Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”) an emerging North American uranium and lithium exploration company is pleased to announce positive preliminary results from an 889 metre, four-hole diamond drill program (the “2024 Hatchet Drill Program” or “Drill Program”) that was recently completed at the Hatchet Lake Uranium Property (“Hatchet ”), located in the prolific Athabasca Basin region of northern Saskatchewan. Highlights from preliminary results of the Drill Program include:
- Elevated radioactivity of up to 360 counts per second (“cps”) associated with a post-Athabasca reverse fault observed from drill hole RL-24-29,
- A shear zone with locally reactivated graphitic-pyritic faults was intersected approximately 80 metres below the unconformity in drill-hole TF-24-12. The projection of these structures to the unconformity represents a compelling target for future follow-up.
Denison Mines Corp. (TSX:DML, NYSE American: DNN) (“Denison”), managed the 2024 Hatchet Drill Program, which consisted of two holes (RL-24-29 and RL-24-30) within the Richardson claim block (“Richardson”) and two holes (TF-24-11 and TF-24-12) within the Hatchet South claim block at the Tuning Fork grid (“Tuning Fork”), as illustrated in Figure 1.
Jason Barnard President and CEO of Foremost, states “We are pleased to have hit the ground running on our new portfolio of Athabasca Basin uranium exploration properties. Hatchet is a highly prospective exploration property, and the preliminary results from the recently completed Drill Program have already generated compelling targets for follow-up. Exploring a property of Hatchet’s caliber represents an exceptional opportunity for Foremost – with historical mineralization identified along the 5+km long Richardson trend and a multitude of varied exploration targets. Our accretive collaboration with Denison, now Foremost’s largest shareholder, enabled this work to be completed as Foremost rapidly transitions to a uranium exploration focus. We look forward to working with Denison on this property and others within our portfolio to the mutual benefit of both of our shareholders.”
Hatchet Lake Uranium Property
The Hatchet Lake Property is located within the northeast portion of the Athabasca Basin, where the sub-Athabasca unconformity ranges from zero to 250 metres. The unconformity represents the contact between underlying basement rocks and the Athabasca Sandstone structures, which is often a prime setting for uranium mineralization. Recent unconformity-related discoveries within the region include IsoEnergy’s Hurricane Deposit* (Indicated Mineral Resources of 48.6 Mlbs U3O8 from 63,800 tonnes at an average grade of 34.5% U3O8 )1, which is situated within the LaRocque Lake Conductive Corridor to the west of the Hatchet Lake Property.
* Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Hatchet Lake Property.
Figure 1. Map of Hatchet Lake and Surrounding Area
Richardson Trend
Previous drill programs at Hatchet returned significant cobalt and nickel enrichment, with grades of up to 6.06% Co and 4.91% Ni (HT-83-61)2 indicative of a geologic setting conducive to polymetallic uranium deposits, such as at the Midwest-U-Ni-Co deposit and at Cigar Lake. Historic hole RL-13-13 intersected 1.52% U3O8 across 15 m and RL-13-16 intersected 0.45% U3O8 over 2.3 m2. This mineralization is directly above the unconformity, within the Athabasca Sandstone.
Recently completed drill holes RL-24-29 and RL-24-30 both intersected significant structural disruption within the sandstone in addition to alteration indicative of hydrothermal fluid flow, such as strong dravite clay and illite clay alteration. Anomalous radioactivity of 360 cps, hosted in altered pelite 60 cm below the unconformity, was measured using a hand-held RS-125 scintillometer (a “Scintillometer”) on drill core recovered from drill hole RL-24-29 (Figure 2). A Scintillometer is used to measure total gamma radiation from drill core. Total gamma is an indication of uranium content, but may not correlate with chemical assays as other radioactive elements may be present.
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