01 Mar Far Resources Signs Definitive Option Agreement for Hidden Lake Project with 92 Resources
MARCH 1, 2018 – Further to its news release of January 23, 2018, Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) announces that it has signed a definitive option agreement with 92 Resources Corp., TSX.V: NTY (“92 Resources”) to acquire up to a 90% undivided interest in the Hidden Lake Lithium Property, Northwest Territories (the “Hidden Lake Project”) .
The Hidden Lake Project consists of five contiguous mineral claims totalling approximately 1,659 hectares within the central parts of the Yellowknife Lithium Pegmatite Belt along Highway 4, approximately 40 km east of Yellowknife.
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 must incur $500,000 in exploration expenditures on or before February 28, 2019 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.
Toby Mayo, Interim CEO of Far Resources, commented, “We are very pleased to complete the option agreement on the Hidden Lake Project which our founding CEO, Keith Anderson, skillfully negotiated and put in place over the last couple of months. The Far Resources’ team is eager to pursue this project and realize its potential. We believe it to be as promising a project as our Zoro Lithium property has proven to be. We have ample funds in the treasury for an exploration program and we are ready to move Hidden Lake forward.”
The Hidden Lake property 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. Recent detailed exploration including mapping and grab and channel sampling has documented the high-grade nature of the lithium in these dykes and have provided the targets for the upcoming drill program by Far Resources.
The First Instalment Shares are subject to a hold period of four months and one day expiring June 29, 2018.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources currently has two mineral projects in place. The Zoro Lithium project covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second project is the Winston project in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a consultant of Far Resources and qualified person as defined under NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Toby Mayo, President
FOR FURTHER INFORMATION, PLEASE CONTACT US AT
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 initial plans for the Hidden Lake Project) 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.