VANCOUVER, British Columbia, May 26, 2021 (GLOBE NEWSWIRE) -- FAR Resources Ltd (CSE:FAT) (FSE:FOR) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”) is pleased to provide more details on the geological setting of its Winston Gold and Silver project in New Mexico. The Winston Project covers 42 square miles of the northern portion of the Chloride District, situated in the Black Range of southwestern New Mexico.
The Winston Project is comprised of the Little Granite, Ivanhoe, and Emporia claims situated in the heart of the historically prolific Black Range (Chloride-Grafton) Mining District, 30 miles North-West from Truth of Consequences, New Mexico, US. The Chloride-Grafton district was a major gold-silver mining camp first discovered in 1880 and produced tons of silver before abandonment in 1893 due to a historic crash in silver prices. The Emporia, Ivanhoe and Little Granite claims produced from shallow near surface veins.
The Winston gold and silver exploration property exhibits a style of mineralization known world-wide and hosts some of the highest grade gold-silver mines, such as Hishikari in Japan and Midas in Nevada. Locally, the mineralized veins are generally associated with north-south trending faulting. The overall controlling geological feature is known as the Rio Grande Rift, and extends into northern Mexico where it hosts to several past and present silver mines.
The Chloride District is located at the intersection of 3 prolific metallogenic provinces:
- The Laramide Porphyry Copper Province (Hillsboro Mine 60km south).
- The Rio Grande Rift and related N-S basin and range faulting carries through Chihuahua and Coahuilla hosting prolific Carbonate Replacement Deposits (CRD) such as Santa Eulalia and Kingston, NM to the south and extending northward to the Creede District in Southwestern Colorado.
- The Sierra Madre Occidental, the largest Tertiary Volcanic Province on the planet, is located immediately west of the CRD belt and hosts the prolific Mexican Epithermal Precious Metal Belt. Volcanism related to the subducting Farallon plate extends from the southern Colorado Plateau all the way South to the Trans-Mexican Volcanic Belt in Jalisco State, Mexico.
Crustal extension related to back-arc tectonics led to a crustal-scale rifting event locally which transitions to a mobile belt in the south (Rio Grande Rift through Chihuahua-Coahuilla Mobile Belt). Structural controls of the epithermal mineralization such as that seen on the Winston properties are largely related to the early extension along the Rio Grande Rift corridor.
The local volcanic stratigraphy consists of an early sequence of andesitic volcanics (Rubio Peak Formation) overlain by more felsic, caldera-sourced rhyolites. In the Winston project area, additional younger andesites of the Poverty Creek Formation overlie the rhyolitic Kneeling Nun Tuffs of the Emory Caldera.
Vein adularia age dates from the Chloride District show two separate stages of vein mineralization. An early base metal-silver rich group at the Bald Eagle Mine returned age of 28.9 to 1.1 Million years ago. Vein adularia from the Silver Monument, St. Cloud, Hoosier and Minnehaha all returned ages of approximately 26.5 to 1.0 Million years ago. The second stage of vein mineralization is the primary target in the Winston Project Area.
Far Resources will initially be focusing its drill efforts on Ivanhoe and Emporia mines and in keeping up with the company's high standards of green energy conservation, all efforts will be made to minimize the impact to the environment as much as possible. Low impact methods such as LiDAR surveying will be used to guide its prospecting, as well geological mapping and modern lightweight, low impact drill equipment will be used as the focus will be on the southern part of the company's landholdings.
John Gammack, CEO and President of Far Resources states "We can't understate the significance and value of The Winston Gold/Silver Property. If I can expand into the history, The San Juan volcanic field lies mostly within the southwestern border of Colorado but extends into portions of northwestern New Mexico and covers our Winston property. In Colorado this is well known as The Creede Mining District, representing one of the most prolific intermediate sulfidation-state, yielding 4.1 million tonnes of ore since 1889. We are excited at the possibilities of the upcoming drill program will bring for our Winston Gold/Silver Project as it's been untouched since the 80's after gold and silver saw a downward turn and the project was abandoned.”
The technical content of this news release has been reviewed by Dr. Michael Feinstein, CPG, who is a Qualified Person as defined under NI 43-101.
On behalf of the board of directors,
FAR Resources 100 percent owned Winston Gold and Silver Project explores Ivanhoe, Emporia and Little Granite Mines in the Black Range of New Mexico USA. Each mine is known for its historic production of its high-grade gold and silver grade ores, and includes recent samples of 4610 g/t silver and 66.5 g/t gold. The Black Range district was mined extensively in the 1980s, but has seen little activity since. Full data tables and info can be viewed here on pages 14, 17,19 and 20 : https://farresources.com/images/investors/presentation/precious_metals_deck/precious_metals_deck_revised-26Mar2021.pdf . Far Resources also has its ZORO Lithium Project, in CANADA, located in the mining -friendly Snow Lake region of Manitoba and containing numerous known lithium deposits. The Company also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories.
President and CEO
Far Resources Ltd.
+1 (604) 374-5561
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.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, 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.