Source: Foremost Lithium Resource & Technology Ltd.
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  • Foremost Lithium Resource & Technology (FAT) has signed an option agreement with Strider Resources to acquire a 100 per cent interest in the Peg North Claims
  • There are 28 claims in the Peg North Claims which host five known pegmatite dykes
  • This acquisition will substantially increase the company’s Snow Lake lithium holdings in the prospective Snow Lake pegmatite fields
  • The acquisition will be in consideration for making aggregate payments of $750,000
  • Foremost Lithium is a resource exploration company involved in the production of battery-grade lithium hydroxide to fuel the electric vehicle
  • Foremost Lithium Resource & Technology Ltd. opened at $0.13

Foremost Lithium Resource & Technology (FAT) has signed an option agreement with Strider Resources.

Under the agreement, Foremost Lithium has the right to acquire a 100 per cent interest in the Peg North Claims located in the historic Snow Lake mining district in Manitoba.

There are 28 claims in the Peg North Claims which host five known pegmatite dykes and captures the northern extension of the Crowduck Bay Fault and surrounding area, known for its lithium-enriched pegmatite dyke clusters.

The acquisition will increase the company’s Snow Lake lithium holdings by 16,697 acres (6,757 hectares) to an amalgamated 43,031 acres (17,414 hectares) in the prospective Snow Lake pegmatite fields.

“This substantial increase in hectares will add to Foremost’s previously disclosed inventory of 30 high-quality drill targets to explore and develop,” said John Gravelle, President & CEO of Foremost Lithium.

“The electrification movement is amongst us and the increased demand for lithium will be here for decades to come,” he added.

The terms of the option agreement stipulate that Foremost has the right to acquire a 100 per cent interest in the Peg North Claims, subject only to a 2 per cent net smelter return royalty granted to Strider.

This will be in consideration for making aggregate cash payments of $750,000, issuing Strider common shares having an aggregate value of $750,000, and incurring an aggregate of $3,000,000 in exploration expenditures on the Peg North Claims on or before the fifth anniversary of the effective date of the option agreement.

In connection with signing the option agreement, the company will make the initial option payment to Strider of $100,000 in cash and issue Strider an aggregate of 526,316 common shares at a price of $0.19 per share.

Foremost Lithium is a resource exploration company committed to having a critical role in the production of high-quality battery-grade lithium hydroxide to fuel the electric vehicle and battery storage market.

Foremost Lithium Resource & Technology Ltd. opened at $0.13 per share.

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