Vancouver, BC (FSCwire) - Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTCPK:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce the continuation of its exploration program at its Zoro Lithium Property. This includes the newly recognized extension of Dyke 1 exposed by outcrop stripping and mapping, ongoing soil surveys and preparations for a winter drill program.
Geologic Mapping and Prospecting
A review of historic assessment information followed by outcrop stripping and field mapping has defined the extension of Dyke 1. The extension is approximately 75 metres long and extends from the north end of Dyke 1 in a northeast direction. Dyke 1 hosts an historic resource of 1.8 million tons grading 1.4% Li2O.
The mineral reserve cited here is presented as an historical estimate and uses historical terminology which does not conform to current standards, and as such should not be relied upon. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-10 and therefore should not be relied upon.
Soil Surveys
Field crews are returning immediately to the field after a break from soil sampling. They will continue the surveys in highly prospective soil-covered ground recently optioned from Strider Resources. To date, 269 soil samples have been collected and shipped to SGS Mineral Services (Vancouver) for Mobile Metal Ions soil geochemical analysis. This method has proven to be effective in identifying the presence of soil-covered extensions of buried lithium-bearing pegmatites on the property. Analyses will be reported in news releases as data becomes available.
Winter Drill Program
As part of a planned drill program the Company intends to test the newly identified Dyke 1 extension and additional high-grade lithium-bearing dykes on the property. Prior to the actual drilling, soil will be stripped from the Dyke 1 extension and from other high-grade lithium dykes at Zoro using mechanized stripping. The removal of soil from buried outcrop will expose additional high-grade lithium-bearing pegmatite dykes which will assist the siting of drill holes.
President and CEO, Keith Anderson states: “We are extremely pleased with the efforts of our technical and prospecting team who are responsible for the identification of the Dyke 1 extension beneath soil and snow cover. This provides us with additional drill targets on Dyke 1 which to date hosts the majority of our high-grade pegmatite-hosted lithium as indicated in core from our drill holes. We are planning to use mechanized equipment to expose additional pegmatite outcrop on the property that hosts high-grade lithium. This will ensure the best possible siting of drill holes for our planned winter drill program. Our successful soil geochemical surveys are also being continued as we continue to assess lithium potential on our newly acquired option ground”.
Spin Out by Plan of Arrangement
The Company also reports that it is progressing with its preparations for the spin out of its Winston Project and that a meeting will be held in the new year to present the proposed plan of arrangement to shareholders. More details on the proposed plan of arrangement are available in its previous news release dated October 4, 2017.
Private Placement Financing
The Company is pleased to announce it has completed a financing to raise funds to be used for the Company’s communications program (the “Financing”). The Company is committed to keeping stakeholders informed of its progress in furthering exploration at the Zoro Lithium Property. The funds raised pursuant to the Financing are specifically targeted for the communications program, in this way the Company continues to maintain the cash it has on hand for its exploration program. The Financing consists of 192,307 units (the “Units”) at a price of $0.78 where each Unit is comprised of one common share and one half of one common share purchase warrant (the “Warrants”). Each whole Warrant is exercisable into one common share in the equity of the Company (the “Warrant Shares”) at an exercise price of $0.90 per Warrant Share. The Warrants expire one year from date of issuance. The issuance of securities described in this news release are subject to acceptance by the Canadian Securities Exchange. All amounts quoted in this news release are in Canadian funds.
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 has two option agreements in place. The Zoro Lithium Property 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 option is on the Winston Property 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 updated 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.
