agreement, the company has acquired a 100-per-cent interest in the Little Granite Claims in the Winston Group of Properties Gold/Silver Project
- The Winston Gold and Silver Project is home to three historic producing mines: Ivanhoe, Emporia, and Little Granite, located in Sierra County, New Mexico, USA
- Foremost Lithium Resource & Technology Ltd. is a hard-rock exploration company
- Foremost Lithium Resource & Technology Ltd. was up 2.63 per cent, trading at C$0.195 at 13:08 ET
Foremost Lithium Resource & Technology (FAT) has signed an amended property acquisition agreement.
In line with the agreement, the company has acquired a 100-per-cent interest in the Little Granite Claims in the Winston Group of Properties Gold/Silver Project.
Under the amended terms, Foremost successfully negotiated the final cash payment required to exercise its option on the property from US$380,000 to $75,000. The company satisfied the cash payment by issuing a non-interest-bearing promissory note to the arm’s length vendor.
The note is due and payable by October 15, 2023, of which an initial $25,000 payment has been made.
Following these amendments, the company acquired the property for total consideration of $186,000 versus $434,000 under the original terms.
The Winston Gold and Silver Project is home to three historic producing mines: Ivanhoe, Emporia, and Little Granite, located in Sierra County, New Mexico, USA.
The project covers a 2780-acre property consisting of 139 unpatented BLM (Bureau of Land Management) mining claims and two patented Ivanhoe and Emporia lode mining claims.
“The Winston Gold/Silver Project is an exceptional property with strong potential, returning assays as high 66 g/t gold and 4,610 g/t silver,” stated Jason Barnard, Foremost’s President and CEO.
“Significantly reducing our CAPEX allows us to redirect the budget to a 2023 drill program in New Mexico, which our Company and shareholders have anticipated for many years,” he added.
Foremost also made some key appointments, which included the appointment of Mike McLeod as Chairman of the Board and Cyrus Driver as Chief Financial Officer and Corporate Secretary.
Foremost Lithium Resource & Technology Ltd. is a hard-rock exploration company strategically located to capitalize on the world’s growing EV appetite and is committed to being a premier supplier of North America’s lithium feedstock.
Foremost Lithium Resource & Technology Ltd. was up 2.63 per cent, trading at C$0.195 at 13:08 ET.