10 Sep Far Resources Earns First Option and Receives Drilling Results for its Hidden Lake Project, NT, Including Numerous High-Grade Intercepts of up to 1.6% Li2O over 9.2 metres
September 10, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far” or the “Company”) is pleased to announce the results of its spring 2018 drilling programme at its high-grade Hidden Lake Lithium Project, near Yellowknife, NT, including 1.6% Li2O over 9.2 metres.
This inaugural drill program at its 1,849 hectare Hidden Lake Lithium Project (the “Project”) (Figure 1) targeted pegmatite with high-grade lithium assays of up to 1.75% Li2O in surface outcrop channel samples and assessed the widths and extent of the four target pegmatite dykes at depth. Far received assay results for 197 core samples collected from 1,079 m of drilling at ten holes. Assays were completed by SGS Mineral Services at its Lakefield facility.
Each of the targeted pegmatite dykes, HL-001 through HL-003 and D-12, is marked by high-grade Li2O assays of 1.0% to 2.0% over widths that vary between 2.0 m and 9.2 m. The high-grade nature of these spodumene-mineralized pegmatites coupled with the demonstrated favourable metallurgical characteristics demonstrated by previous operators makes these drill results significant. Assay results are summarized in Table 1.
Table 1. Summary of assay results, Phase 1 drilling, Dykes 1 to 4, Hidden Lake Lithium Project. Lengths do not represent true widths
|BHID||Li2O (%)||Ta (ppm)||Length (m)|
Toby Mayo, President and CEO of the Company, stated: “Clearly we have another great project at Hidden Lake. These high-grade lithium and tantalum results show the potential for delineating significant, possibly zoned mineralization across multiple dykes. Our strategy now will be expansion of our programme at the Project to build on the success we have demonstrated in Phase 1 drilling—and during four programs at Zoro in Manitoba—to build shareholder value and grow a significant lithium portfolio. We are excited by what this new chapter will bring.”
The Company is currently in the process of planning the next phases of exploration at Hidden Lake. These will include: (1) Mobile Metal Ions (“MMI”) soil sampling, as used to great success at the Company’s Zoro Lithium Project in Manitoba; (2) geological mapping; and (3) a second round of diamond drilling. This programme will allow the Company to continue working towards earning more of the Project through its option agreement with 92 Resources Ltd.
Ten drill holes were completed on pegmatite dykes HL-001 through HL-003 and D-12 (Figure 1). Drill hole specific information, including core samples collected for assay, is provided in Table 2. Pegmatite intersections in the drill core were 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 were digested with a sodium peroxide fusion followed by ICP-OES/MS analysis.
Figure 1. Summary of targets, Hidden Lake 2018 drill program, Yellowknife area, NT
All spodumene-bearing dykes tested by the Phase 1 drill program intersected high-grade 1.0-2.0% Li2O over widths that varied from 2.0 to 9.2 m. The assay results for Phase 1 drill core confirm the presence of high grade spodumene-bearing pegmatite dykes on the property thereby confirming the historic assay results from surface channel samples and satisfying the initial objective of the Hidden Lake drill program.
Based on the Phase 1 drill and assay results a drill program will be planned to assess the vertical continuity of these dykes at depth including widths and grades of Li2O.
Table 2. Drill hole and core sample summary, Hidden Lake lithium project
|DYKE||DRILL HOLE||UTM EAST||UTM NORTH||TOTAL LENGTH (m)||PEGMATITE INTERCEPT (m)||WIDTH (m)|
About Hidden Lake
The Hidden Lake Lithium Project consists of multiple northeast- and northwest-trending high-grade lithium-bearing pegmatite dykes. The dykes are intermittently exposed at surface over a distance of up to 800 metres and are readily accessed by a combination of major highways and historic drill tracks and roads. Prior to this drill program, recent detailed exploration including mapping and grab and channel sampling has documented the high-grade nature of the lithium in these dykes. The Project, which covers 1,849 hectares, is located approximately 45 km east-northeast from Yellowknife and can be reached by the all-weather Ingraham Trail Highway (Highway 4).
The Company has made initial option payments of $50,000 cash and 555,555 common shares at a price of $0.90 per share (the “First Instalment Shares”) to 92 Resources and has incurred the required $500,000 in exploration expenditures to earn an initial 60% undivided interest in the Hidden Lake Project. Thereafter, Far shall be entitled to earn up to an additional 30% interest (90% in total) in the Hidden Lake Project by issuing a further $950,000 in common shares to 92 Resources and incurring an additional $1,800,000 in exploration expenditures over the ensuring three year period as more particularly disclosed on January 23, 2018.
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.
Steve Hosein: email@example.com
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.