Foremost Lithium Reports Drilling Progress; Barrick Gold Withdraws From Silver Project; Cleveland-Cliffs Raises Prices And More: Wednesday's Top Mining Stories

Top Stories for March 27, 2024:

1. Foremost Lithium Resource & Technology (NASDAQ:FMST) is engaged in lithium exploration in Manitoba’s Snow Lake region and reported significant drilling progress at the Zoro Lithium Property. 

The company highlighted a substantial drill intercept of 32.53 meters of spodumene-bearing pegmatite at Dyke 1, which contains an inferred resource of over 1 million tons at 0.91% Li2O. 

Recent drilling has focused on Dyke 1’s southern extension, seen as a priority due to its underexplored status, and early drilling confirmed spodumene presence with samples sent for assay analysis. 

With 10 drill holes and approximately 2,100 meters completed, the company aims to further understand the mineralization to support an updated resource estimate.

When asked for a quote, President and CEO of Foremost Jason Barnard said: "I feel this is very positive for the potential of our maiden resource to now grow in significant scale. We may have hit a new discovery to the south of our dyke 1, in a new unchartered area and feel really encouraged for our company and shareholders. We look forward to our pending assays results and  further drill results as it continues to progress."

2. Barrick Gold Corporation (NYSE:GOLD) informed Golden Minerals Company (AMEX:AUMN) that it will withdraw from their earn-in agreement on the El Quevar silver project in Argentina, effective April 20, 2024. 

This project was signed in April 2020 and aimed at Barrick earning a 70% interest by investing $10 million over eight years and delivering a pre-feasibility study. 

Barrick has already spent over $6 million and completed a five-hole, 1,300-meter drill program that identified a potential gold prospect. 

Golden Minerals is pivoting from production to exploration and development and views the project’s return positively, noting El Quevar’s potential for advancing silver and gold prospects.

Also Read: Gold Mining Stocks Eye Best Month In A Year As ‘Golden Era’ For The Precious Metal Looms

3. Cleveland-Cliffs (NYSE:CLF) raised its spot market base prices by $60 per net ton for carbon hot rolled, cold rolled and coated steel products, effective immediately on all new orders. 

The new minimum base price for hot rolled steel is $900 per net ton.

4. Freeport-McMoRan (NYSE:FCX) declared a 15-cents-per-share dividend, consisting of a 7.5-cent base and a 7.5-cent variable dividend, payable on May 1, 2024 to shareholders as of April 15, 2024.

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