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, where 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’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 expanded their property holdings around the Zoro claim, optioning 2200 ha of contiguous land, plus another 1829 ha through a recent MOU covering.
FAR 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, FAR’s planned winter drill program will expand to Dyke’s 5 and 7, where they will test the historic high-grade lithium drill intersections and recent assay results from trench and outcrop sampling of both dykes.
Far Resources Zoro Lithium project hosts seven identified pegmatite dykes with high grade lithium found in six dykes to date.
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.
February 20, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that further to its news release of February 16, 2018, the Company has completed a private placement financing (the “Financing”). The Company increased the size…
February 16, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) wishes to advise that the private placement announced on December 7, 2017 was not completed. The Company has granted 250,000 options to certain consultants and insiders as of February…
February 13, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to report that initial drilling has intersected wide zones of spodumene in Dyke 1 on their Zoro Lithium Property near Snow Lake Manitoba. The Company expects to…