Far Resources Drills 20.6 m of 1.43% Li2O, Expands Prospecting and Soils Program and Plans Winter Drill Program at its Zoro Lithium Property, Manitoba
November 29, 2017 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTCPK:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce it has received final assay results from Activation Laboratories for drill core samples from its recently completed drill program (see news release dated September 21, 2017) and is preparing for a winter drill program. This news release presents results for drill core assays from holes drilled in areas of Dyke 1 where no previous modern drilling had taken place. The Zoro Lithium Property is located close to the historic mining centre of Snow Lake in mining friendly Manitoba.
High Grade Drill Core Results
A total of 207 drill core samples were shipped to Activation Laboratories (Ancaster, Ontario) for multi-element assay using ACTLABS package UT-7. Weighted averages calculated for each pegmatite drill intersection for lithium, tantalum and niobium are presented in Table 1.
Table 1. Summary of weighted averages for lithium, tantalum and niobium.
Multiple narrow intersections of lithium are present in all five drill holes. Wider intervals with elevated Li2O include 1.43% Li2O over 20.6 metres in DDH FAR17-18 and 1.15% Li2O over 12.4 metres in DDHFAR17-19. Higher grade intervals are present within DDH FAR17-18 and include 2.19% Li2O over 4 m and 3.12% Li2O over 1 m. Tantalum and niobium range between 32 and 152 ppm and 88 and 408 ppm, respectively.
A recent high-grade drill intercept of tantalum (0.117 % Ta2O5 or 927 ppm tantalum; see November 1, 2017 news release) accompanied by elevated tantalum and niobium in samples of drill core, outcrop and soils has intrigued the company. At this point in the exploration of the Zoro property the significance of elevated tantalum and niobium is unknown but will be closely assessed as exploration proceeds.
Prospecting and Soils Program
Interpretation of Mobile Metal Ions soil geochemical data from the Company’s first phase of soil geochemical surveys documented strongly elevated lithium, tantalum and niobium responses adjacent to known lithium-tantalum-niobium-bearing pegmatite dykes and in areas where highly prospective ground is buried beneath organic and inorganic soil cover. Based on the success of Phase 1 soil geochemical surveys field crews are currently expanding the program on the property. Their goal is to continue prospecting for new, exposed pegmatite dykes and expand the soil surveys on newly optioned ground. Results to be released in future news releases.
A winter drill program is planned to assess deeper levels (>150 m) of Dyke 1 for the extension of high-grade lithium spodumene and to test historic high-grade lithium drill intersections and recent assay results from trench and outcrop sampling at Dykes 5 and 7. Areas of anomalous lithium, tantalum and niobium in soils from overburden-covered areas adjacent to known pegmatite dykes including Dykes 5 and 7 will also be drill tested.
Keith Anderson, Far Resources’ President and CEO notes, “The completion of this phase of drilling including receipt of our continued high-grade lithium assays from all drill holes has encouraged us to test the deeper levels of Dyke 1 for continuity of the high-grade lithium intersected to date. We are also ecstatic about the potential for tantalum mineralization on the property based on our 0.117% Ta2O5 (927 ppm Ta) drill core assay. Although the geologic significance of tantalum in Dyke 1 is not fully understood we shall continue to work on patterns of mineral zonation to provide possible vectors to additional zones of tantalum in Dyke 1. Our drill program planning also includes aggressive testing of additional high-grade lithium-bearing pegmatite dykes defined on our option ground and new drill targets based on the results of our ongoing prospecting and soil geochemical surveys.”
Tantalum and Niobium
Tantalum is a rare, hard, blue-gray, corrosion-resistant metal that is widely used as a minor component in alloys. The chemical inertness of tantalum makes it a valuable substance for laboratory equipment and a substitute for platinum. Its main use is in tantalum capacitors in electronic equipment such as mobile phones, DVD players, video game systems and computers. Tantalum occurs together with the chemically similar metal niobium. Tantalum sells for approximately $128,000 USD per metric ton.
Niobium is used mostly in alloys, the largest part in special steel such as that used in gas pipelines. Although these alloys contain a maximum of 0.1%, the small percentage of niobium enhances the strength of the steel. The stability of niobium-containing super alloys at high temperatures is important for its use in jet and rocket engines. Niobium is also used in various superconducting materials. These superconducting alloys, also containing titanium and tin, are widely used in the superconducting magnets of MRI scanners. Other applications of niobium include welding, nuclear industries, electronics, optics, numismatics, and jewelry. Niobium metal sells for approximately $41,000 USD per metric ton.
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 has two option agreements in place. The Zoro Lithium Property 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 option is on the Winston Property 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 updated 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
FOR FURTHER INFORMATION, PLEASE CONTACT US AT
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.