May 15, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far” or the “Company”) is pleased to announce it will be mobilizing a drill to its high-grade Hidden Lake Lithium Project, NWT, on May 20, 2018, targeting high-grade lithium-bearing pegmatites with an initial minimum 1,100 metre diamond drilling campaign. Far has signed the drill contract with Northtech Drilling for the program which will be helicopter supported by Great Slave Helicopters and managed in the field by Henry Lole. John Gorham (P.Geo. NWT) will be the supervising geologist.
Toby Mayo, Interim CEO of Far, stated,” The mobilization of the rig to Hidden Lake represents another significant milestone for the Company. It allows Far to expand its existing lithium portfolio while building on the technical successes we have achieved in Manitoba. We believe that this initial program at Hidden Lake will be equally as successful as our previous drilling campaigns at Zoro.”
The Hidden Lake Lithium Project
The Hidden Lake property covers 1,849 hectares and is located approximately 45 km east-northeast from Yellowknife, NWT. It can be reached from Yellowknife by the all-weather paved Ingraham Trail Highway (Highway 4), and/or by charter helicopter or float plane.
There are numerous lithium-bearing spodumene pegmatite dykes on the property, four of which were the focus of channel sampling and assaying by 92 Resources from whom Far has optioned the property. The channel samples confirmed significant lithium mineralization over substantial intervals for each of the four examined dykes, including a maximum value of 1.75% Li2O over 6.01 metres at the surface.
These four dykes will be the targets for this drill campaign with the intent to confirm historic high-grade lithium assays obtained from surface sampling and assess the widths and extent of the four target pegmatite dykes. The current drill program will support Far’s option to earn up to a 90% undivided interest in and to the Hidden Lake Property.
Figure 1: Hidden Lake Lithium Project, pegmatite outcrops showing main targets.
Far Retains Renmark
Far is pleased to announce that it has retained the services of Renmark Financial Communications Inc. (“Renmark”) to augment its existing investor relations activities with the retail brokerage community in North America.
“We are pleased to have selected Renmark to help reinforce Far’s profile with retail investors, and to enhance the visibility of our projects within this extremely important segment of the investing community. Renmark’s standards and methodology fit the message we wish to communicate to the investing public,” noted Far’s Interim CEO, Toby Mayo.
In consideration of the services to be provided, the Company has agreed to pay to Renmark a monthly retainer of $5,000 per month beginning May 14, 2018. Renmark does not have any interest, directly or indirectly, in Far or its securities, or any right or intent to acquire such an interest.
About the Company
Far 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, Interim CEO
FOR FURTHER INFORMATION, PLEASE CONTACT US AT
( 833-327-7377 ext 700
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.