Far Resources discovers five new pegmatite dykes and significantly expands pegmatite field at the Zoro Lithium Project, Manitoba.

February 19, 2019 VANCOUVER, CANADA – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to announce that it has completed the fifth diamond drilling campaign and discovered five new pegmatite dykes at its 100% owned Zoro Lithium Project, near Snow Lake in mining-friendly Manitoba. This brings the total number of mineralised pegmatites discovered so far at Zoro to thirteen covering at least a third of the 3,005 ha property.

Drill programme results: discovery of new dykes

The five new dykes were discovered by targeting geochemical anomalies in the northern portion of the Zoro property. Each of the new dykes are spodumene- and tantalite-bearing, similar to the eight dykes already known on the property.

These new discoveries highlight the potential for a major pegmatite field existing below the till cover while expanding the pegmatite field approximately 3 km to the north. Furthermore, a new discovery to the south of the Dyke 1 resource, where 1.1 million tonnes of Li2O grading 0.91% has been delineated so far, shows potential for significant expansion to the south, where no exploration has yet taken place.

Intersections of spodumene- and tantalite-bearing pegmatites ranged from 0.2 metres in hole FAR18-46 to 13.4 metres in hole FAR18-56. All samples have been dispatched and assay results are expected in the following month.

Of particular note is the area between Dyke 8 and newly discovered Dyke 12 (Figure 1) near the northern extremity of the Zoro property. The intervening area of approximately 3 km is characterised by multiple lithium MMI anomalies defined by exploration in the summer of 2018 but not tested during this drill campaign.

“Once again, Far shows the potential of this exceptional project,” stated Toby Mayo, President and CEO of Far. “The scalability is now unquestionable, with at least a third of the property now known to host mineralised dykes. Meanwhile, the property to the west and south of Dyke 1 remains entirely unexplored. Both areas offer huge potential for the discovery of additional pegmatite dykes.”

A total of 3,054 metres of drilling were completed in 22 holes during this exploration campaign, including holes drilled for metallurgy. In total, the five campaigns amount to 8,406 m in 60 holes. Of these, three holes were drilled to complete metallurgical test work on the Dyke 1 pegmatite.

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Previously all pegmatite dykes were hosted in one restricted metavolcanic package; however the new discoveries have shown they occur in a variety of lithologies thus increasing the potential and enlarging the search radius on the property.

The use of Mobile Metal Ions (“MMI”) Technology to target drilling beneath cover continues to provide a technology to “see” beneath variable thickness of inorganic and organic soils and post-mineralization cover in the search for new lithium-bearing pegmatites. It is a cost-effective and successful approach to exploration on the Zoro project and will lead to more rapid advancement towards estimates for tonnage and grades for the lithium resource on the Zoro project. MMI analyses were performed by SGS Mineral Services (Burnaby, Canada).

A summary of the drill holes that intersected the new pegmatites is given in Table 1 and Figure 1 illustrates the location of all known pegmatite dykes discovered on the Zoro property to date.

Expansion of Dyke 8

Dyke 8 remains open in all directions. It has been intersected by six holes for a total of 682.5 m in two drill programmes and shows the potential for considerable tonnage.

Far’s drilling has successfully added a new dimension to the morphology of the dyke, which now has been shown to have a strike length of at least 85 m, with down dip intersections of 100 m and true thickness of up to 15m.

Once the assays have been received work will progress to model the body and add it to the inventory.

Sampling, preparation and analysis

Core samples are being logged, cut, bagged and shipped from Far’s core logging and preparation facility in Snow Lake 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.

All core for metallurgy has been forwarded to SGS Lakefield and testing has commenced.

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Qualified Person

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.

About Far

Far Resources is a Canadian battery and technology minerals exploration and development company with exploration projects in Canada and the USA. More information on Far is available at www.farresources.com.

Information Contact

Terri Anne Welyki
+1-833-327-7377
corpcom@farresources.com

 

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 contains forward-looking statements, which relate to future events or future performance, including our planned exploration for the Zoro Lithium Property, 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.

Far Resources announces continued drilling success at its Zoro Lithium Project, Manitoba, with significant expansion of Dyke 8 mineralisation and discovery of new spodumene-bearing pegmatite dykes.

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.

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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.

