Shares in Foremost Lithium shot up 2.1% by 11:10 a.m. ET on the Nasdaq, where it began listing in August 2023, for a market capitalization of $11.9 million.
The Winston group of properties in Sierra county is situated over approximately 12 sq. km. of drill-ready site that contains three past-producing mines in Ivanhoe, Emporia and Little Granite.
Each mine produced high-grade gold and silver during full-time operations over a century ago, underscored by Little Granite, which produced high-value ore in some of its underground shoots.
The property last was drilled in the 1980s at multiple targets, highlighted by a seven-hole program at Little Granite that hit meaningful gold and silver values in each hole.
The most recent work was a geologic reconnaissance sampling program in 2021, which returned results of up to 66.5 g/t gold and 4,610 g/t silver.
“The Winston group of properties has yet to realize its full value and this plan of arrangement will offer the time and attention the property deserves,” commented Jason Barnard, CEO of Foremost Lithium.
“These past-producing gold and silver mines are within an extremely favourable geological environment and with gold recently hitting over $2,400/ounce, we also find ourselves in a favourable precious metals market.”
Meanwhile, with the spin-off, Foremost will focus solely on its material lithium assets, which include four flagships in Snow Lake, Manitoba, and one in a known active lithium camp in Quebec.