Far Resources Ltd. Options The Jean Lake Lithium-Gold Property Snow Lake, Manitoba. Plans Have Been Finalized To Be On The Property Commencing August 18, 2021.
FAR RESOURCES LTD. OPTIONS THE JEAN LAKE LITHIUM-GOLD PROPERTY
SNOW LAKE, MANITOBA. PLANS HAVE BEEN FINALIZED TO BE ON THE
PROPERTY COMMENCING AUGUST 18, 2021.
Vancouver, British Columbia - August 4, 2021. (CSE:FAT) (FSE:F0R) (OTC:FRRSF)
(www.farresources.com) (“FAR Resources” or the “Company”) is pleased to announce
that it has concluded an option agreement to acquire a 100% interest in the Jean Lake
lithium-gold project of Mount Morgan Resources Ltd. The 1002 hectare Jean Lake Gold-
Lithium project is located 570 km north of Winnipeg and 15 km east of the mining centre
of Snow Lake Manitoba. The region hosts world- class gold, base- metal and gold- rich
base-metal deposits and developing lithium resources.
John Gammack, President and CEO of Far Resources, states “We are pleased to add
the Jean Lake project to our portfolio of lithium and gold exploration projects in the mining
friendly jurisdiction of Manitoba. Together with the 3603-hectare (Ha) Zoro Project, which
hosts our Zoro1 inferred resource of 1,074,567 tonnes at 0.91% Li 2O, the 1002 ha Jean
Lake project gives us an attractive 4605 ha exploration opportunity. The project location
adjacent to known high- grade lithium and gold resources within a highly prospective
geological environment accompanied by both historic and recent geological databases
provides us with a sound foundation for further exploration”.
ZORO LITHIUM PROJECT
The Zoro lithium project consists of the 100% -owned Zoro1 claim with an inferred
resource of 1,074,567 tonnes at 0.91% Li2O in Dyke 1 and the Green Bay and Manitoba
option properties. Far holds the rights to 100% of the lithium resources on these
properties. Integrated exploration including five drill campaigns, soil and rock
geochemical surveys, a drone magnetic survey, prospecting and mapping on the Zoro
project has led to the discovery of 12 previously unknown spodumene-bearing pegmatite
dykes and the delineation of multiple lithium targets that await drill testing. Significant
portions of the Manitoba option are unexplored. Preliminary metallurgical testing of a
spodumene concentrate from Dyke 1 indicates that a high- grade (6% Li 2O) lithium
concentrate can be produced from the Zoro mineralization using industry standard
methods.
JEAN LAKE PROPERTY
The property occurs in a favourable geological setting on the Apex Peninsula in Wekusko
Lake. It is hosted by the Early Proterozoic (1.83 billion years) Rex Lake Plutonic Complex
which is a circular intrusion 8 km in diameter. The property is bounded on the west by the
Berry Creek Fault and on the east by the Crowduck Bay Fault both of which are crustal
scale structures that can be traced for greater than 50 km. The property can be accessed
year-round.
Mineralization
Lithium
On its northeast flank the Jean Lake project abuts the spodumene- bearing pegmatite
claims belonging to Snow Lake Resources (“SLR”). These include the Sherritt Gordon
and Grass River pegmatites and the Thompson Brothers lithium -bearing pegmatite with
a recently announced historic (JORC -compliant) indicated mineral resource of 9.08
million tonnes @ 1% lithium oxide based on a 0.3% cut-off. The Jean Lake property is on
trend and approximately 2 km southwest of the SLR pegmatites. Far Resources views
the Jean Lake property to be highly prospective for additional lithium-bearing pegmatites
given its proximity to known lithium resources.
Gold
Numerous high-grade structurally controlled orogenic gold occurrences with distinctive
and untested magnetic and I.P. geophysical signatures occur on the Jean Lake property.
These historic underexplored zones have been partially tested by some shallow dril ling
and trenching campaigns. Recent (2009) geophysical exploration based on airborne
magnetic and I.P. surveys have defined an anomalous zone of chargeability and
resistivity over a northeast -trending strike length of > 2750 metres that corresponds to
these gold mineralized zones. Multiple magnetic anomalies that are partly coincident with
I.P. anomalies remain untested.
Historical gold mineralization occurs adjacent and proximal to the Jean Lake property.
The orogenic Apex#1 Zone belonging to the 1911 Gold Corporation occurs on the
adjacent Pex claims. The Rex-Laguna property, currently being explored by an affiliate of
the Kinross Gold Corp., occurs just south of Jean Lake and on the south side of the
Crowduck Bay Fault. Historic production from this deposit amounted to 60,000 ounces of
gold between 1918 and 1940 at an average grade of 16.8 g/t and is the highest -grade
gold deposit discovered in Manitoba. Numerous other zones of gold mineralizatio n
adjacent to the Crowduck Bay Fault are present in the Jean Lake property area.
Exploration Plans
Near term exploration work is planned for both the recently acquired Jean Lake lithium -
gold property (Figure 1) and the under -explored Zoro North option property. A
prospecting team will explore both properties for lithium -bearing pegmatites and
extensions of pegmatites known to exist on adjacent properties. New pegmatites will be
sampled and assayed with results reported in news releases as data becomes available.
Prospecting activities are being undertaken in preparation for a winter drill program that
will test existing and any newly defined pegmatite targets from this summer’s prospecting.
WINSTON SILVER-GOLD PROJECT, NEW MEXICO
Recent compilation and research work related to the Winston Project has led to a near
term focus on the northern portion of our land package, where year round vehicle access
exists. The primary target in this area is the CN Vein system, along with extensions of the
New Republic, Minnehaha and Webber Mine vein systems. All veins display classic high
level epithermal characteristics similar to those encountered further south on the Ivanhoe
and Emporia patented claims. Permitting applications for possible drill testing are being
finalized in compliance with applicable state and federal regulations.
The technical content of this release has been reviewed by Lindsay Bottomer P.Geo.,
who is a Qualified Person as defined by NI 43-101.
About FAR
FAR Resources' Winston Gold and Silver Project includes on-going exploration of their
100 percent owned property located in the Black Range of New Mexico USA. Recent
results included exceptional numbers from property-wide confirmatory sampling
completed in late 2020 with grades of up to 66.5 g/t gold and 4619 g/t silver. The
property’s three mines, Ivanhoe, Emporia and Little Granite are known for their historic
production of high-grade gold and silver ores, primarily developed prior to the 1930's
with a brief revival in the 1980's but have seen little modern exploration. Full data tables
and info can be viewed here on pages 14, 17,19 and 20
: https://farresources.com/images/investors/presentation/precious_metals_deck/preciou
s_metals_deck_revised-26Mar2021.pdf .
FAR Resources also has its 100 percent owned ZORO Lithium Project, in CANADA,
located in the mining-friendly Snow Lake region of Manitoba containing numerous
known lithium deposits. The company has completed five drill programs on the property
leading to the discovery of at least 12 lithium-bearing pegmatite dykes. FAR Resources
also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories
hosting at least 10 lithium bearing spodumene pegmatite dykes with average lithium
concentration of 1.03% Li20 and individual samples grading up to 3.3% Li20.
To read more on both lithium properties and past exploration details, click
here: https://www.farresources.com/images/investors/presentation/sustainable_energy/
REVISED_SUSTAINABLE_ENERGY_PRESENTATION.pdf
For further information, please contact:
John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561
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.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future
events or future performance, including planned exploration, 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
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.
Figure 1. The Jean Lake lithium-gold property and adjacent properties, Snow Lake
area, Manitoba.