Far Resources Reports Intercepts of 1.43%, 3.12% and 1.15% Lithium Oxide with Tantalum and Niobium at Zoro Lithium Property in Manitoba - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2017) - Far Resources (CSE: FAT) (FSE: F0R) (OTC Pink: FRRSF) has released final assay results for drill core samples from its recently completed drill program and is preparing for a winter drill program.
The results are from the Zoro Lithium Property, which covers a number of known lithium pegmatite occurrences, and is located close to the historic mining centre of Snow Lake, Manitoba, which has been ranked as the world's second best jurisdiction for mining investment by the Fraser Institute.
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These results are from holes drilled in areas of Dyke 1, where no previous modern drilling has taken place. Multiple narrow intersections of lithium are present in all 5 drill holes.
Highlights include Hole 18, which returned 1.43% lithium oxide over 20.6 metres, including 2.19% over 4 metres and 3.12% over 1 metre. These high-grade intercepts also contained enriched tantalum and niobium.
Hole 19 returned 1.15% lithium oxide over 12.4 metres, along with 45 parts per million tantalum and 155 parts per million niobium.
| Drill Hole | Intersection (metres) | Li2O% | Tantalum(ppm) | Niobium(ppm) |
| | | | | |
| DDHFAR17-15 | 1.2 | 1.05 | 75 | 156 |
| | 3.3 | 0.83 | 41 | 88 |
| | 1.0 | 1.35 | 59 | 157 |
| | 1.0 | 1.50 | 152 | 115 |
| | 6.1 | 1.00 | 145 | 123 |
| | 1.0 | 1.09 | 42 | 79 |
| | | | | |
| DDHFAR17-16 | 0.9 | 0.71 | 32 | 85 |
| | 1.0 | 0.58 | 142 | 408 |
| | | | | |
| DDHFAR17-17 | 3.0 | 0.51 | 58 | 158 |
| | | | | |
| DDHFAR17-18 | 20.6 | 1.43 | 60 | 142 |
| includes | 4.0 | 2.19 | 88 | 214 |
| and | 1.0 | 3.12 | 137 | 409 |
| | | | | |
| DDHFAR17-19 | 12.4 | 1.15 | 45 | 155 |
Keith Anderson, President & CEO, stated: "The completion of this phase of drilling including receipt of our continued high-grade lithium assays from all drill holes has encouraged us to test the deeper levels of Dyke 1 for continuity of the high-grade lithium intersected to date. We are also ecstatic about the potential for tantalum mineralization on the property based on our 0.117% (Ta2O5) (927 ppm Ta) drill core assay. Although the geologic significance of tantalum in Dyke 1 is not fully understood we shall continue to work on patterns of mineral zonation to provide possible vectors to additional zones of tantalum in Dyke 1. Our drill program planning also includes aggressive testing of additional high-grade lithium-bearing pegmatite dykes defined on our option ground and new drill targets based on the results of our ongoing prospecting and soil geochemical surveys."
A winter program is planned to assess deeper levels beyond 150 metres of Dyke 1 for the extension of high-grade lithium spodumene and to test historic high-grade lithium drill intersections and recent assay results from trench and outcrop sampling at Dykes 5 and 7. Areas of anomalous lithium, tantalum and niobium in soils from overburden-covered areas adjacent to known pegmatite dykes including Dykes 5 and 7 will also be drill tested.
At this point in the exploration, the significance of elevated tantalum and niobium is unknown, but will be closely assessed as exploration proceeds. Tantalum, a rare, hard, blue-gray, corrosion-resistant metal, is widely used as a minor component in alloys. It sells for approximately US$128,000 per metric tonne. Niobium, used mostly in alloys in special steel, such as that used in gas pipelines, sells for approximately US$41,000 per metric tonne.
The company has a second property, the Winston Project in New Mexico, a historic mining property with potential for silver and gold. The company plans to spin off this property to current shareholders.
The shares are trading at $0.94, and with 91 million shares currently outstanding, the company is capitalized at $85.5 million.
For more information, please visit www.farresources.com, contact Keith Anderson, President & CEO, at 604-805-5035 or email [email protected].
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