Far Resources Completes Drill Program and Intersects up to 40.5 metres of Spodumene Pegmatite in Dyke 1, Zoro Lithium Property, Manitoba
October 11, 2017 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce it has finalized its recently announced drill program (see news release dated September 21, 2017) focused on Dyke 1 within its Zoro Lithium Property in the Snow Lake area, Manitoba.
An aggregate length of 710 metres of NQ core was drilled to assess areas of Dyke 1 where no modern drilling had been previously undertaken. Light green spodumene typical of this mineral in Dyke 1 was intersected in drill intercepts of 40.5 m, 39.8 m, 23 m, 19.8 m and 7.5 m. A total of 207 spodumene-bearing core samples have been sawn from the core and prepared for shipping for lithium and related element assays to ISO-certified Activation Laboratories of Ancaster, Ontario (“Actlab”). The general characteristics of the individual drill holes is given in Table 1. Assay results will be reported when complete.
The company has received a preliminary analytical report of assay results from 60 rock samples collected during field operations at Dykes 2, 3 and 4. Upon receipt of Actlab’s final analytical report the results will be released in a news release.
SGS Mineral Services (Vancouver, B.C.) has notified the Company that 410 soil samples collected during a recent field program on the Zoro property have been received and are currently being analyzed using Mobile Metal Ions Technology. These samples were collected from overburden-covered areas north and south along trend of all known dykes on the property. These areas are interpreted to be highly prospective for additional spodumene-bearing pegmatite. Subsequent to receipt of the final SGS report and interpretation, results will be released in a news release.
Keith Anderson, Far Resources’ President and CEO notes, “The intersection of significant widths of spodumene in the Dyke 1 pegmatite underscores the persistent nature of lithium mineralization in all segments of this pegmatite dyke. A more complete understanding of the distribution of lithium mineralization in Dyke 1 will be possible upon receipt of assay results from this phase of drilling and the re-calibration of our 3-dimensional model. The assessment of Dykes 2, 3 and 4 based on the ongoing integration of historic drill data with recent field mapping and assay results will give us the opportunity to model these dykes in 3-dimensions thereby providing well constrained drill targets. We are eagerly pushing forward with our exploration program; the more quality, purposeful geoscientific data that we gather, the more momentum we gain. We have a plan and we have the funds so we are striving to move Zoro ahead every single day.”
DTC Eligibility Update
The Company has submitted its application for Depository Trust Company eligibility and it is currently being processed. In the US markets, the Company’s common shares are quoted under the symbol FRRSF. The CUSIP number is the same for both the US and Canada: 30734R100.
DTC eligibility of its common shares will facilitate settlement of transfers of Far Resources’ common shares in the United States.
The Company also announces that it has granted 2,100,000 options to acquire common shares in the equity of the Company to certain officers, directors and consultants (the “Options”). Each Option is exercisable into one (1) common share in the equity of the Company at an exercise price of $0.295 per option share, expiring 5 years from date of grant. The issuance of securities described in this news release are subject to acceptance by the Canadian Securities Exchange. All amounts quoted in this news release are in Canadian funds.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources currently has two mineral projects in place. The Zoro Lithium project covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second project is the Winston project in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
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.
Keith C. Anderson, President
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.