Far Resources Discovers Eighth Lithium-Bearing Pegmatite Dyke on Zoro Project, Snow Lake, Manitoba and Completes Winter Drill Program
March 12, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased is pleased to announce the discovery of a previously unknown spodumene-bearing pegmatite dyke at its Zoro Lithium Project, located near the historic mining community of Snow Lake, Manitoba. The discovery was made during the 2,472-metre, 19-hole drill program, as described in previous news releases on January 19 and February 13, 2018, which is now complete. The discovery of this additional dyke was made during the drill-testing of a Mobile Metal Ions (MMI) soil geochemical anomaly bringing the total of known high-grade dykes on the Zoro Lithium Property to eight.
Toby Mayo, Interim CEO, commented: “We are excited to be able to report this discovery made during our winter drill program at Zoro. The additional lithium-bearing dykes on the property are extremely encouraging and once we receive more assay data, further drilling will be planned. We have found consistently that we can expect excellent lithium grades when associated with observed course-grained spodumene in core. By drill testing an MMI soil geochemical anomaly, we can see beneath overburden. This approach successfully allowed us to track and discover additional lithium resources on the property during this most recent program, and the presence of this previously unknown dyke shows the potential for further discovery on the Zoro property.”
This winter’s drill program was designed to test the deeper portions of Dyke 1 for the extension of spodumene and to assess the additional historic dykes on the property for their lateral and vertical extent of spodumene mineralization. No modern drilling had been undertaken on the additional dykes since the mid- to late 1950s. Visual results from the 2018 drill program are summarized in Table 1 below with assays pending.
Wide drill intercepts of spodumene at Dyke 1 of up to 35.1 metres at a maximum depth of 265 metres below surface are reported in Table 1. The spodumene in these intercepts is the typical light green variety in individual fine- to coarse crystals and aggregates of crystals. Spodumene zones in dykes 2, 4, 5 and 7 vary in drill intercept widths of between 1.5 and 6.3 metres. Dykes 3 and 6 were not tested by this drill program.
Table 1. Summary of drill results from Far Resources 2018 drill program at the Zoro Lithium property, Snow Lake area, Manitoba.
Of particular interest in the drill results from this winter’s program is the intersection of up to 36.5 metres of spodumene-bearing pegmatite in holes Far18-34 and -35. These drill holes were collared to test a lithium and tantalum MMI soil geochemical anomaly defined by surveys undertaken in 2017. Multiple geological and MMI geochemical anomalies remain untested on the property.
Core was logged, sawn and sampled in Snow Lake and shipped in batches to Activation Laboratories of Ancaster, Ontario, an ISO-certified laboratory. A total of 271 samples were collected from the core. Assays will be undertaken using the analytical package “UT-7” and will test the samples for lithium, tantalum and a multi-element suite of metals. Results of these assays are pending and will be released upon receipt of the final lab reports, once data has been compiled.
Toby Mayo, Interim CEO, added, “The wide intercepts of spodumene mineralization in deeper levels of Dyke 1 at Zoro provides us with the confidence that high-grade lithium mineralization is present at depth and can be traced from surface and shallow levels in the dyke. We look forward to the opportunity to move towards completion of an NI 43-101 report and a three-dimensional model for grade and tonnage.”
About the Company
Far Resources Ltd. is an exploration company with three mineral projects in Canada and the United States. In Canada, Far Resources is actively drilling its Zoro Lithium project located near Snow Lake, MB, 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 currently assessing its exploration strategy for this new acquisition. In the United States, the Company owns the Winston project in New Mexico, USA, another historic mining property with potential for silver and gold. Like Manitoba, New Mexico is listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. 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
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.