Far Resources Ltd. Plans its Winter Drilling Program on its Zoro Lithium Property Snow Lake Manitoba
FAR RESOURCES Ltd Plans its Winter Drilling Program on its ZORO LITHIUM
PROPERTY SNOW LAKE MANITOBA.
VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Far Resources Ltd
(CSE-FAT) is pleased to announce that plans for a winter drilling program on its Zoro
lithium property near Snow Lake, Manitoba is underway. The company intends to carry
out up to 5000 metres of diamond core drilling on several lithium-bearing pegmatites on
the property. Approximately 2500 metres is targeted on testing for additional
mineralisation on Dyke 1, portion of which hosts a NI 43-101 compliant inferred
resource of 1.074 million tonnes grading 0.91% lithium oxide (Li2O), and another 2500
metres on outside targets, particularly the newly discovered Dyke 8. Limited shallow
drilling on Dyke 8 has returned values including 12.3 metres grading 1.1% Li2O.
There is a surging demand for cheaper electric vehicle batteries from China which is
supercharging a rally for one key raw material - lithium carbonate. The rise in the
lithium sector is mainly because of tight supply from most producers on increasing
downstream demand. Lithium prices in China are now feeling the effects of this demand
rising 40% and hitting an 18-month high. Elon Musk recently said “the main reason we
have not accelerated new products like the Tesla Semi is that we simply don’t have
enough cells built. We could easily go into the production of the Semi, but we don’t have
enough cells for it right now.” The largest maker of electric vehicles on the planet
already is feeling the effects of the shortage of products needed to make products in
batteries.
FAR Resources is stepping up its drilling (exploration) to meet future demands and are
excited to be a part of the green new deal initiative.
Information Contact
John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561
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release and accepts no responsibility for the adequacy or accuracy hereof.