Foremost Lithium Resource & Technology Ltd., a North American hard-rock lithium exploration company, disclosed that it has made the third and final cash payment of $25,000USD to purchase a 100% interest in and to the Little Granite Gold/Silver Mine claims within the Winston Group of Properties, initially announced on December 14th, 2022.
Location of the Winston Property Winston, New Mexico. Image Credit: Foremost Lithium Resource & Technology Ltd.
In accordance with the revised acquisition terms, Foremost was able to negotiate a decrease in the final cash payment needed to exercise its option to purchase the property from $380,000 USD to $75,000 USD (which was paid). This requirement had previously been satisfied by the issuance of a non-interest-bearing promissory note to the arm’s length Property Vendor.
Following the revisions, the company has now bought the Property for an aggregate price of $186,000 USD, as opposed to an aggregate value of $434,000 USD under the original terms of the transaction. The Note was due and payable by October 15th, 2023.
This is a great property, drilled in 1980’s with a historical geologic report by geologist Christopher B. Dewitt, detailing the tracing of a gold bearing vein for over 1,000 feet with assay results returning gold grades of over one ounce per ton. As the precious metals market resumes its uptrend, I expect investors will begin to recognize the value of this property. It’s great to be part of an organization with a portfolio that is rich not just in battery minerals but also precious metals, which adds another layer of opportunity for our company and its stakeholders to increase value. The Board and I would also like to Thank Ray Strafehl who was integral in assisting us with the acquisition of Little Granite Gold/Silver Mine claims.
Jason Barnard, Chief Executive Officer and President, Foremost Lithium Resource & Technology Ltd.
Most recently, Foremost added seven more claims to its land holdings near the north end of the property. The goal was to gain a stronger hold on the PayMaster Fault’s northern extension, a structural trend famous for earlier gold discoveries. The Winston Property currently consists of two patented Ivanhoe and Emporia lode mining claims and 147 unpatented mining claims with a total area of 3,000 acres.
The Winston Group of Properties includes three historic mines in Sierra County, New Mexico, USA: Ivanhoe, Emporia, and Little Granite. Since its discovery in the 1870s, the Little Granite Mine has been worked at various times; workings include three shafts, a 470-foot drop, and multiple subterranean levels.
The historic mines are hosted by north-south oriented vein systems that exhibit features of low sulfidation epithermal type mineralization with gold and silver values. According to the company’s news release on June 29th, 2022, a sample campaign at the Little Granite Mine last year yielded findings ranging from 0.10 to 66.50 g/t gold and 7.6 to 2,940 g/t silver.
KLM Geophysical Exploration of Caliente, Nevada, was hired by Foremost to execute a ground magnetic survey in Spring 2023. This information was used to produce Total Magnetic Intensity and other map products that offer structural context for the Property. For all drill targeting and project planning, a 3D GIS (“Geographic Information System”) is employed.
Due to the local geography, special care was taken to preserve a high degree of vertical accuracy. The gathering of data from both past and modern efforts, as well as the collecting of Magnetic and LiDAR data, permitted the creation of a high-precision geology model.
Current Winston Group of Properties exploration plans include a reassessment and emphasis along the northern section of the 7 km long Paymaster Fault.
Source: https://www.foremostlithium.com/