Far Resources Identifies Numerous New Targets at its Zoro Lithium Project, Snow Lake, Manitoba and Prepares for Fall Drilling Programme

 

October 2, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is excited to announce that it has identified multiple new exploration targets at its Zoro Lithium Project in Snow Lake, in the mining friendly Province of Manitoba (the “Project”).

Final Mobile Metal Ion (MMI) analytical reports have been received from SGS Mineral Services (Burnaby) for 784 soil samples collected from the Project. The new 2018 data defines numerous extensions to anomalies identified in previous MMI surveys on the Project, thereby increasing the target size for diamond drilling.

In particular, new lithium anomalies are present to the south and west of Dyke 1 where a recently announced maiden resource has been defined (see press release of July 9, 2018). A number of the new anomalies occur at the limits of sampling and indicate these areas are open and not yet fully defined.

Toby Mayo, President and CEO of Far, commented: “Each round of this highly successful geochemical technique yields further targets. We now have over thirty anomalies for follow up at Zoro, any of which could yield high grade lithium dykes of an economic scale. All of the background work has been completed, with every dollar spent on the Project having the potential to add significantly to the mineral inventory. We look forward to drills turning in the very near future.”

The first round of MMI sampling focused predominantly over the known pegmatite dyke swarm. This led to the generation of multiple targets within this area, including the anomaly that led to the drilling and discovery of Dyke 8, the highest grade and widest intersection of lithium-bearing pegmatite to date (see press release of May 7, 2018) (Figure 1).

Figure 1. First MMI survey results, covering the main dyke swarm at Zoro, which led to the discovery of the high-grade Dyke 8.

The second round of results from the MMI programme, which extended coverage to the north and northwest of the existing dyke swarm, identified yet further targets. Of these is the hugely encouraging 1.5 km lithium anomaly which will be further investigated during the Fall/Winter drilling programme currently being finalised (see press release of July 10, 2018) (Figure 2).

Figure 2. Expansion of MMI to the north, with newly-identified 1.5 km-long high-contrast lithium anomaly.

 

MMI Soil Geochemistry Results

Samples were collected by a field crew operating from a base in Snow Lake over a period of six weeks. Assessment of quality control parameters for the data indicates excellent accuracy and reproducibility of the MMI analyses.

Figure 3 highlights the multi-sample lithium anomalies from all MMI surveys undertaken at the Project, in particular highlighting the expansion in coverage and the numerous additional targets identified at the Project.

FAT-NR-20181002-MMI-FINAL3.jpg

Figure 3. Full MMI survey coverage showing expansion of targets, including new targets that remain open at the margins of the survey areas.

The anomalies are high-contrast, distinctive and easily recognised from low or background concentrations on the property. As noted, the new lithium anomalies are present to the south and west of the recently announced Dyke 1 resource. The anomalies occurring towards the edges of previous sampling indicate that targets remain open at the extents of the survey,  and are therefore not yet fully defined.

In 2017, drill testing of an MMI anomaly similar to those defined by the current survey resulted in the discovery of the previously unknown Dyke 8 which hosts high-grade lithium (see press release of May 7, 2018).

So that the proposed fall drill program can commence prior to freeze up and assess the numerous anomalous responses situated in low lying ground Far Resources, in conjunction with Westcore Drilling, have developed a modified drill platform that will stabilise the drill and permit the next planned drill program to commence shortly.

Core samples will be 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 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.

About the Company

Far Resources is actively drilling its Zoro Lithium project located near Snow Lake, Manitoba, which covers a number of known lithium pegmatite occurrences. The Company has recently acquired an option on the Hidden Lake Property in NWT and is initiating drilling for continuity of spodumene mineralization to depth.  In the United States, the Company owns the Winston project in New Mexico, an historic mining property with additional potential for silver and gold.  Please visit our website at www.farresources.com for full details on our current projects.

The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under NI 43-101. 

ON BEHALF OF THE BOARD OF DIRECTORS OF

FAR RESOURCES LTD.

Toby Mayo, President and CEO

FOR FURTHER INFORMATION, PLEASE CONTACT

Renmark Financial Communications Inc.

Steve Hosein: shosein@renmarkfinancial.com

Tel: (416) 644-2020 or (514) 939-3989

www.renmarkfinancial.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 (including our planned exploration for the Winston Project, the Zoro Lithium Property and the Hidden Lake 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.