VANCOUVER, British Columbia, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Far Resources Ltd. (CNSX:FAT.CN) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”) is pleased to announce the commencement of a UAV-borne magnetic survey over the Jean Lake property where the high-grade lithium Beryl pegmatite dyke was re-discovered in August of 2021 shortly after the property was optioned. Recent assay results from two locations on the Beryl pegmatite gave a range of 3.89-5.17% Li2O in five samples collected from a trench after approximately 80 years of accumulated organic debris was removed.
The UAV-assisted magnetic survey is being flown by EarthEx Geophysical Solutions Inc. (Selkirk, Manitoba) at 25 m line-spacing with 250 metre tie-lines. A total of 500 line-km will be flown. The survey was commenced November 29 (2021) and despite some weather delays is ongoing. The orientation of the flight lines is designed to assess the magnetic signatures of lithium-bearing pegmatites in and along both the Beryl Lithium Trend and the Thompson Brothers Lithium Trend that transects the Jean Lake property. The superior spatial precision of the UAV-acquired magnetic data will provide an assessment of the depth to source, dip of the body and the overall shape and size of the body which will assist diamond drill targeting. Results of the survey will be released in Far Resources news releases. The magnetic survey will be followed up with a Lidar survey in the spring after snow has melted.
Funds for the UAV survey have been provided by a grant from the Manitoba Mining and Development Fund established by the Manitoba Government to assist and stimulate sustainable resource development in northern Manitoba.
Robert Dinning, CA, CPA, CFO/Director FAR Resources Ltd., participated in the recent private placement previously press released on December 6th, 2021 for 100,000 shares at $.105 with a warrant at $0.13. There is a mandatory 4 month and 1 day restriction.
FAR Resources' Winston Gold and Silver Project includes on-going exploration of their 100 percent owned property located in the Black Range of New Mexico USA. Recent results included exceptional numbers from property-wide confirmatory sampling completed in late 2020 with grades of up to 66.5 g/t gold and 4619 g/t silver. The property’s three mines, Ivanhoe, Emporia and Little Granite are known for their historic production of high-grade gold and silver ores, primarily developed prior to the 1930's with a brief revival in the 1980's but have seen little modern exploration. Full data tables and info can be viewed here on pages 14, 17,19 and 20:
https://farresources.com/images/investors/presentation/precious_metals_deck/precious_metals_deck_revised-26Mar2021.pdf.
FAR Resources also has its 100 percent owned ZORO Lithium Project, in CANADA, located in the mining-friendly Snow Lake region of Manitoba containing numerous known lithium deposits. The company has completed five drill programs on the property leading to the discovery of at least 12 lithium-bearing pegmatite dykes. FAR Resources also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories FAR Resources also has its 100 percent owned ZORO Lithium Project, in CANADA, located in the mining-friendly Snow Lake region of Manitoba containing numerous known lithium deposits. The company has completed five drill programs on the property leading to the discovery of at least 12 lithium-bearing pegmatite dykes. FAR Resources also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories hosting at least 10 lithium bearing spodumene pegmatite dykes with average lithium concentration of 1.03% Li20 and individual samples grading up to 3.3% Li20.
To read more on both lithium properties and past exploration details, click here: https://www.farresources.com/images/investors/presentation/sustainable_energy/REVISED_SUSTAINABLE_ENERGY_PRESENTATION.pdf
For further information, please contact:
John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561
Robert Dinning, CPA
CFO, Director
Far Resources Ltd
+1 (604) 970-0901
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 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.
