Far Resources Mobilizes Drill to its Zoro Lithium Property to Test Deeper Portions of Dyke 1 and to Test Adjacent High-Grade Dyke Targets
January 19, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce the start of a new phase of diamond core drilling at its Zoro Lithium Property, located near Snow Lake in mining-friendly Manitoba. The Company has received a drill and work permit from the Office of Manitoba Sustainable Development and has mobilized a drill to the Zoro Lithium Property where drilling activity is imminent. The start of drilling is planned for Friday, January 19, 2018.
The Manitoba Government’s office of Sustainable Development has issued a permit to the Company for the drilling of 2000 metres of core. Selection and cutting of drill pad and helicopter landing sites has already begun. The drill program will assess the extension of high-grade spodumene below the 150 m level of Dyke 1 where historic drilling intersected the widest intercepts of spodumene in this dyke. Drilling will also begin to assess high-grade spodumene Dykes 2 through 7 (see news releases dated October 26 and September 7, 2017). Only a few scattered and shallow drill holes were attempted in the mid-1950s in the areas of these dykes. Recent surface exploration by the Company’s prospectors at Dykes 2 and 4 returned rock chip assays with a range of 1.42% Li2O and 2.71% Li2O, respectively. Assays from Dyke 5 range from 1.46% to 6.35% Li2O and 1.35% to 2.91% Li2O for Dyke 7.
Drill core samples will be shipped to Activation Laboratories, an ISO-Certified laboratory for lithium assays and a multi-element suite of elements. The results of these analyses will be released upon receipt of the final lab reports.
The drill and crew are currently being mobilized to the site with helicopter assistance provided by Gogal Air Services. The drill contract has been awarded to Westcore Drilling Ltd. The Company has entered into a letter agreement for the drilling and associated support services in the amount of $350,000 payable in cash and Common shares. The Company has agreed to issue up to 234,000 Common Shares in the equity of the Company at a deemed price of $0.95 per share upon completion of the services with the remainder to be paid in cash.
Keith Anderson, Far Resources’ President and CEO noted, “The start of our helicopter-assisted drilling at Zoro marks the beginning of our ongoing program to assess the deeper portions of Dyke 1 and high-grade Dykes 2 through 7. Historic deep drilling returned the widest intercepts of spodumene in Dyke 1 which we will attempt to confirm with this program. We are also excited about the lithium potential of high-grade Dykes 2 through 7 where no recent drilling has been undertaken. We are looking forward to this next phase in our program on Zoro; we are funded and ready to take this further as results warrant.”
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
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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.