Far Resources Prepares for Upcoming Drill Program at its Zoro Lithium Property, Snow Lake, Manitoba
October 6, 2016 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to provide an update on the upcoming drill program at its Zoro Lithium Property. Field crews working on the Zoro Lithium Property in Snow Lake have completed prospecting, mapping and initial preparations for a planned 1200 metre drill program. Collar locations for the upcoming drill program have been adjusted based on an ongoing interpretation of historic data and new field observations by Far Resource’s crew.
During the recent prospecting program, a total of 47 pit and trench locations were located and mapped resulting in the definitive location of Dyke 6, a historic spodumene-bearing pegmatite dyke. Previously information from assessment files in the Manitoba Mining Recorder’s office had been insufficient to establish the location of Dyke 6. Additional pegmatite-bearing outcrop was also located on the property.These outcrops show no evidence of exploration and will be the focus of additional field work in the future.
Subsequent to the Thanksgiving holiday, Far Resource’s crews will re-visit the Zoro property to cut drill and helicopter pads in preparation for their planned drill program.
About the Zoro Lithium Property
Far Resources’ Zoro Lithium Property is comprised of the optioned Zoro1 claim covering approximately 52 hectares near Wekusko Lake in western Manitoba (see news release dated April 28, 2016); and a 100% interest in pegmatite dykes on contiguous ground to the north east, optioned from Strider Resources Limited (see news releases dated June 26, 2016 and August 10, 2016). The ground optioned from Strider increased the Zoro property from 0.5 km2 to 3.0 km2, a 600% increase.
The Zoro Lithium Property covers a number of known lithium pegmatite occurrences, one of which contains an historic “reserve” based on 1956 drilling on the “Principal Dyke” of 1.8 million tonnes grading 1.4% Li2O. The mineral reserve cited above is presented as an historical estimate and uses historical terminology which does not conform to current standards, and as such should not be relied upon. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-10 and therefore should not be relied upon.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange underthe symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Please visit our newly updated website at www.farresources.com for full details. 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 has option agreements in place on the Zoro Lithium Property in Manitoba, Canada and the Winston Property in New Mexico, USA. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
The scientific and technical information regarding the Zoro Lithium Property contained in this news release has been approved by Mark Fedikow, P.Geo., a consultant of Far Resources and a “qualified person” as defined in 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 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.