Far Resources extends Dyke 8, significantly expands pegmatite field, and prepares for summer exploration at its Zoro Lithium Project, Manitoba
VANCOUVER, British Columbia, July 03, 2019 (GLOBE NEWSWIRE) -- Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to announce that it has received and processed assay results from the fifth drilling programme at its 100% owned Zoro Lithium Project, near Snow Lake, Manitoba.
Five new pegmatite dykes have been identified during this campaign, bringing the total number to thirteen, and Far’s systematic exploration now confirms extent of the Zoro dyke field over an area of at least 1,000 hectares. This represents only one third of the 3,005 ha Zoro property, showing the potential for extensive growth in the existing resource base.
Drilling has also extended the limits of high-grade lithium-bearing pegmatite at Dyke 8, which has now been intersected by six holes from two drilling campaigns.
A total of 3,054 metres of drilling was completed in 22 holes during this exploration campaign, including holes drilled for metallurgy on the Dyke 1 pegmatite.
Assay and Drill Results — Extension of Dyke 8 and Major Expansion of Pegmatite Field
Dyke 8 (D8) has been intersected by six holes for a total of 682.5 m in two drill programmes. It has now been defined over a strike length of 85 m, with down dip intersections of 100 m and true thickness of up to 15 m. D8 remains open in all directions, with unlimited potential indicated by the drill results to date. Table 1 summarises the assay results for D8.
The five new dykes with drill intercepts of between 0.6 m and 13.4 m were discovered by targeting modest single and multi-sample Mobile Metal Ion soil geochemical lithium anomalies in the northern portion of the Zoro property. Although the newly discovered dykes have low abundances of spodumene and accordingly low Li2O assay results, the expansion of the pegmatite field both north and south of the previously known pegmatites is encouraging and shows the potential for significant resource growth.
|Hole||Li2O (%)||From/to (m)||Length (m)|
|FAR18-39||0.91||42.2 — 50.7||8.5|
|FAR18-40||1.57||84.25 — 85.1||0.85|
|FAR18-41||0.44||19.7 — 21.15||1.45|
|FAR18-58||0.45||105.5 — 107.5||2.0|
|0.45||109.5 — 120.95||11.95|
|includes 0.96||114.95 — 118.95||4.0|
Table 1. Assay results from drilling at newly tested D8, Snow Lake, Manitoba.
The potential for the discovery of additional lithium-bearing pegmatites below till cover on the Zoro property is unlimited. This programme has shown that there is no preferred lithologic host rock for the pegmatite dykes and there still remains large gaps where no exploration has been undertaken.
One such gap is the 3 km area between Dyke 1 (D1), where 1.1 million tonnes of Li2O grading 0.91% has been delineated to date, and newly discovered pegmatite Dyke 12 (D12) in the far north of the property (Figure 1). This new dyke was intersected over 13.4 m and like all other newly discovered pegmatites has only been tested by a single drill hole. Similarly, the new discovery of pegmatite dykes south of the D1 resource illustrates the potential for further discoveries and expansion of the field to the south, where exploration has been extremely limited to date.
Multiple lithium MMI anomalies defined by exploration on the property in the summer of 2018 remain untested during this drill campaign, both to the north and north-west of the main dyke swarm.
Exploration Programme for 2019
A summer exploration program is being planned for the Zoro property in those areas where no exploration has been undertaken to date. The plan is based on a “boots on the ground” approach using prospecting teams supported by LIDAR imagery to assess areas of visible outcrop or where overburden cover is shallow. Mechanical stripping will be considered for areas where pegmatite is observed in outcrop or suspected. In support of this plan an application has been submitted to the Manitoba Office of Sustainable Development for work permits related to this program.
Core sample assays were undertaken at Activation Laboratories (Ancaster, Ontario) for lithium and a multi-element suite of elements referred to as UT-7. This method is based upon a sodium peroxide fusion which captures total amounts of lithium and related elements in the sample.
Preliminary Metallurgical Test Work Update
Positive preliminary results of ongoing metallurgical work by SGS Canada Inc. at their Lakefield facility have been received. The metallurgical work is based on representative core samples of spodumene-bearing pegmatite from the north, central and south portions of the D1 pegmatite.
In terms of the dominant mineral species in the pegmatite, spodumene hosts 3.66% Li; various micas average 2,200 ppm Li and tourmaline about 1,000 ppm. Trace amounts of lithium-bearing Fe-Mn phosphates are documented however these minerals are in insignificant amounts.
It has been determined that greater than 97% of the Li in the pegmatite occurs in spodumene.
The company is also pleased to announce that it has completed a second financing with Alumina Partners of New York for total proceeds of $100,000, less legal costs (for further details of the facility, see news of March 5, 2019).
The Company will issue to Alumina Partners 1,904,761 Units at a price of $0.0525 per Unit, each Unit consisting of one Share and one-half of one Warrant, with each whole Warrant entitling the holder to acquire one additional Share for a period of 36 months at the price of $0.105 per Share (expiring June 25, 2022).
For and on behalf of the Board
President and CEO
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under National Instrument 43-101.
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company with projects in Canada and the USA. More information is available at Far’s website: www.farresources.com.
L. Frank Anderson, Director
Far Resources Ltd.
+1 (604) 253-3444
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.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, 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.