Foremost receives exploration permit for Turkey Lake

Executive Summary

• Foremost Clean Energy Ltd. has received a three-year exploration permit from the Saskatchewan Ministry of Environment for its Turkey Lake uranium project in the Athabasca Basin, valid until December 31, 2028.
• The company announced a ground-based gravity survey scheduled to commence in December 2024 to refine targeting ahead of a planned 2026 drill program.
• The permit authorizes up to 75 drill holes and related exploration activities, building on historic uranium intercepts identified by Denison Mines Corp. and Cameco.

Key Details

• Permit Details:
  • Issued by: Saskatchewan Ministry of Environment.
  • Validity: Three years, expiring December 31, 2028.
  • Authorized Activities: Up to 75 drill holes, line cutting, trail use, and related exploration activities.
• Gravity Survey Specifications:
  • Contractor: MWH Geo Survey.
  • Start Date: December 2024.
  • Scope: Approximately 1,312 stations collected at 100-metre intervals on 200-metre line spacing.
  • Target Area: Priority northeast-trending conductive corridor extending beyond the Athabasca basin margin.
  • Objective: Identify gravity lows associated with hydrothermal alteration and map fault-controlled fluid pathways to support the 2026 drill program.
• Historic Drill Results (Reference Only):
  • Hole TUR-41: 0.16% U3O8 over 0.6 metres at a vertical depth of ~20 metres.
  • Hole TL-10-132: 0.12% U3O8 over 0.5 metres.
  • Note: Follow-up drilling near TUR-4 intersected elevated radioactivity within the sandstone column above the unconformity.
• Property Overview:
  • Location: Eastern margin of the Athabasca Basin, Northern Saskatchewan.
  • Size: 9,363 acres (3,789 hectares).
  • Proximity: ~23 km north of McClean Lake mill; ~25 km north of Eagle Point mine.
  • Geology: Shallow unconformity depths (<50 metres) and a >10 km undertested conductor strike length with structural flexures and bends.
• Future Plans:
  • Integration of gravity data with existing electromagnetic, magnetic, and geochemical datasets.
  • Targeted drill program anticipated in 2026 to test unconformity- and basement-hosted uranium targets.

Notable Quotes

• Jason Barnard, President and CEO: "We are very pleased to receive a three-year exploration permit for Turkey Lake, which allows Foremost to advance this underexplored project along the eastern Athabasca basin margin... The gravity survey will refine our understanding of the structural framework as we prepare for a targeted drill program in 2026, positioning us to capitalize on powerful market tailwinds."