05 Sep Far Resources Files NI 43-101 Technical Report on Zoro Lithium Project
September 5, 2018 – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce it has filed the first ever Technical Report (the “Technical Report”) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects for Dyke 1 on its Zoro Lithium Project (“Zoro” or the “Project”) located in mining friendly Manitoba near the historic mine centre of Snow Lake. The Technical Report provides detailed information on Far’s maiden mineral resource as part of Dyke 1. This resource covers one of many under-explored lithium-bearing dykes on the property. The Zoro Lithium Project (“Zoro” or the “Project”) is located in mining friendly Manitoba near the historic mine centre of Snow Lake. The Technical Report, dated July 6, 2018, was authored by Scott Zelligan, P.Geo.
Zoro Lithium Property
Far commissioned the Technical Report to support its ongoing exploration and development initiatives. The main objective of the Technical Report is to update both the historic information and to analyze and describe the recently discovered lithium-cesium-tantalum-bearing pegmatite dykes on the Project. This update, based on exploration to date and using the Company’s assembled geoscientific database, demonstrates sufficient technical merit to continue the assessment of known pegmatite dykes to continue to explore for repetitions of this style of mineralization.
To this end, Far is pleased to announce that a base case maiden inferred resource for Dyke 1 has been calculated as 1,074,567 metric tonnes grading 0.91% Li2O at a cut-off grade of 0.3% (the “Inferred Resource”). The full sensitivity analysis of tonnage and grade is summarized below in Table 1, based on various Li2O cut-off percentages. The Technical Report documenting this estimate and the methodologies and procedures used to establish same will be available today under the Company’s profile on SEDAR.
Toby Mayo, President and CEO of Far, commented: “This Inferred Resource is a required step in derisking the project. Exploration at Zoro has continued throughout the summer, and we are currently planning our Winter 2018/19 drilling program. Dyke 1 remains open along strike and at depth. We have numerous targets both in exposed dykes and by way of multiple MMI soil geochemical targets. The work being completed at Zoro this summer will add significantly to this list of targets. We look forward to drills turning later this year and in the meantime, we are pleased to have pre-emptively and proactively initiated of the Technical Report’s program recommendations.”
The Technical Report also includes the following recommendations, all of which have been initiated or are part of the Company’s ongoing exploration efforts at Zoro:
- Complete detailed geological mapping for the property and assess any structural characteristics relevant to an improved understanding of the emplacement and possible repetitions of Zoro pegmatites.
This mapping has been completed by David Benn under the supervision of Dr. Robert Linnen (University of Western Manitoba) and Dr. Tania Martins (Manitoba Geological Survey) during the summer 2018 program. The map and findings are currently being compiled.
- A mineralogical and metallurgical program for Zoro Dyke 1 is strongly recommended.
A metallurgical study has been initiated and will be carried out by SGS Lakefield. The Winter 2018/19 drilling program will collect additional material for the met study. Meanwhile, Drs. Linnen and Martins are overseeing mineralogical studies on core collected from Dyke 1 during the summer.
- Soil geochemical surveys using Mobile Metal Ions (“MMI”) technology is strongly recommended given the success of drill testing an MMI anomaly by drill hole FAR18-035. This method should be applied where extensions of lithium-bearing pegmatite below overburden are sought and routinely in areas deemed to be highly prospective for lithium-bearing pegmatite but where no surface outcrop exposure is available.
MMI sampling has been completed at Zoro, with approximately 750 samples taken to extend our understanding of the potential for additional dykes.
- Diamond drilling should target the remaining pegmatite dykes exposed on the property with the aim of ascertaining the physical size and extent of the main or historic dyke in three dimensions. The deeper sections of Dyke 1 may warrant additional drilling. Drill testing of defined MMI anomalies is mandatory based on results to date.
Drilling is currently being planned for the Winter 2018/19 program. This plan will be taking into account the results of the geological mapping and results from the summer MMI sampling.
The total budget for the above programs has been estimated in the Report at CAD $885,500.
Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.
Please also refer to the Company’s news release of July 6, 2018 entitled “Far Resources Announces Maiden Resource for Dyke 1 at Zoro Lithium Property, Snow Lake, Manitoba” for additional background information.
The Zoro Property is located near Snow Lake, MB where exploration and development services and personnel are readily accessible and is in close proximity to an established infrastructure of roads, power and rail lines. Manitoba is a favourable location for mining in terms of regulation, support and power cost, ranking as second most attractive jurisdiction for mining investment by the Fraser Institute in 2016.
Chain of Custody, Quality Control and Quality Assurance, and Data Verification
Drill core for assay purposes was sawn in half after logging and core mark-up by the Company’s geologist. Samples were collected based on an appropriate sample interval and washed to remove mud from the core saw. The core sample was placed into a clear plastic bag and the sample number written on the bag. An assay tag was inserted into the sample bag, one tag was inserted into the core box marking the sample location and the third tag was retained in storage. All core samples were placed into a white vinyl pail with a sample inventory, labelled and stored in a locked facility until enough samples were available for shipping. At this point the sample pails were taken to the local shipping company and loaded into a sealed transport truck. A bill of lading was signed by the geologist after the number of sample pails were counted and the shipping address confirmed. Receipt of the sample pails was acknowledged by the assay laboratory.
All data used to estimate the above reported mineral resource, including sampling, analytical, and test data, has been verified by Scott Zelligan, P.Geo., from the original sources. This includes a site visit to the Zoro Property, review of previously drilled intervals in person, and a comparison of the drillhole database to drill logs and assay certificates.
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 has a program in progress for continuity of spodumene mineralization to depth. In the United States, the Company controls 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 Scott Zelligan 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 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.