VANCOUVER, British Columbia, July 21, 2020 (GLOBE NEWSWIRE) -- Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to announce the appointment of John Gammack to the board, and to the role of CEO and President of the company, effective immediately. Mr Gammack takes over from Toby Mayo, who will be moving into the position of VP Technology Development, where he will focus on the company’s technology growth strategy, BattMat joint venture and revenue generation.
John Gammack, CEO of Far, commented: “It is an exciting time for Far, a company with many opportunities for building shareholder value. This includes the finalisation of the Winston gold project transaction as a dividend to our shareholders, which is our number one priority at this time. I was involved in the IPO of Far and I look forward to being able to drive the company forward with a focus on shareholder returns.”
John Gammack is a long term supporter of Far, and brings extensive experience working with both public and private companies, including oil and gas, mining and technology. He has been involved in securing over $300 million dollars in financings over the last thirty years. He currently sits on the board of four companies: ENE-MIN Development Corp (a private lithium exploration and development company); Transylvania Metals (a private polymetallic exploration and development company); BE4 Resources (beryllium); and Agrocasa CBD Commodity Inc. (hemp).
Toby Mayo, outgoing President, stated: “I am extremely excited to welcome John onto the board and into his new role. His expertise in the capital markets and his knowledge of our projects will be of great benefit to our shareholders. Meanwhile, I am pleased to be able to focus my attention on our technology R&D joint ventures, and look forward to Far realising growth through revenue generation.”
Winston Gold Project Sale and Dividend
As discussed in previous news, the company has been working towards releasing shareholder value by means of sale or spin-out of its high-grade Winston Gold Project, New Mexico, USA.
Management is pleased to announce that it has been in advanced discussions with a private group for the sale of the Winston Gold Project for shares in the private company. As has been communicated, the company will be distributing these shares to existing shareholders as a form of dividend, with details to follow as they are finalised.
Far has been committed to rewarding shareholder commitment by leveraging the high gold and silver grades at Winston, New Mexico, USA; the new management team will focus initially on completion of a transaction that releases these undervalued precious metals assets.
About Winston
In late 2013, the company conducted a site visit to the Winston Project, including the Little Granite Mine area. Three composite samples were collected from piles of quartz dump material near the mouth of the decline reportedly excavated in the early 1980s.
Two of these samples, representative of the main style of quartz present, returned values of 179 g/t Ag and 2.9 g/t Au and 170 g/t Ag and 6.7 g/t Au respectively. This material shows classic boiling textures and is thought to represent material from the upper part of a well-developed epithermal system. A third composite sample of fine grained grey "cherty" quartz material found on one of the dumps returned values of 1,439 g/t Ag and 25.2 g/t Au. The latter result supports historic reports of "bonanza-grade" shoots being present within the main vein system mined.
Two further samples of quartz vein material exposed in the walls of a collapsed stope immediately north of the main shaft returned values of 226 g/t Ag and 2.2 g/t Au and 24 g/t Ag and 0.3 g/t Au. Both of these samples may have been subject to surface leaching effects.
These results are historical. An updated NI 43-101 technical report will be filed in due course.
For and on behalf of the Board
John Gammack
President and CEO
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. James Moors P.Geo., a qualified person as defined under National Instrument 43-101.
About Far
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company with lithium exploration projects in Canada and the USA. In Canada, Far is advancing its Zoro Lithium Project, located in the mining-friendly Snow Lake region of Manitoba. Zoro covers numerous known lithium pegmatite dykes and hosts the company’s 1.1 million tonne resource (0.93% Li2O at a 0.3% cutoff), plus an additional fifty targets. The company also holds a 60% stake in the Hidden Lake Lithium Project in Northwest Territories. In the USA, the company owns the Winston Project in New Mexico, a historic mining property with potential for bonanza-grade silver and gold.
More information is available at Far’s website: www.farresources.com.
About BattMat
BattMat Technologies Inc. is dedicated to capitalizing on the advancement of battery-focused technologies and applications, including systems for distributed power, marine power and energy storage. More information is available at BattMat’s website: www.battmat.com.
About Electric Blue Power
Electric Blue Power, LLC operates the all-electric vessel Electric Blue Yacht and is developing the VAB Controller® and other related designs of inventor Lee Wheelbarger. You can read more about EBP at www.electricbluepower.com.