Foremost Clean Energy Ltd. reported that its first two drill holes—JL25‑001 and JL25‑002—at the 100‑percent owned Jean Lake Gold‑Lithium Property in Manitoba produced exceptionally high‑grade gold intercepts, including 10.7 g/t Au over 5.6 m and 82 g/t Au over 0.7 m. The results extend the known gold‑bearing structure beyond the previous hole JL23‑008 and confirm a larger, more continuous mineralized system that could support a future gold mine.
The Jean Lake property sits in the Flin Flon‑Snow Lake greenstone belt, a region renowned for both gold and emerging lithium potential. Foremost’s earlier drilling in 2022‑2023 already intersected gold at 7.5 g/t Au over 7.66 m and lithium at 1.26 % Li₂O over 3.35 m, establishing a dual‑commodity profile. The new high‑grade intercepts represent a significant step forward, suggesting that the gold system is more extensive and higher‑grade than previously documented.
Foremost remains an exploration‑stage company with no revenue and negative earnings. Its market capitalization hovers around $31–$35 million, and the company has faced financial challenges, including a low Piotroski F‑Score. The high‑grade gold results therefore carry particular weight, as they could reduce the risk profile of the project and potentially unlock future capital‑raising opportunities, even as the company continues to invest heavily in exploration and lithium testing.
Gold prices are near record highs, with the metal testing $4,000+ per ounce in September 2025. This price environment amplifies the commercial attractiveness of the Jean Lake discovery, as higher gold prices improve the projected economics of a potential mine. At the same time, lithium demand is accelerating due to the electric‑vehicle boom and supportive U.S. and Canadian policy initiatives, positioning Foremost to benefit from both commodity markets if the lithium system proves economically viable.
President and CEO Jason Barnard said the results “exceeded expectations and further demonstrate the exceptional potential of our Jean Lake Project.” He highlighted the 82 g/t intercept as a “tail‑end” high‑grade zone that could be a key driver for a future mine. The company plans to continue drilling additional gold targets while systematically testing lithium potential, aiming to build a comprehensive resource model that supports both gold and lithium development strategies.
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