Tuesday’s trading session was tumultuous for Foremost Clean Energy Ltd. (NASDAQ: FMST), which ended the day 13.67% lower at $2.12 before rising 7.33% in after-hours trading to $2.27. Following a five-day rise during which the stock increased by over 39% due to positive exploration updates from the company’s Hatchet Lake Uranium Property in northern Saskatchewan, the price has since recovered.
Drill Program Expands Following Early Success
At the Hatchet Lake location in the very promising Athabasca Basin, Foremost Clean Energy (FMST) just wrapped up its first winter diamond drill cycle. Originally intended as an eight-hole, 2,000-meter program, the drilling program was extended to 10 holes totaling more than 2,400 meters after initial results from drill hole TF-25-16 revealed intriguing uranium mineralization. Notably, inside a 15-meter alteration zone, this hole intercepted 0.10% eU₃O₈ across 6.5 meters, including a higher-grade stretch of 0.22% eU₃O₈ over 0.9 meters.
The Discovery of New Mineralization Zones
Anomalous radioactivity—indicative of uranium—was detected in six of the ten holes, including TF-25-16 and RL-25-32, the latter of which extended mineralization 50 metres along the Richardson conductor. This newly identified area in TF-25-16 represents a significant find in a previously under-explored 600-metre gap, pointing to a high-potential unconformity-style uranium system. Assays from these intersections have been submitted and results are currently pending.
Strategic Alliances and Prospective Research
Foremost’s cooperation with Denison Mines Corp., which supplied vital geological insights from previous work on the land, is primarily responsible for the drilling success at Hatchet Lake. Looking ahead, Foremost Clean Energy plans to integrate new geochemical and structural data to better target future drill sites.
Ground-based geophysics is under consideration to refine subsurface models and reduce drilling risk. A follow-up winter 2025–2026 drill program is in development, aimed at testing newly identified anomalies and expanding the mineralized footprint. In order to get the project closer to possible commercial development, FMST plans to conduct more research over the Hatchet Lake site.
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