Surrounding map of claim location of Zoro 1 aka Dyke #1 (see larger version here)
With a market capitalization of $6 million CAD, Far Resources Ltd. today announced that drilling has resumed on its Zoro Lithium Property near Snow Lake in mining-friendly Manitoba (recently ranked by the Fraser Institute as the world´s second-best mining jurisdiction). This is the company´s second drill program following a successful phase-1 drilling in late 2016 with assays reported on January 9. The project also benefits from nearby infrastructure (power line: 4 km; road: 11 km; airport: 12 km; rail: 34 km).
A total of 900 m of core drilling is underway for this phase-2 drill program at Dyke #1, a lithium-bearing pegmatite which was also the focus of phase-1 with 7 holes totaling 1,140 m (163 m per hole on average). With this second drill program, Far Resources aims to prepare a NI43-101 Technical Report. As this year´s exploration season has just started at Zoro, the company will now also conduct exploration at the 6 other known lithium-bearing pegmatite dykes on the property. Keith Anderson, President and CEO, commented today:
"With the drills turning on Dyke 1, our second drill program is underway. We are pleased to be moving forward with this part of our larger exploration program that includes building a resource at the Zoro1 pegmatite dyke and the assessment of at least 6 other high-grade lithium-bearing pegmatite dykes on the property. Using the same approach to our initial drill program, we confidently await our second round of drill results."
Phase-1 Drill Results at Dyke #1
The initial 7 holes in late 2016 successfully confirmed historic drilling at Dyke #1. Each hole intersected lithium-bearing spodumene mineralization over intervals of up to 28 m, with 2 holes terminated in mineralization. Based on the results, it appears that lithium grades and pegmatite widths are strongest in the northwest portions of Dyke #1, as shown by the wide and high-grade intersection in hole #7 (1.1% Li2O over 23 m). Further exploration, including additional drilling, will focus in this area of the dyke. At the south end, hole #1 intersected multiple thin pegmatite intervals, possibly due to faulting, returning 1.49% Li2O over 2 m. Phase-2 drilling is expected to test for mineralization extending at depth.
The average Li2O grade of all 7 holes exceeded 1%. For example, the Mt. Cattlin Project in Australia (Galaxy Resources) hosted an average resource grade of 1.08% LiO2.
In 1956/1957, when lithium prices and demand were very low, a total of 78 shallow holes were drilled at Zoro by Green Bay Uranium Ltd., identifying 7 pegmatites. About 60% of these holes were drilled into Dyke 1, delineating a (historical) “reserve estimate” of 1.8 million t averaging 1.4 Li2O. Historic drilling was shallow to only test for near-surface mineralization, however it was noted that the pegmatites thicken at depth and remain largely untested below 200 m from surface.
“Although lithium metal prices were first reported in trade publications in 1952, demand was very low. From 1952 to 1974, lithium prices remained flat in terms of current dollars; in terms of constant dollars, however, prices decreased. The potential use of lithium in batteries for electric vehicles was first discussed in the Minerals Yearbook in 1972. The downward trend in lithium metal prices reversed in 1974.“ (Joyce A. Ober in USGS 1999)
Report #4: "Savvy lithium explorer getting ready for phase-2"
Report #3: "Far Resources drills 23 m of 1.1% Li2O and gets ready for 6 additional pegmatites"
Report #2: "Far Resources gains momentum with drill results pending from its Zoro Lithium Project in Manitoba"
Report #1: "Drill Results Pending From a Potentially World-Class Hard-Rock Lithium Project"
Far Resources Ltd.
Unit 114B – 8988 Fraserton Court
Burnaby, BC V5J 5H8 Canada
Phone: +1 604 805 5035
Shares Issued & Outstanding: 58,671,556
Canadian Symbol (CSE): FAT
Current Price: $0.10 CAD (04/03/2017)
Market Capitalization: $6 million CAD
German Symbol / WKN (Frankfurt): F0R / A2AH8W
Current Price: €0.063 EUR (04/03/2017)
Market Capitalization: €4 million EUR
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.