January 18, 2019, VANCOUVER, CANADA – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to announce that is has completed 16 diamond drill holes at its 100% owned Zoro Lithium Project near Snow Lake in mining friendly Manitoba, resulting in both new discoveries and expansion of known mineralisation.
This round of drilling, the company’s fifth successful campaign at Zoro, has resulted in the expansion of Dyke 8, a high-grade spodumene-bearing pegmatite dyke discovered last year by Far, and has led to the discovery of additional spodumene-bearing dykes and unique lithologies suspected of being lithium and caesium-enriched to the north and north west of the existing dyke swarm.
Three additional drill holes from the planned 21-hole program have also been completed for the collection of core samples for metallurgical testing. The remaining exploration holes will be drilled in January/February 2019.
Toby Mayo, President and CEO of Far, stated: “We continue to make great advances at Zoro. These new discoveries provide further assurances of the potential for scale at the project. Furthermore, with Dyke 8 open in all directions, we are in a strong position to build on our resource, adding to that currently defined on part of Dyke 1 last year.”
Figure 1 illustrates completed drill holes to date and outstanding holes planned for drilling in 2019. All assay results are pending.
Significant Expansion of Dyke 8 Mineralisation
Hole FAR18-017 was the first to be completed during the fifth drill campaign. It targeted newly discovered Dyke 8 (DDHFAR18-34 and -35; February 2018) and intersected 13 metres of well-mineralised spodumene, extending the zone of lithium mineralisation to the east by approximately 30 metres.
Subsequent drill holes (FAR18-039, -040, -041 and -058) were drilled to define the geometry of Dyke 8: it currently has a strike length of at least 90 metres, a width varying between 5 and 15 metres, and extends vertically to a depth of more than 100 metres. Dyke 8 remains open in all directions and is potentially related to Dyke 3 by way of folding and/or faulting. Deformation, including tightly folded pegmatites, have been documented recently by Benn (2018a) in a 1:4000 scale mapping project and again by Benn (2018b) as part of an M.Sc. thesis study of the area. Dyke 8 and related drill holes are illustrated in Figure 2.
Discovery of New Dykes
New spodumene-bearing pegmatite dykes were intersected by drill testing some of the 50+ Mobile Metal Ion anomalies defined by soil surveys on the Zoro lithium project. This is significant as it proves the potential to add significant tonnes through further drilling on these targets.
The new discoveries were intersected by five holes (Far18-043 to -047, inclusive) along a 1.5 km lithiumcaesium anomaly developed within and adjacent to a prominent overburden-covered lineament (Figure 1). This anomaly was described in an earlier news release (October 2, 2018). By comparison, the existing mineralisation at Dyke 1 covers a strike length of approximately 400 metres.
Core samples have been submitted to Activation Laboratories to assess lithium and caesium contents in the quartz porphyry and pegmatite dykes.
Drill holes FAR16-07 (central Dyke 1), 017-012 (north Dyke 1) and 017-012R (south Dyke 1) were redrilled in 2018 to acquire spodumene-mineralised pegmatite for metallurgical testing. Spodumene intercepts were cut with a saw leaving quarter core in the core box for future reference. Material representative of the hangingwall and footwall to the pegmatite intercept were also included with the samples. Metallurgical testing will be undertaken by SGS Mineral Services at their Lakefield facility.
Subsequent to the Christmas/New Year shutdown the drill will be mobilised to test the four remaining targets. These targets occur south and along trend from Dyke 1.
All drill core assays are currently pending.
Sampling, Preparation and Analysis
Core samples are being logged, cut, bagged and shipped from Far’s core logging and preparation facility in Snow Lake and shipped to Activation Laboratories (Ancaster, Ontario) for the analysis of lithium and a multi-element suite of elements referred to as UT-7. This method is based upon a sodium peroxide fusion which captures total amounts of lithium and related elements in the sample.
Pursuant to its Stock Option Plan, the company has granted incentive stock options to certain officers, employees and consultants to purchase up to an aggregate of 8,600,000 common shares in the capital stock of the company.
The options are exercisable at a price of $0.12 per share and will vest immediately. They expire on January 17, 2024
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company with projects in Canada and the USA. More information is available at Far’s website: www.farresources.com
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under National Instrument 43-101.
Benn, D., Linnen, R.L. and Martins, T. 2018a: Geology and bedrock mapping of the Wekusko Lake pegmatite field (northeastern block), central Manitoba (part of NTS 63J13); in Report of Activities 2018, Manitoba Growth, Enterprise and Trade, Manitoba Geological Survey, p. 79–88.
Benn, D., Linnen, R.L. and Martins, T. 2018b: Bedrock geology of the Wekusko Lake pegmatite field (northeastern block), Central Manitoba (part of 63J13); Manitoba Growth, Enterprise and Trade, Manitoba Geological Survey, Preliminary Map PMAP 2018-2, (1:4000).
For and on behalf of the Board
President and CEO
Terri Anne Welyki
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.