06 Sep Far Resources Completes Summer Field Program at its Zoro Lithium Project in Manitoba
September 6, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce field work, including Mobile Metal Ions Technology (“MMI”) soil geochemical surveys, geological mapping, drill core sampling and prospecting have been completed on the Zoro property. A total of 784 soil samples were collected based on sampling protocols established early in the exploration program.
Mapping and prospecting in the areas of existing MMI anomalies did not indicate an obvious source for the elevated lithium responses. This is significant as it demonstrates the power of the geochemical technique to pierce through the overlying glacial till and other overburden cover, as proved by hole FAR18-035, which intercepted significant lithium mineralization under cover at Dyke 8.
Toby Mayo, CEO and President of Far Resources Ltd. stated: “Despite the clear disconnect between the share price performance of lithium explorers and the underlying industry—driven by the ongoing shift towards electric mobility—the fundamental supply and demand case for lithium remains extremely robust. Our commitment to Zoro and our ongoing programmes at the Project reflect our belief that lithium demand will continue to grow; we will be well-positioned to meet that demand as we develop Zoro through staged, strategic exploration.”
All 784 samples have been received by SGS Canada Inc. in Vancouver, BC. Results will be released once analysis and QC has been completed. A geological map is in production with an expected completion during November.
Mobile Metal Ions Surveys and Diamond Drill Program
The MMI surveys were undertaken in areas of known lithium-bearing pegmatite to provide vectors for extensions of the dykes and to provide new drill targets in areas of no known pegmatite dykes. The successful drill testing of a MMI anomaly in 2017, which led to the discovery of Dyke 8, provided the rationale for expanding these surveys to the remainder of the property. Samples were collected on 50 metre staggered centres using Dutch augers.
Surveys in 2017 and new samples collected in 2018 are depicted in Figure 1.
Figure 1. Summary of MMI soil samples collected in 2017 (green) and 2018 (black), Zoro Lithium Project, showing anomalies from 2017 for further follow-up.
Combined results for 2017 and 2018 MMI surveys will be integrated with Far Resources geoscientific database consisting of new geological mapping results, previous drill results and related assays to select drill targets for 2018. The Company is planning an Autumn drill program to test lithium MMI anomalies pending accessibility to and viability of establishing drill sites in the area of MMI anomalies prior to freeze-up.
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
FOR FURTHER INFORMATION, PLEASE CONTACT
Renmark Financial Communications Inc.
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Tel: (416) 644-2020 or (514) 939-3989
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, the Zoro Lithium Property and the Hidden Lake 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.