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Ann: Transformational Acquisition of Advanced Lithium Project, page-94

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steve10

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13/04/23

19:45

Post #: 67263717
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Originally posted by malibu_tan: ↑

So 92 Resources changed name in Oct 19 to Gaia Metals Corp, and then June 21 again changed name to Patriot Battery Metals.

These are the results included in yesterday's announcement, along with Far Resources's drilling results.

92 Resources said at the time (2017): "The project has now been significantly de-risked through the high-quality, low-iron spodumene confirmed to be present at Hidden Lake, as well the high lithium extractions that may be expected using standard methods." (N.B. for those that don't know, low-iron is a big plus.)do not advertise external links.au/companies/news/184161/92-resources-continues-to-de-risk-hidden-lake-lithium-project-with-excellent-extraction-results-184161.html

you need to be a proactive investor here I have been trying to work out why these two companies have not pursued this project themselves and whether this reason should be a red flag for us. From what I can ascertain:

Jan 18 - 92 Resources signs an earn in for Far Resources to earn in up to 90%. "We have shown that the Hidden Lake project has lots of great potential. Bringing in a partner like Far Resources gives us the ability to develop the project further at no out of pocket cost to us," said Adrian Lamoureux, the chief executive of 92 Resources.Sept 18 - 92 Resources finds spod at Corvette.
May 19 - Far Resources cancels Buy In terms and a JV with 92 Resources is formed. During the previous 12 months, Far Resources spent $737,000 (only required $500,000). This expenditure culminated in a successful maiden drill program at Hidden Lake in 2018 with numerous high-grade intercepts returned, including 1.6% Li2O over 9.2 m in drill hole HL18-003 at the D-12 Pegmatite)
Things seem to get murky at Far after this time, with a new board and management that ultimately get fired. https://www.newsfilecorp.com/release/101264/The-Concerned-Shareholders-of-FAR-Resources-Ltd.-Look-Forward-to-Putting-an-Immediate-End-to-the-Entrenched-Incumbent-Management-and-Boards-Irresponsible-Destruction-of-Shareholder-Value
In late 2021 a new CEO and board was installed with a renewed focus on Lithium. Agreed to change name. https://foremostlithium.com/news/2021/206-esourcesettertohareholders20211230.html
March 22 - foremost lithium starts drilling in Manitoba project using funds from a govt grant.
April 22 - Foremost Lithium concentrates exploration on Snow Lake project, after an exploration hole returned 2 pegmatite intercepts grading 30% spodumene from 34.8 m to 40.48 m, and 41.86 m to 44.22 m for a total intersection of 8.04m.
Jan 23 - Formost receive another $300,000 govt grant to explore in Manitoba.

I don't know if this really helps, but it does seem that it's not just the project that has resulted in Foremost's decision to pass on the project. They have been getting grants for their other projects and they had quite the distraction in the intervening years (on top of covid).

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They sold it to focus on Snow Lake.
LLI Price at posting: 32.0¢ Sentiment: Buy Disclosure: Held
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