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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 lithium-caesium 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.

Metallurgical Holes

Drill holes FAR16-07 (central Dyke 1), 017-012 (north Dyke 1) and 017-012R (south Dyke 1) were re-drilled 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.

Options Issued

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.

About Far

Far Resources is a Canadian battery and technology minerals exploration and development company with exploration projects in Canada and the USA. More information on Far is available at www.farresources.com.

Qualified Person

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.

References

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).

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ON BEHALF OF THE BOARD OF DIRECTORS OF

FAR RESOURCES LTD.

Toby Mayo, President and CEO

Information Contact

Terri Anne Welyki
1-833-327-7377
corpcom@farresources.com

 

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 contains forward-looking statements, which relate to future events or future performance (including our planned exploration for the Winston Project and the Zoro Lithium Property) 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.

Far Resources Provides Results of Annual General Meeting of 
 Shareholders held on December 19, 2018

January 14, 2018, VANCOUVER, CANADA – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to provide the results of the Annual General Meeting of shareholders held on December 19, 2018 (the “Meeting”).

Meeting

At the Meeting, shareholders re-elected Toby Mayo, Lindsay Bottomer, Shastri Ramnath and Frank Anderson to the board. Shareholders also elected Murray Seitz and James Royall as directors, with the number of directors for the next year being set at six. 

The Board of Directors reappointed Toby Mayo as President and CEO.  Cyrus Driver was reappointed Chief Financial Officer and Lindsay Bottomer will continue as Lead Director.  Terri Anne Welyki will continue in her role as VP Corporate Communications.  The Audit Committee is comprised of Lindsay Bottomer (Chair), Frank Anderson and Murray Seitz. 

In addition, shareholders reappointed the Company’s auditor, authorized the directors to fix the auditor’s remuneration and approved the Company’s stock option plan and issuance of stock options to insiders. For more information on these matters, please refer to Far Resources’ information circular, available on SEDAR (www.sedar.com).

New Directors

The Company is pleased to welcome Mr. Murray Seitz and Mr. James Royall as independent board members. 

Mr. Seitz has extensive public company experience at varying levels including as a director, audit committee member and advisor.  He currently serves as a director of Altan Rio Minerals Limited, Altan Nevada Minerals Limited, both of which are listed on the TSX Venture Exchange.  He has completed the Canadian Securities Course and holds a Bachelor of Business Administration degree.

“I'm excited to be joining the Far Resources team,” commented Mr. Seitz. “I'm confident my financial background and 18 years of public company experience will be a benefit to the company.”

Mr. Royall is an exploration geologist with over 20 years experience, including over a decade in senior positions with publicly traded mining companies.  He currently serves as Vice President, Exploration of Pan Global Resources, a TSXV listed company and previously served as Chief Geologist of Georgian Mining Corp. and as Exploration Manager for Medgold Resources.  When not directly employed by a mining company, Mr. Royall acts as an independent geologist, providing consulting services to junior mining companies in Spain, Georgia, Chad and Chile. He began his career with Rio Tinto. Mr. Royall holds a BSc (Hons) in Geological Sciences from Oxford Brookes University, England.

Mr. Royall stated, “I am very pleased to be given the opportunity to contribute technically at the board level to the Company’s future successes. I look forward to working with Far’s team to bring insight, help advance the projects and assess new opportunities.”

Reorganising capital structure

The Company is also pleased to announce that it is reorganising its option grants to directors, officers and consultants. It has cancelled 7,468,000 stock options priced at $0.295 and above.  After accounting for the cancellations, the Company will have 1,600,000 options outstanding.

“Reorganising our options structure will allow the Company to provide positive incentives to the reinvigorated board and management,” stated Mr. Mayo, Far’s President. “I welcome the new board members and look forward to working with them to build shareholder value.”

About Far

Far Resources is a Canadian battery and technology minerals exploration and development company with exploration projects in Canada and the USA. More information on Far is available at www.farresources.com.

 

###

ON BEHALF OF THE BOARD OF DIRECTORS OF

FAR RESOURCES LTD.

Toby Mayo, President and CEO

 

Information Contact

Terri Anne Welyki

1-833-327-7377

corpcom@farresources.com

 

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.

This news release contains forward-looking statements, which relate to future events or future performance 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.

This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.