Far Resources is currently exploring and developing their promising Zoro Lithium project in the Snow Lake region of Manitoba. With the Zoro project, FAR has access to known historic deposits of lithium bearing spodumene pegmatite. The project includes seven identified pegmatite dykes; historic resource extraction has been completed on only one of the dykes, Dyke 1, in the 1950’s, leaving six dykes to explore and develop.
Through successful work programs conducted in 2016, Far Resource’s prospecting and sampling confirmed the presence of lithium in the spodumene bearing pegmatites. Three drill programs have been completed to date, delivering high-grade lithium assays from all drill holes. In 2017, Far Resources expanded their property holdings around the Zoro claim, optioning 2200 ha of contiguous land, plus another 1829 ha through a recent MOU.
Far Resources plans to further assess the amount of high-grade lithium spodumene in Dyke 1 through a winter drill program, reaching the dyke’s deeper levels (>150). Additionally, the planned winter drill program will expand to Dykes 5 and 7, to test the historic high-grade lithium drill intersections and recent assay results from trench and outcrop sampling of both dykes.
WHAT MAKES FAR RESOURCES DIFFERENT?
PROJECT
Far Resources Zoro Lithium project hosts seven identified pegmatite dykes with high grade lithium found in six dykes to date.
- Historical drilling on Dyke 1 indicated a 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). The company has completed three drill programs on Dyke 1 delivering confirmatory and high-grade lithium assays from all drill holes.
- Phase three drilling on Dyke 1 produced higher grade intervals including 2.19% Li2O over 4 m and 3.12% Li2O over 1 m. Drilling expanded the dimensions of the known resource on Dyke 1 and confirmed width and grades comparable to other more advanced lithium deposits.
- A winter drill program is planned to assess deeper levels (>150 m) of Dyke 1 to extend the amount of known high-grade lithium spodumene as well as to test recent high grade assay results from trench and outcrop sampling at Dykes 5 and 7.
- A recent high-grade drill intercept of tantalum accompanied elevated tantalum and niobium in samples of drill core, outcrop and soils.
TIMING
The energy storage revolution is generating high demand for lithium with some analysts forecasting order-of-magnitude demand increases.
Battery giants are scaling up lithium-ion production with mega factories while actively acquiring raw materials through long-term offtake agreements.
Companies already producing lithium are attempting to increase production. However, the majority of current production (both brine and hard-rock operations) are capacity constrained with geopolitical risk affecting some of the world’s major production areas.
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.
LATEST NEWS
Far Resources Prepares to Mobilize Drill to its High-Grade Hidden Lake Lithium Project, NWT and Retains Renmark Financial Communications Inc.
May 15, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far” or the “Company”) is pleased to announce it will be mobilizing a drill to its high-grade Hidden Lake Lithium Project, NWT, on May 20, 2018, targeting high-grade lithium-bearing pegmatites with an initial minimum…
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…
Far Resources to Mobilize Drill Rig to Hidden Lake Lithium Project, Northwest Territories in Early May, Completes Drone Magnetics Survey at Zoro, Manitoba and Provides Update on Pending Zoro Assays
April 23, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that it will be mobilizing a drill rig to its Hidden Lake Lithium Project (the “Hidden Lake Project”) in the second week of May. Extensive…