27 Jun Far Resources Completes Drill Program at its High Grade Hidden Lake Lithium Project, NWT and Confirms Spodumene Mineralised Pegmatite in Every Hole
June 27, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce it has successfully completed a ten hole, 1,079 m drill program at its 1,849 hectare high-grade Hidden Lake Lithium Project near Yellowknife, NWT, with spodumene mineralised pegmatite intersected in every hole drilled.
The drill program targeted pegmatite with high-grade lithium assays in surface outcrop channel samples and assessed the widths and extent of the four target pegmatite dykes at depth. Recently collected channel samples defined significant lithium mineralization over substantial intervals for each of the four surveyed dykes, including a maximum value of 1.75% Li2O over 6.01 metres. Surface exposures of the pegmatite are laterally continuous for up to 800 m but are locally overlain by organic and inorganic soil so their total strike length is likely greater.
“This is the first program of drilling ever to be completed at this exciting project. The presence of spodumene at depth in every hole shows the potential for making a significant discovery at Hidden Lake,” commented Toby Mayo, CEO and President. “Furthermore, this round of exploration will have met the requirements for the first stage of our option on the property, taking our ownership to 60%.”
The property is located approximately 45 km east-northeast from Yellowknife and can be reached by the all-weather Ingraham Trail Highway (Highway 4), and/or by charter helicopter or float plane.
Ten drill holes were completed on pegmatite dykes HL-001 through HL-004 (see Figure 1). Drill hole specific information is provided in Table 1 below.
Spodumene-bearing pegmatite was intersected in each hole varying from 2.65 m to 11.12 m. The spodumene was present in drill core as <1 cm aggregates of anhedral ragged crystals to elongate subhedral laths that were up to 12 cm in core length. Their colour varied from light green to whitish green and occurred in association with potash feldspar, albite, quartz, lesser muscovite and rare tourmaline. Variable hematitic and potassic alteration was observed in some pegmatite drill core intersections. Host rocks to the pegmatites are quartz-biotite-cordierite aluminous metasediments.
Pegmatite intersections in the drill core have been sawn in half and one half of the sample collected for assay. A total of 197 core samples have been shipped to SGS Mineral Services (Vancouver) for lithium and multi-element analysis including over-range lithium. The samples will be digested with a sodium peroxide fusion followed by ICP-OES/MS analysis. Results are pending but will be reported when assays are received.
About the Company
Far Resources is actively drilling its Zoro Lithium project located near Snow Lake, Manitoba, which covers a number of known lithium pegmatite occurrences. The Company has recently acquired an option on the Hidden Lake Property in NWT and is initiating drilling for continuity of spodumene mineralization to depth. In the United States, the Company owns the Winston project in New Mexico, an historic mining property with additional potential for silver and gold. Please visit our website at www.farresources.com for full details on our current projects.
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Toby Mayo, President and CEO
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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 (including our planned exploration for the Winston Project and the Zoro Lithium Property) 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.