01:03 PM EDT, 07/02/2025 (MT Newswires) -- Foremost Clean Energy ( FMST ) on Wednesday said drilling is scheduled to begin this month at the Murphy Lake South Uranium Property located in the Athabasca Basin region of northern Saskatchewan.

A company statement noted that the fully permitted and fully funded program is designed as a first phase of multiple potential phases intended to test high-priority structural corridors adjacent to the "renowned" LaRocque Lake Conductive Corridor, host to IsoEnergy's Hurricane Deposit, "one of the highest-grade uranium discoveries in the world."

The company said that phase 1 drilling is expected to begin later in July and is planned to include approximately 1,500 meters of diamond drilling focused on graphitic faults and offset structures identified through past geophysics and geological interpretation. A phase 2 winter program is contemplated to follow up on successful results and test additional conductive trends, added the company.

"At Murphy, we're excited to be drilling a project with strong historical intercepts, relatively shallow unconformity depths, and clear signs of a mineralized hydrothermal system," said Chief Executive Officer Jason Barnard. "Given its adjacency to the LaRocque Corridor and the presence of offset structures, graphitic units, and pathfinder element anomalies, we believe Murphy represents one of the best exploration opportunities in our portfolio of projects."

The company's shares were last seen down $0.01 to $4.49 on the Canadian Securities Exchange.

Price: 4.49, Change: -0.01, Percent Change: -0.22