August 2, 2017 – Vancouver, BC: Far Resources Ltd (CSE:FAT) (FSE:F0R) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that based on the success of its recently completed field program and the identification of a spodumene bearing dyke swarm (the “Dyke Swarm”) in the area of Dykes 5, 6, and 7 a second round of exploration will commence on August 9, 2017 focusing on the area of historic Dykes 1, 2, 3, and 4. Previous chip sampling of Dykes 2 and 4 by the Company documented Li2O contents of 2.71%, 3.53% and 2.41% (cf. May 2, 2017 news release).
Sampling and analysis of Dykes 5 and 7 produced Li2O contents ranging from 1.46-6.35% in Dyke 5 and 1.35-2.91% in Dyke 7. The new Dyke Swarm was exposed in multiple trenches and pits and in outcrop between Dykes 5 and 7. These new zones of spodumene-bearing pegmatite were previously unreported in the Manitoba government assessment files and suggest potential may exist for a bulk minable resource. Accordingly, potential exists for similar new spodumene-bearing dykes adjacent to Dykes 1, 2, 3, and 4 on the property.
Dr. Mark Fedikow and Orix Geoscience are collaborating on the exploration program with assistance from Dr. Bob Linnen of the University of Western Ontario and Dr. Tania Martins of the Manitoba Geological Survey.
Keith Anderson, Far Resources President and CEO states: “We are ecstatic about the recognition of multiple spodumene-bearing dykes trending in many different directions at Dykes 5, 6 and 7. Given the recognition of this Dyke Swarm we are returning to the property with the intent of closely examining the potential for further additional mineralized pegmatite dyke swarms in the vicinity of Dykes 1, 2, 3 and 4. The presence of dyke swarms on the property is exciting in terms of exploration potential, resource building and the potential to develop an open pit bulk mining scenario.”
The Company is pleased to announce that as of the date of this news release, more than 9,000,000 of the Company’s outstanding warrants have been exercised by shareholders. TheCompany offers its appreciation and thanks to all its stakeholders for their continued support as the exploration plan for the Zoro Lithium Property continues to unfold.
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. 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 two option agreements in place. The Zoro Lithium Property covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Spodumene, the principal lithium bearing ore mineral was confirmed in historic trenches and suggests potential may exist for a bulk minable resource. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second option is on the Winston Property in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under NI 43-101.
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.