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Lithium Property: Zoro Lithium Property

Lithium Property: Zoro Lithium Property

Zoro Lithium Property

Location map for the Zoro-1 claim and recently acquired ground.

Far Resources’  Zoro lithium claim is situated in west-central Manitoba within the historic Snow Lake mining camp (Figure ). Access to the property is by a combination of paved highway and helicopter or by boat from Bartlett’s Landing accessed from Provincial Road 392 and then by All Terrain Vehicle to the property along historic drill roads during the winter months. The hydro line to Snow Lake is 5 km south of the property and the small historic gold mining community of Herb Lake is located about 10 km southwest of the property. A rail link is located at Wekusko siding approximately 20 km south of Herb Lake.

The Company has signed  a letter of understanding to acquire lithium-bearing pegmatite dykes on adjacent Claim Jake 3558 (P3558F) including a 350 metre wide strip along the northeast edge of claim Jake 3558 and a portion of adjacent claims Bert 6304 (MB6304) and Bert 797 (MB797) that are contiguous with the Zoro1 claim (Figure ). This acquisition will expand the property from 0.5 km2 to 3.0 km2, a 600% increase in highly prospective ground. To date, assay results from the lithium-bearing dykes on the adjacent property (Table), are characterized by high grade historic assays.

 
 

The Zoro I Claim covers a significant lithium pegmatite occurrence known as the “Principal Dyke”, It contains an historic “reserve” based on 1956 drilling of 1.8 million tonnes grading 1.4% Li2O to a depth of 305 m.   Far Resources does not treat the historical estimate as current mineral resources or mineral reserves as defined by NI 43-101 as such estimate has not had sufficient work completed by a “qualified person” to classify the historical estimate as current mineral resources or mineral reserves under NI 43-101.

 
 

The historical estimate of 1.8 million tonnes grading 1.4% Li2O is from 1956 for the main dyke (Dyke 1) on the Zoro Lithium property to a depth of 305 metres (1,000 feet) as reported by R. Mulligan, 1965: Geology of Canadian Lithium deposits; Geological Survey of Canada, Economic Geology Report No. 21, p. 80-82.  The key assumptions, parameters, and methods used to prepare this historical estimate are unknown and it is only one of a number of varying historical estimates for Dyke 1.  The final reported historical estimate for Dyke 1 consists of 1,287,550 tons grading 0.967% Li2O to a depth of 660 feet vertically below surface outcrop plus a possible 440,000 tons grading 0.882% to a depth of between 660 feet and 880 feet below outcrop for a total undiluted tonnage of 1,727,550 at 0.945% Li2O, using a dilution factor of 5% (Huston, C.C., Progress Report on Lithium Property, Herb Lake, 1956). However, these historical estimates were based on limited drilling and the historic assay database was not accompanied by a quality assurance and quality control program and sampling and analytical specifics were not reported making the data utilized in formulating the historical estimates limited in its reliability. In addition, no Li2O has been produced from the historical estimates. For these reasons, among others, the historical estimates should not be relied upon as a guarantee of mineral resources or mineral reserves. Actual resources or reserves, if any, may differ significantly. Re-logging of historic drill core to the extent possible, together with detailed geological mapping and additional diamond drilling to confirm the extent of the lithium-mineralized pegmatite at depth and along strike will be required to upgrade or verify the historical estimates as current mineral resources or mineral reserves.  The historical estimates are, however, relevant as a guide to future exploration.

 
 

*Quoted assays cited above are presented as historical estimates 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.

The scientific and technical information regarding the Zoro Lithium Property contained herein has been approved by Mark Fedikow, P.Geo., a consultant of Far Resources and a “qualified person” as defined in NI 43-101.

Lithium is a key component of Li-ion batteries, glass and ceramics, with other uses as far ranging as rocket fuel and lasers.  Lithium-based batteries power everything from mobile phones to electric cars.  The market for batteries is expanding rapidly; by 2020 it is expected to be 10 times its decade-earlier value of 1.5 billion US dollars.  This will be largely driven by electric vehicle sales; global EV sales are projected to be over 400% of their 2015 value by 2025.  As demand rises, new sources of lithium strategically important to the automobile and electronics industries.  The price of lithium, and the share prices of lithium-extracting companies have risen substantially over the past year.  Lithium is a key component for both conventional technologies, and rapidly rising green technologies.

Lithium is a key component of Li-ion batteries, glass and ceramics, with other uses as far ranging as rocket fuel and lasers.  Lithium-based batteries power everything from mobile phones to electric cars.  The market for batteries is expanding rapidly; by 2020 it is expected to be 10 times its decade-earlier value of 1.5 billion US dollars.  This will be largely driven by electric vehicle sales; global EV sales are projected to be over 400% of their 2015 value by 2025.  As demand rises, new sources of lithium strategically important to the automobile and electronics industries.  The price of lithium, and the share prices of lithium-extracting companies have risen substantially over the past year.  Lithium is a key component for both conventional technologies, and rapidly rising green technologies.

Lithium in Manitoba

Manitoba is host to multiple rare metal deposits, including the world-class Tanco lithium-cesium-rare metal pegmatite at Bernic Lake. The Province has stable and well-developed mining and transportation infrastructure.  Manitoba boasts a supportive business climate, mineral exploration-supportive assistance programs and excellent access to geoscience and exploration data that can assist the company in advancing projects in Manitoba.

Surrounding map of claim location of Zoro 1