Far Resources Drills Highest Grade Intercept To Date

VANCOUVER - Far Resources Ltd reported results from its 2018 winter drill program at its Zoro Lithium Project near the historic mining community of Snow Lake in mining friendly Manitoba, including drilling the highest grade intercept to date, 16 meters of 1.8% Li2O in deep drilling on Dyke 1. The program consisted of 16 drill holes and 2,472 meters targeting the spodumene-bearing pegmatites on the property. 

Toby Mayo, Interim CEO said, “We are clearly very excited by these results, which show not only the consistency of high-grade mineralization at depth at Dyke 1, but also the potential for adding significantly to the Company’s future resource base through our ongoing, multi-faceted exploration approach. Furthermore, the recently completed aeromagnetic survey, combined with a planned expansion to the highly successful MMI program, give us great confidence in adding more high-grade lithium at Zoro. Meanwhile, we are eager to commence drilling at Hidden Lake in NWT, where we expect to achieve similar results in the next month.”

The 2018 winter drill program tested Dyke 1 below 150m to assess the continuity of lithium mineralization. Drill hole FAR18-23 intersected 5 meters of 1.6% Li2O confirming the continuation of high-grade mineralization at deeper levels in the dyke. The high-grade nature of Dyke 1 was further confirmed in DDH FAR18-20 intersecting nearly 16 meters of 1.8% Li2O. This intercept represents the highest-grade intercept over significant widths drilled to date on Dyke 1.

The new discovery of a previously unknown high-grade lithium-bearing dyke was announced March 12, 2018. The drilling targeted a lithium-tantalum Mobile Metal Ions (“MMI”) soil geochemical anomaly. Assay results from drill hole FAR18-35 that tested this new discovery are summarized in Table 1 and include three separate intercepts of high-grade lithium including 12.3 meters of 1.1% Li2O, 4.4 meters of 1.2 % Li2O and 2.2 meters of 1.5% Li2O. These results are interpreted to be comparable to those for Dyke 1 and signify the potential for a second major lithium resource on the property. Additional drilling of Dyke 8 is being planned to expand this new discovery in three dimensions.

Narrow intercepts from shallow drill holes testing Dykes 2, 5 and 7 were obtained from this winter’s program. Of these, Dyke 5, tested by drill hole FAR18-30, intersected 1 meter of 1.2% Li2O. Overall the results for each of these dykes were consistent with historic exploration results.

Mayo said, “We are well underway planning our summer exploration campaign for Zoro. In addition, we see great opportunity to add significantly to the value of the project through the upcoming NI 43-101 Technical Report and planned lithium metallurgical test work.”

Exploration is currently being planned to guide the next phase of exploration on the Zoro property. Drilling on the newly discovered Dyke 8 and other MMI anomalies is planned for the summer and a final report describing results of a test drone magnetic survey on a portion of the property is expected shortly. MMI surveys will be expanded to cover areas where outcrop is buried beneath organic and inorganic sediments. Results will be released as they become available.