Far Resources Ltd.: Receives Work Permit for Zoro1 Lithium Pegmatite Drill Program
07.06.2016 | Accesswire
VANCOUVER, June 7, 2016 - Far Resources Ltd. (CSE: FAT) ("Far Resources" or "the Company") is pleased to announce that it has received a work permit from the government of Manitoba for their planned drill program to assess seven lithium-rare metal bearing pegmatites on its Zoro1 claim, Snow Lake, Manitoba (see news release dated April 28, 2016).The Zoro1 Drill Program
The Zoro1 property (the "Property") has been the focus of historic drilling, however, many of the drill holes collared on the property were shallow and tested pegmatite above 200 m. The Company's upcoming drill campaign will assess the deeper portions of the Property where pegmatite drill intercepts between 30 and 50 m were encountered. This includes the high-grade Dyke#5 where grades of 2.42% to 7.28% Li(2)O (see news release dated April 28, 2016) were intersected in a zone of multiple pegmatite dykes and andesite host rocks over 60-82 m in multiple drill holes. A compilation of historic drill results from the assessment files of the Manitoba government indicate Dyke#5 was 305 m long x 12 m wide.
Currently, historic and drill collar information is being used to construct a three-dimensional model that will aid drill targeting and place each of the seven known lithium-bearing pegmatites in spatial context to one another on the Property. Drill tenders are being reviewed and a contract will be awarded in the near future.
The above estimate of grade and intercept width is historical and was calculated prior to the implementation of National Instrument 43-101 Standards of Disclosure of for Mineral Projects ("NI 43-101") using historical terminology and is not meant to be interpreted as a current estimate as defined in sections 1.2 and 1.3 of NI 43-101. The grades are presented solely to provide a historical frame of reference and as a guide to future exploration. Although believed to be reliable, no "qualified person" as defined in NI 43-101 has done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. Accordingly, the Company is not treating the historical estimate as a current mineral resource or mineral reserve and it should not be relied upon. Further exploration including new diamond drilling will be required to assess and verify the historical estimate as current mineral resources or mineral reserves.
The scientific and technical information regarding the Zoro1 Property contained in this news release has been approved by Mark Fedikow, P.Geo., a consultant of Far Resources and a "qualified person" as defined in NI 43-101.
About the Company
Far Resources Ltd. 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF FAR RESOURCES LTD.
"Keith C. Anderson"
President, (604) 805-5035
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.
This news release contains forward-looking statements, which relate to future events or future performance 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 of the forward-looking statements made in this news release and the accompanying graphic links 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.