July 10, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce the discovery of a large 1.5 km long and up to 100 m wide Mobile Metal Ions (MMI) soil geochemical anomaly for lithium. The lithium and related element anomaly was defined by ongoing data interpretation for soil samples collected by the Company’s field crews during surveys conducted in the fall and winter of 2017.
The Company views this anomaly as very significant based on the discovery of its eighth spodumene-bearing pegmatite dyke that resulted from the drill testing of an MMI lithium anomaly in 2017 (see news release May 7, 2018). Drill hole Far18-35 testing the MMI anomaly intersected 36.5 m of spodumene-bearing pegmatite. Assay results from hole FAR18-35 included three separate intercepts of high-grade lithium including 12.3 m of 1.1% Li2O, 4.4 m of 1.2 % Li2O and 2.2 m of 1.5% Li2O. The mineralized zone is open in all directions.
It is noteworthy that numerous additional MMI lithium anomalies have been delineated on the Zoro property and together with the new lineament anomaly represent drill targets.
Toby Mayo, President and CEO, commented, “We have always believed that the potential for further discovery at Zoro is great. The successful use of MMI in the discovery of Dyke 8 during our last drilling campaign appears to be just the tip of the iceberg, with this new data set highlighting many more targets, including our largest to date. The upcoming MMI survey expansion is bound to highlight many more targets. We remain committed to this exciting project, and this data confirms our conviction. Our winter drilling programme at Zoro looks to be very exciting.”
The 1.5 km long lithium and related element anomaly was discovered based on MMI multielement analyses of samples collected from two low-lying, northeast-trending linear zones on the Zoro property. These linear zones are filled with wet organic soil overlying inorganic clay-rich non-oxidized soil of indeterminate depth. The linears are interpreted as faults with the potential to host lithium-bearing pegmatite dykes. The newly defined multielement anomaly is based on multiple samples with maximum lithium values of up to 1120 parts per billion lithium.
The lithium anomaly is accompanied by coincident cesium responses and is also closely mimicked by the rare earth elements (REE) lanthanum (La), cerium (Ce), neodymium (Nd) and praseodymium (Pr), iron (Fe) and thorium (Th). Lesser correspondence between lithium and cesium with other REE elements (dysprosium (Dy), erbium (Er), europium (Eu), gadolinium (Gd), samarium (Sm), terbium (Tb) and ytterbium (Yb) as well as gallium (Ga), niobium (Nb), phosphorus (P), scandium (Sc), strontium (Sr), titanium (Ti), yttrium (Y) and zinc (Zn) is noted. The coincident anomalies for Li, Cs, Ce and La is noted in Figure 1. Additional Li-multielement anomalies are noted along both linears and will be assessed by prospecting and drilling.
Figure 1. Mobile Metal Ion soil geochemical survey results for lithium, cesium, cerium and lanthanum in the lineaments surveys.
About Mobile Metal Ions Technology (MMI)
Mobile Metal Ions Technology is a proprietary method used to measure low concentrations of metals in soil. Target elements are extracted using weak solutions of organic and inorganic compounds rather than aggressive acid or cyanide-based digests. MMI solutions contain strong ligands, which detach and hold metal ions that were loosely bound to soil particles by weak atomic forces in aqueous solution. This extraction does not dissolve the bound forms of the metal ions. The metal ions in the MMI solutions are the chemically active or ‘mobile’ component of the sample. Typically, the mobile, loosely bound complexes are present in very low concentrations and so measurement is by conventional ICP-MS.
MMI is well suited for buried mineral deposits. MMI™ measures metal ions that travel upward from mineral deposits to unconsolidated surface materials such soil, till, and sand. These mobile metal ions are released from mineralized rock and travel upward toward the surface where they adhere to soil particles. The concentration of these metals is accomplished using careful soil sampling strategies, sophisticated chemical ligands and ultra-sensitive instrumentation. Benefits include few false anomalies, focused sharp anomalies that form directly over the mineral deposit, excellent repeatability and low detection limits. The Technology is provided commercially by SGS Mineral Services. Additional information is available on their website.
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 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.