Vancouver, BC (FSCwire) - Far Resources Ltd (CSE:FAT) (FSE:F0R) www.farresources.com (“Far Resources” or the “Company”) is pleased to announce it is formulating plans for its second drill program at its Zoro Lithium Property (the “Drill Program”). This Drill Program is expected to further advance the geological understanding of the property and to position the Company for ongoing exploration on the property, including upcoming drill programs.
Far Resources’ management and technical consultants met at this year’s Prospectors and Developers Association of Canada meeting in Toronto to review all technical databases from the Company’s first drill program. On this basis, additional geological targets were identified and optimized in the Zoro1 pegmatite. The ongoing refinement of Far Resources’ three-dimensional model of the pegmatite, including the integration of drill core logs and assays and historic field work at surface, has resulted in plans for the Drill Program.
In furtherance of the Drill Program, the Company has engaged local drilling and helicopter companies and assay laboratories and work is expected to begin imminently. In collaboration with the Company to fulfill the Drill Program and to advance the Company’s knowledge of the Zoro Lithium Property, certain service providers have agreed to accept a portion of payment for services provided in shares as part of their compensation thereby assisting the Company to preserve cash while meeting strategic goals and objectives. Therefore, the Company has agreed to issue up to 1,000,000 Common shares (the “Shares”) in the equity of the Company at a price of $0.10 per Share as part of the Drill Program.
The issuance of securities described in this news release is subject to acceptance by the Canadian Securities Exchange and will be subject to statutory hold periods of four months and one day from date of issue. All amounts quoted in this news release are in Canadian funds.
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. Please visit our updated website at www.farresources.com for full details. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has option agreements in place on the Zoro Lithium Property in Manitoba, Canada and the Winston Property in New Mexico, USA. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF
FAR RESOURCES LTD.
Keith C. Anderson, President
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 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.