Breakthrough Drill Results Send Shares Of Junior Miner Surging Over 25%

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Thursday, May 1, 2025

A new discovery of uranium mineralization is a highly important development for a mining company as it can significantly increase the value of its assets, attracts investor interest, and could boost its stock price. One junior miner made this type of announcement today, sending shares soaring on the news.

Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) announced this morning the discovery of uranium mineralization in drill hole TF-25-16, which intersected 0.10% eU 3 O 8 over 6.5 metres within a 15 metre wide interval of alteration at a new target area on the Hatchet Lake Uranium Project, which is located in the world-renowned Athabasca Basin region of northern Saskatchewan. 

As part of the ongoing 2025 winter drilling campaign, drill hole TF-25-16 was completed to test a geophysical anomaly situated within a 600-metre gap between historic drill holes in the Tuning Fork target area. As there are no historic drill holes in the vicinity of TF-25-16, the mineralization is considered to be open along and across strike.

Other key highlights from the announcement included the company reporting strong initial results from its inaugural drill program at the Hatchet Lake Uranium Property, including multiple mineralized intervals such as 0.22% eU₃O₈ over 0.9 metres within a 15-metre alteration zone. The drill program is ongoing, with follow-up work planned, and forms part of the company’s $6.5 million 2025 Athabasca Basin exploration budget targeting high-priority uranium prospects.

“This discovery at Hatchet is a testament to the strategic value of our unique collaboration with Denison Mines Corp. — and the rare opportunity Foremost has been provided —building on years of high-quality exploration work. Denison’s extensive historical exploration, including past drilling and geophysical surveys, provided a clear roadmap for our inaugural drill program, allowing us to immediately focus on high-priority targets. Unlike many juniors starting from scratch, we validated high-potential targets and uncovered new mineralization in our first field program. With the drill program still underway, we’re prioritizing follow-up on this discovery while testing additional targets that Denison’s groundwork helped define.” said Jason Barnard, President & CEO of Foremost.

Shares of FAT are currently up 27.27% at $1.40 while U.S. listed shares (FMST) are rallying 20.75% at $1.05 in late morning trading.

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