Today, Far Resources Ltd. reported results of its Phase-2 drill program on its Zoro Lithium Property in Manitoba, Canada.
Hole #10 in Dyke #1 intersected the spodumene-bearing pegmatite over 53.7 m, with impressive lithium grades over significant lengths: 1.2% Li2O over 38.3 m including 2.3% Li2O over 4.6 m, 2.6% Li2O over 2.1 m and 1.4% Li2O over 7.7 m.
Hole #12 cut through 12.2 m of large spodumene crystals (up to 15 cm in length), returning high-grade lithium of 1.7% Li2O over 10.7 m including 4.1% Li2O over 0.4 m and 2.1% Li2O over 5.1 m. Extensive lithium mineralization has now been confirmed in Dyke #1.
Keith Anderson, President and CEO, commented:
“We are extremely pleased that the results of the Phase 2 drill program established continuity of mineralization in the Dyke 1 Pegmatite at depth. The most significant drillhole intersected 1.2% Li2O over 38.3m (FAR17-010) confirming that Dyke 1 thickens at depth and continues to host high grade lithium. Further exploration will be focused on expanding the mineralization both along strike and at depth of this impressive intersection.”
Phase-2 drilling tested Dyke #1 within 150 m from surface and along strike, stepping out from the Phase-1 drilling. A total of 1,088 m were drilled in 7 holes (155 m on average):
In June, a field assessment program is planned to study the 6 other known high-grade lithium pegmatites in trenches blasted at Dykes #2 to #7. Additional pegmatite dykes, reported in outcrop but not assessed by trenching, will also be explored for. Also, Dyke #1 will be further evaluated for mineralogy and zonation, whereas the surrounding host rock will be sampled to determine if background lithium values are higher near the pegmatite contact. These results will then be used to explore for pegmatites that may not outcrop at surface. Geological information gathered during this program will be used to plan a Phase-3 drill program.
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: $0.105 CAD (05/29/2017)
Market Capitalization: $6 million CAD
German Symbol / WKN (Frankfurt): F0R / A2AH8W
Current Price: €0.06 EUR (05/29/2017)
Market Capitalization: €4 million EUR
Report #7: Richer Than Expected: Far Resources reports lithium assays from rock chip samples at Dyke #7"
Report #6: "Impressive Lithium Drill Results on the Horizon?"
Report #5: "Drills Back in Action at the Zoro Lithium Property in Manitoba: Confidently Awaiting Second Round of Drill Results"
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"
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist. The author holds a long position in Far Resources Ltd. and is being paid, on a monthly basis, a retainer from Zimtu Capital Corp., which company also holds a long position in Far Resoures Ltd.