Far Resources commences fifth round of drilling at its Zoro Lithium Project, solidifies its potential to become a major North American lithium source with extension of mineralisation at Dyke 8 in first hole of programme.
November 15, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far” or the “Company”) is excited to announce that is has commenced its fifth round of drilling—starting ahead of schedule—at its 100% owned Zoro Lithium Project in Manitoba, where it is completing a twenty-one hole programme focusing on both existing discoveries and new targets. Three holes will be drilled to complete metallurgical test studies.
The first hole drilled during this campaign (FAR18-017), which targeted the newly discovered Dyke 8, intersected 13 metres of well-mineralised spodumene, extending the zone of lithium mineralisation to the east by approximately 30 metres.
The Company will complete its previously announced 2,000-metre diamond drill campaign (October 23, 2018 news release), with operations based at the historic mining community of Snow Lake in mining-friendly Manitoba.
“Once again, Far delivers on its strategic plan by initiating its fifth round of drilling at Zoro, starting well ahead of schedule,” stated Toby Mayo, President and CEO of the Company. “It comes as no surprise to us that the very first hole of this important phase of exploration has extended the known potential for mineralisation by expanding Dyke 8 to the east of the discovery hole. This news reinforces our absolute conviction that Zoro has the potential to be a major economic deposit in a previously unrecognised lithium belt, with the potential to be a major North American lithium supplier. As this campaign continues, we will be making further discoveries, while de-risking the project through the completion of our metallurgical test programme. Manitoba deserves to be recognised as prime lithium real estate.”
The current programme will test up to 15 high-priority lithium targets based on an integrated database including previous drill results, prospecting, geological mapping and Mobile Metal Ions soil geochemistry. The drill program will also assess the potential for expanding high-grade lithium mineralization at recently discovered Dyke 8 as well as obtaining additional material from Dyke 1 for the ongoing metallurgical test work programme. It received its work permit from the office of Sustainable Development, Manitoba Government in early November.
Management believes that this fifth phase of drilling will continue to demonstrate the vast potential of Zoro. As previously announced, the Zoro Lithium Project now hosts at least eight lithium-bearing dykes with over a million tonnes identified at Dyke 1 so far. With an additional fifty targets, the Project represents a great opportunity for delineating significant tonnage of economic value.
Currently the cutting and preparation of helicopter and drill pads is ongoing by Far’s field crew. Westcore Drilling and Gogal Air Services have mobilised the drill to Dyke 8 and drilling scheduled to commence November 7. The plan is to start drilling at Dyke 8 followed by a drill move to test targets at Dyke 1. Three holes will also be drilled from representative zones of spodumene mineralization at Dyke 1 to acquire sufficient material for the commencement of metallurgical studies to be undertaken at the Lakefield (Ontario) facility of SGS Mineral Services. The drill will then move northwards from Dyke 1 to test the remainder of the high-contrast targets (Figure 1). The Company’s technical crew and core technologist have also mobilised to site to prepare the core logging and sampling facility for a busy fall drill program.
The fall drill programme contract has been awarded to Westcore Drilling with air support provided by Gogal Air Services.
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 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.
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: firstname.lastname@example.org
Tel: (416) 644-2020 or (514) 939-3989
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.