Far Resources Sees Tantalum Potential on Zoro Lithium Property at 0.113% Ta2O5 and Dispatches Prospecting Teams
November 1, 2017 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce undiscovered tantalum potential of the Zoro Lithium Property is being undertaken based on a review of its assay database of 310 drill core samples, 87 rock chip samples and the interpretation of Mobile Metal Ions (MMI) soil geochemical data.
The Zoro Lithium Pegmatite
The Zoro pegmatite is a lithium-cesium-tantalum (LCT) type pegmatite with confirmed high-grade lithium mineralization predominantly in light green spodumene. The 2016 intersection of 0.113% tantalum (Ta2O5) in drill hole DDH FAR16-001 and the presence of elevated tantalum assays on the property has motivated the Company to further evaluate tantalum potential. Interpretation of new soil geochemical survey data (see news release dated September 7, 2017) has resulted in the recognition of previously undetected tantalum and lithium anomalies.
Rock and Soil Geochemical Surveys
New multi-element data from recently completed MMI surveys have defined numerous anomalies in overburden covered terrain adjacent to lithium and tantalum-bearing pegmatite exposed in outcrop. Anomalies comprise the elements lithium, tantalum, niobium, rubidium, tin and tungsten and are interpreted to indicate a continuation of pegmatite beneath soil cover. Soil anomalies defined in areas where outcrop is buried beneath glacial sediments and organic soils indicate the potential for new tantalum and lithium-bearing pegmatite. Both scenarios are present on the recently optioned ground at the Zoro property.
Keith Anderson, Far Resources President and CEO stated, “Elevated tantalum on the property including our exciting assay of 0.113% Ta2O5 underscores the potential for significant tantalum mineralization in association with our lithium-bearing Zoro pegmatites. The success of MMI geochemistry in defining tantalum and lithium anomalies in areas of soil-covered outcrop has provided us with new targets where previously we were unable to explore. Accordingly, we have dispatched two prospecting teams to the Snow Lake to continue exploration in areas where pegmatite-related multi-element anomalies including tantalum and lithium have been documented.”
The mineral tantalite (Mn,Fe)(Ta,Nb)2O6 is the primary source of the metal tantalum. It is a dark blue-gray, dense and very hard mineral rarely found in pegmatites and is used in the electronics industry for capacitors and high-power resistors. It is also used to make alloys to increase strength, ductility and corrosion resistance. The metal is used in dental and surgical instruments and implants, as it causes no immune response.
Currently the metal tantalum sells for approximately $128.50 USD per kg or $128,200.00 per metric ton.
The Company also announces that it has granted 1,000,000 options to acquire common shares in the equity of the Company to certain consultants (the “Options”). Each Option is exercisable into one (1) common share in the equity of the Company at an exercise price of $0.475 per option share, expiring five 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.