FAT MOBILIZES DRILL TO ITS ZORO LITHIUM PROPERTY
Far Resources moves drill to Zoro property
2018-01-19 09:41 ET - News Release
Mr. Keith Anderson reports
FAR RESOURCES MOBILIZES DRILL TO ITS ZORO LITHIUM PROPERTY TO TEST DEEPER PORTIONS OF DYKE 1 AND TO TEST ADJACENT HIGH-GRADE DYKE TARGETS
Far Resources Ltd. has started a new phase of diamond core drilling at its Zoro lithium property, located near Snow Lake in mining-friendly Manitoba. The company has received a drill and work permit from the Office of Manitoba Sustainable Development and has mobilized a drill to the Zoro lithium property where drilling activity is imminent. The start of drilling is planned for Friday, Jan. 19, 2018.
Drill program
The Manitoba government's Office of Sustainable Development has issued a permit to the company for the drilling of 2,000 metres of core. Selection and cutting of drill pad and helicopter landing sites have already begun. The drill program will assess the extension of high-grade spodumene below the 150 m level of dike 1 where historic drilling intersected the widest intercepts of spodumene in this dike. Drilling will also begin to assess high-grade spodumene dikes 2 through 7 (see news releases dated Oct. 26 and Sept. 7, 2017). Only a few scattered and shallow drill holes were attempted in the mid-1950s in the areas of these dikes. Recent surface exploration by the company's prospectors at dikes 2 and 4 returned rock chip assays with a range of 1.42 per cent lithium dioxide and 2.71 per cent Li2O, respectively. Assays from dike 5 range from 1.46 per cent to 6.35 per cent Li2O and 1.35 per cent to 2.91 per cent Li2O for dike 7.
Drill core samples will be shipped to Activation Laboratories, an ISO-certified laboratory for lithium assays and a multielement suite of elements. The results of these analyses will be released upon receipt of the final lab reports.
The drill and crew are currently being mobilized to the site with helicopter assistance provided by Gogal Air Services. The drill contract has been awarded to Westcore Drilling Ltd. The company has entered into a letter agreement for the drilling and associated support services in the amount of $350,000 payable in cash and common shares. The company has agreed to issue up to 234,000 common shares in the equity of the company at a deemed price of 95 cents per share upon completion of the services with the remainder to be paid in cash.
Keith Anderson, Far Resources' president and chief executive officer, noted: "The start of our helicopter-assisted drilling at Zoro marks the beginning of our ongoing program to assess the deeper portions of dike 1 and high-grade dikes 2 through 7. Historic deep drilling returned the widest intercepts of spodumene in dike 1 which we will attempt to confirm with this program. We are also excited about the lithium potential of high-grade dikes 2 through 7 where no recent drilling has been undertaken. We are looking forward to this next phase in our program on Zoro; we are funded and ready to take this further as results warrant."
About the company
Far Resources 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 continuing goal to locate, advance and unlock the potential of these mineral opportunities. The Zoro lithium project covers a number of known lithium pegmatite occurrences and is located near Snow Lake, Man. Far's second project is the Winston project in New Mexico, United States, 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.
The technical content of this news release has been reviewed and approved by Mark Fedikow, PGeo, a qualified person as defined under National Instrument 43-101.
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