July 26, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that it is back on the ground conducting an extensive, property-wide exploration program on its Zoro Lithium Project (“Zoro”), located near the historic mining community of Snow Lake in mining friendly Manitoba. The 2018 Summer program consists of detailed geological mapping and drill core sampling, soil geochemical surveys and metallurgical drill core sampling.
Toby Mayo, President and CEO, commented: “The Company continues to show commitment to Zoro, and we are excited to be back on the ground in line with previous announcements. After the success of the Mobile Metal Ions (“MMI”) soil geochemical survey in the discovery of Dyke 8 and the announcement of additional large targets to the west of known dykes, expansion of the soil geochemistry is clearly going to be a highly accretive to our program. We believe that the potential for scale at Zoro is huge, with numerous drill targets already identified through MMI. Mapping this summer has already shown the potential for extensions to known dykes. We look forward to reporting results on each phase of exploration as we continue to reach these milestones.”
Additionally, data compilation is currently underway which, combined with results from the current program, will guide the Company in planning further drilling which will commence later in 2018.
Soil Geochemical Surveys
The successful drill testing of a MMI soil geochemical anomaly in 2017 has provided the rationale for expanding these surveys to the remainder of the property. A helicopter-assisted crew of field technicians is extending the current MMI survey coverage on the property (Figure 1). 800 samples are planned to expand existing coverage, of which 300 have been taken.
A helicopter-assisted geological mapping crew is undertaking the first new mapping on the Zoro lithium project area since the 1950s. The project was undertaken to provide an interpretation of the geological setting of the spodumene-bearing pegmatite dykes and any post-depositional structural overprints that may have affected the current location of the dykes.
Fig 1: Map showing proposed expansion of the highly successful Mobile Metal Ion (“MMI”) survey
Three main observations made during the mapping exercise on the property:
1. The spodumene-bearing pegmatite dykes are folded which is most readily visible in Dykes 5, 6 and 7. Due to the poor quality of outcrop and lichen cover it is unknown whether Dyke 1, the largest of the known dykes on the property, is folded; field observations by Far’s geological technicians during soil surveys have noted an eastward deflection of Dyke 1 which may represent the effects of folding or alternatively the effects of a crosscutting fault.
A structural repetition of this nature could indicate the the potential for repetitions of this dyke elsewhere and new drill targets. Mechanized outcrop stripping has been recommended to evaluate this possible scenario.
2. A strong shear fabric, trending approximately north to south, is documented from the northern end of Dyke 1. This fabric may be related to major interpreted structural lineaments west of Dyke 1 where a significant 1.5 km-long MMI lithium-cesium anomaly was recently announced (see news release of 10 July 2018). This fabric is generally lacking elsewhere in Dyke 1 and in the other dykes on the property.
3. A metasedimentary unit is present in the southern portion of the property. This may be a control on dyke emplacement, as the dykes are preferentially hosted by metavolcanic rocks of andesitic composition.
The mapping project will be augmented by a drill core sampling program with the intent of assessing mineralogical and geochemical tools for vectoring towards additional pegmatites on the property. Both aspects of this summer’s work will form the basis of an M.Sc. thesis program to be carried out at the University of Western Ontario under the guidance of Professor Bob Linnen.
Metallurgical Drill Core Sampling
The Company is undertaking additional drill core sampling from Dyke 1 on the Zoro Lithium Project to provide additional material for the previously announced metallurgical survey, which is being undertaken by SGS Mineral Services. While additional material will be required from subsequent drilling, it is intended to provide three separate samples for metallurgical assessment. These samples will come from representative spodumene–bearing pegmatite in the northern, central and southern portions of Dyke 1.
Compilation of exploration databases including the results of winter 2017 drilling, results from ongoing MMI surveys and mapping, as well as recent UAV-drone aerial magnetic surveys, will be integrated to provide drill targets planned for a winter 2018 drill campaign.
NI 43-101 Technical Report
A draft of the NI 43-101 Technical Report has been completed and is currently being reviewed. The Company expects to release the report in the coming weeks.
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: email@example.com
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.