Foremost Clean Energy (NASDAQ: FMST; CSE: FAT) has received a three-year exploration permit from the Saskatchewan Ministry of Environment for the Murphy Lake South property, located in the Athabasca Basin region of northern Saskatchewan. The permit, valid until December 31, 2027, allows the company to conduct mineral exploration activities including geochemical surveys, geophysics, and drilling of up to 30 holes. Foremost is currently planning the final details of a fully funded summer drill program.
Jason Barnard, Foremost’s president and CEO, stated: “The receipt of this permit is exceptionally well-timed. Murphy is strategically positioned within and alongside the LaRocque Lake conductive corridor that hosts the high-grade Hurricane deposit. Our property shares several geological characteristics with those found at Hurricane, including graphitic basement structures and shallow depth to the unconformity. Historical drilling at Murphy between 2008 and 2017 has already intersected anomalous uranium and pathfinder elements, which are indicative of a potentially significant mineralizing system. With this permit in hand, and significant historic exploration information obtained from previous work completed on the property by Denison Mines, we are in an enviable position where we are finalizing plans for a summer drill program with several exciting discovery-ready drill targets.”
Barnard continued: “We are also pleased to have David Cates, president and CEO of Denison, join us for today’s webinar as we update the market on our exploration progress and strategic collaboration. Together, we will detail our plans to develop and drive growth on this prospective uranium portfolio, as well as provide investors a unique opportunity to engage with us directly during the live Q&A session."
Murphy consists of six mineral claims spanning 7,153 ha, positioned about 30 km northwest of the McClean Lake mill near the eastern edge of the Athabasca Basin. The property lies close to the La Rocque Lake Conductive corridor, home to multiple high-grade uranium mineralization sites, including the Alligator zone, Larocque Lake zone, and IsoEnergy’s Hurricane deposit. The Hurricane deposit ranks among the world’s highest grade uranium deposits, with Indicated Mineral Resources estimated at 48.6M lbs U3O8 from 63,800 tonnes at an average grade of 34.5% U3O8.
Foremost plans to execute a two-phase drill program targeting high-priority sites. The first phase, scheduled for summer 2025, includes approximately 1,500 meters of diamond drilling aimed at the unconformity and basement rocks along semi-brittle graphitic faults. Historical drilling and geophysical surveys revealed these targets, where anomalous uranium and pathfinder elements were identified.
The second phase, set for the winter of 2025 and 2026, will conduct follow-up drilling on geophysical anomalies, including electromagnetic conductors, and any targets generated from the initial phase. This phase will focus on uncovering brittle structures and graphitic horizons with associated clay alteration, which are typical hosts for high-grade uranium deposits in the Athabasca Basin.
This strategic location, paired with under-explored basement potential and systematic geological indicators, positions Murphy as a top priority within Foremost’s 10-project uranium exploration portfolio.
For further information, please visit the Company’s website at www.ForemostCleanEnergy.com.
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