Far Resources Drills Highest Grade Intercept to Date, 16 Metres of 1.8% Li2O in Deep Drilling at Dyke 1 and 12 Metres of 1.1% Li2O in Newly Discovered Dyke 8
May 7, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far” or the “Company”) is pleased to announce results from its 2018 winter drill program at its Zoro Lithium Project (“Zoro”) near the historic mining community of Snow Lake in mining friendly Manitoba, including drilling the highest grade intercept to date, 16 metres of 1.8% Li2O in deep drilling on Dyke 1. The program consisted of 16 drill holes and 2,472 metres targeting the spodumene-bearing pegmatites on the property (see January 19, 2018 news release; Figure 1). A summary of significant assay results is presented in Table 1.
Toby Mayo, Interim CEO of Far, stated “We are clearly very excited by these results, which show not only the consistency of high-grade mineralisation at depth at Dyke 1, but also the potential for adding significantly to the Company’s future resource base through our ongoing, multi-faceted exploration approach. Furthermore, the recently completed aeromagnetics survey, combined with a planned expansion to the highly successful MMI programme, give us great confidence in adding more high-grade lithium at Zoro. Meanwhile, we are eager to commence drilling at Hidden Lake in NWT, where we expect to achieve similar results in the next month.”
Figure 1. Location of high-grade lithium-bearing pegmatite dykes on the Zoro Lithium Project and a summary of Far drill holes including those drilled in 2018.
Adding to Resource Potential at Dyke 1
The 2018 winter drill program tested Dyke 1 below 150m to assess the continuity of lithium mineralization. Drill hole FAR18-23 intersected 5 metres of 1.6% Li2O confirming the continuation of high-grade mineralization at deeper levels in the dyke. The high-grade nature of Dyke 1 was further confirmed in DDH FAR18-20 intersecting nearly 16 metres of 1.8% Li2O. This intercept represents the highest-grade intercept over significant widths drilled to date on Dyke 1.
New Discovery at Dyke 8
The new discovery of a previously unknown high-grade lithium-bearing dyke was announced March 12, 2018. The drilling targeted a lithium-tantalum Mobile Metal Ions (“MMI”) soil geochemical anomaly. Assay results from drill hole FAR18-35 that tested this new discovery are summarized in Table 1 and include three separate intercepts of high-grade lithium including 12.3 metres of 1.1% Li2O, 4.4 metres of 1.2 % Li2O and 2.2 metres of 1.5% Li2O. These results are interpreted to be comparable to those for Dyke 1 and signify the potential for a second major lithium resource on the property. Additional drilling of Dyke 8 is being planned to expand this new discovery in three dimensions.
Table 1. Summary of drill core assay results from drill holes with >1% Li2O
Confirmation of Grade at Dykes 2, 5 and 7
Narrow intercepts from shallow drill holes testing Dykes 2, 5 and 7 were obtained from this winter’s program. Of these, Dyke 5, tested by drill hole FAR18-30, intersected 1 metre of 1.2% Li2O. Overall the results for each of these dykes were consistent with historic exploration results.
Toby Mayo added: “We are well underway planning our summer exploration campaign for Zoro. In addition, we see great opportunity to add significantly to the value of the project through the upcoming NI 43-101 Technical Report and planned lithium metallurgical test work.”
Exploration is currently being planned to guide the next phase of exploration on the Zoro property. Drilling on the newly discovered Dyke 8 and other MMI anomalies is planned for the summer and a final report describing results of a test drone magnetic survey on a portion of the property is expected shortly. MMI surveys will be expanded to cover areas where outcrop is buried beneath organic and inorganic sediments. Results will be released as they become available.
Metallurgical Test Work and Updated NI 43-101 Technical Report
The Company is currently assessing metallurgical test work programs for the Zoro, and is reviewing proposals for completion of this work. Far expects to begin lithium test work in the coming weeks.
Additionally, Far is updating its internal NI 43-101 Technical Report (the “Report”) to include results from its 2018 winter drill program. When completed, the Company will be releasing the Report, which will include its first non-historic lithium resource.
Grant of Options
The Company also announces that it has granted 1,300,000 incentive stock options to certain directors, officers and consultants (the “Options”). The Options can be exercised into common shares of the Company (the “Option Shares”) at a price of $0.325 per Option Share for a period of five years from date of grant.
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 may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far currently has two areas of interest with mineral projects in place in Canada and the United States. In Canada, Far is actively drilling its Zoro Lithium project located near Snow Lake, MB which covers a number of known lithium pegmatite occurrences. The Fraser Institute has ranked Manitoba as the world’s second best jurisdiction for mining investment. 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; 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 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.
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.