Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 38

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 38
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 with numerous high-grade uranium discoveries. The combination of graphitic metasediments, strong faulting, and hydrothermal alteration makes this area highly prospective for both basement-hosted and unconformity-associated uranium deposits.

Exploration

The exploration history of the Hatchet Lake Property spans several decades and includes various methodologies such as airborne surveys, ground geophysics, and extensive diamond drilling as well and ground prospecting. These activities aimed to delineate mineralized zones and evaluate the potential for significant uranium resources. The property has an extensive exploration history from the 1960’s to recent with positive results focused on sandstone hosted unconformity related mineralization systems. In recent years, basement-hosted mineralization has been identified at substantial depths below the unconformity and this style of mineralization remains largely untested at the Hatchet Lake Property

Historical Drilling

The exploration history of the Hatchet Lake Property dates back to the 1960s when initial efforts were focused on identifying airborne conductors and radioactive boulders, particularly in the Garnet Hill area. This exploration led to the discovery of boulders that recorded radioactivity levels of up to 7,500 counts per second (CPS). In the subsequent years, more targeted drilling began. In 1979 - 1980, Uran Gesellschaft conducted a 35-drill hole campaign a total of 1375 meters and in 1983 the Saskatchewan Mining and development Association (“ SMDA”) completed an additional 16 holes totaling 2310 meters. Results from these campaigns delineated areas with extensive alteration and anomalous geochemistry along with elevated radioactivity near the unconformity. Various drill campaigns were conducted from the 1980’s - early 2000’s highlighting the properties discovery potential.

Drilling in 2008 consisted of three holes totaling 558.6 meters targeting the Richardson and Hatchet South conductive trends as a follow-up to the ground based electromagnetic surveys. This was followed by a pivotal drilling program in 2010, which consisted of ten holes totaling 2,161.1 meters in the Tuning Fork area. Notable intersections included drill hole HL-10-01, which encountered grades of 0.1% U3O8and 0.02% U3O8over one meter within a broader zone of heightened radioactivity attributed to faulted and altered graphitic pelite approximately 50 meters below the unconformity. Drill hole HL-10-03 further identified over 100 meters of significant alteration and faulting