News Releae - Far Resources to Drill 5000 Meters on its advanced Zoro Lithium Project
FAR RESOURCES TO DRILL 5000 METERS ON ITS ADVANCED ZORO
LITHIUM PROJECT.
VANCOUVER, British Columbia, Feb. 04, 2021-FAR Resources Ltd (CSE:FAT)
(FSE:FOR) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the
“Company”) is pleased to announce that further to its press release of January 18,
2021, the company is focused on advancing its upcoming spring drilling program on the
development of its Zoro Lithium Pegmatite Project located in east-central Manitoba,
20km east of the historic mining town of Snow Lake.
The demand for lithium is accelerating rapidly. That increase in demand is what fuels
the need for advancing the project towards commerciality as lithium is the key
component in batteries for electric vehicles.
FAR Resources upcoming drill program will be focused on expanding its 1 million
tonnes of inferred resource and continuing a comprehensive work and drill program on
its 13 Million tonnes of indicated resource where over 8,500 meters has been drilled to
date and over $5 million dollars spent on drilling and technical work completed on the
project so far.
Zoro has compelling lithium grades in the 180 ppm to 220 ppm range and the
asset holds exceptional by-product minerals and credits; for full details please refer to
the full National Instrument 43-101 technical report on the Zoro Lithium Project on
SEDAR, Far Resources filings dated Sept. 5, 2018.
Lithium prices have recently surged 40% percent in China to an 18 month high.
Historically, price rises that occur in China, are usually experienced in the rest of the
word three to six months later. According to George Miller, Lithium Analyst at
Benchmark, "Lithium ion battery related policy incentives in China are geared to shorter-
range vehicles, public transport fleet electrification, 5G power stations, all of which
encourage LFP consumption."[1]
The Benchmark Mineral Intelligence site inferred that with demand coming from more
electric vehicle production and as EV and energy storage supply chains scale, there
may be more of the same ahead. Lithium Investing News believes that the lithium
market will be balanced but higher priced in 2021, with heightened demand from the EV
sector having a direct impact.
Some Zoro Lithium Project highlights prepared by Scott Zelligan, PGeo, dated July 06,
2018 from resources dike1 contains an inferred resource of 1,074,567 tonnes grading,
0.091 per cent lithium oxide (Li2O), 182 parts per million beryllium (Be), 198 ppm
cesium (Cs), 51 ppm gallium (Ga), 1,212 ppm rubidium (Rb) and 43 ppm tantalum (Ta)
(at a cut-off of 0.3 per cent Li2O). Dike 1 is open at depth and to the north and south
where an additional exploration is continuing.
If the Biden Administration follows through on its Build Back Better pledge, there will be
rising demand for critical metals like cobalt and lithium necessary to manufacture solar
panels and EV batteries. GM Canada has earmarked 1 billion dollars for a tentative
Ontario plant as well as recently proclaimed its dedication to the EV market, saying it
will stop manufacturing gas and diesel-powered cars by 2035. FAR Resources is in the
thick of the lithium space and is excited to embark in its spring 2021 drilling program
and continue expanding its Zoro lithium project. FAR Resources recognizes today’s
global initiative of providing green energy choices and is proud to be part of the chain
that provides friendlier environmental options.
ABOUT FAR Resources
FAR Resources is a gold and silver exploration company focused in New Mexico USA.
The Company owns the Winston Project there, a historic mining property with the
potential for Bonanza-grade silver and gold. The property is steeped in history and
historic samples, full data tables available at www.farresources.com/investors/. Far
Resources also has its ZORO Lithium Project, in CANADA, located in the mining -
friendly Snow Lake region of Manitoba and containing numerous known lithium
deposits. The Company also holds a 60% stake in the Hidden Lake Lithium Project in
the Northwest Territories.
More information is available on FAR Resources website: www.farresources.com.
Information Contact
John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561
1 https://www.benchmarkminerals.com/membership/benchmark-lithium-prices-rise-over-40-in-
january-2021-as-lfp-electric-vehicle-demand-goes-back-to-the-future/