Far Resources provides corporate update for the spin-out of its high-grade Winston Gold-Silver Project, New Mexico
Far Resources Ltd.
201-2691 Viscount Way
Richmond, BC V6V 2R5
Far Resources provides corporate update for the
spin-out of its high-grade Winston Gold-Silver Project,
New Mexico
March 26, 2019
VANCOUVER, CANADA – Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to provide an
update regarding its high-grade Winston Gold-Silver Project, located in Sierra County, New Mexico, USA, and the
previously-announced spin-out of these assets.
The Winston Project comprises the Little Granite Mine and the Ivanhoe-Emporia Mine, both of which are past-
producing silver-gold mines. Management believes that these assets are highly valuable and worthy of a
systematic exploration programme, but are not currently valued within the existing corporate structure.
In late 2017, Far announced that it was contemplating a Plan of Arrangement to spin the Winston assets out into
a new public company as a form of dividend to its shareholders. Due to changing priorities and a focus on
advancing its Zoro and Hidden Lake lithium projects, as well as changes in gold and exploration fundamentals,
the company put plans for the spin out on hold.
Far is pleased to announce that it is again advancing plans to spin out the Winston Project into a newly-formed,
precious metals-focused exploration company (“SpinCo”), with the initial goal of advancing the gold and silver
assets in New Mexico through a focused programme of exploration and drilling. The company believes that
SpinCo has the potential to be developed into an independent and viable company based on the merits of the
Winston Project.
The company would spin out its interests in the Winston Project with the intent of listing on a public exchange in
due course. Completion of such plan and any listing of the resulting entity will be subject to regulatory approval,
and the approval of shareholders of Far.
Updates on this process, including share ratio to Far shareholders and timing of the record date shall be provided
in due course.
“We believe very strongly in the value of the Winston Property,” said Far President and CEO, Toby Mayo. “The
exceptionally high grades recovered during due diligence—over 1.4 kg/t silver and 25 g/t gold—combined with the
favourable location of the project, captured our investors’ interest. We believe that the time is now right to
demonstrate the potential of this opportunity and to unlock the true value of Winston for our shareholders.”
Far Resources Ltd.
201-2691 Viscount Way
Richmond, BC V6V 2R5
About the Winston Project
Little Granite Mine
The Little Granite Mine is a past-producing, high-grade silver-gold mine located in the Chloride Mining District in
Sierra County, western New Mexico (Fig. 1 and 2). The area saw major mining activity in the late-19th and early
20th Centuries, with historic records of over 400 mines and prospects in the district.
Epithermal vein systems in the northern part of the district exist along dominantly north trends with lesser
northeast and northwest trends. The longest continuous vein system in the district, the Great Master Lode, occurs
in this area, winding along north and northeast trends for more than 11 km. Vein adularia at the Minnehaha Mine,
on the Great Master Lode, yielded a K-Ar age of 26.2 +/- 1.2my, nearly identical to dates for stage two
mineralisation in the southern half of the district.
Fig. 1. Winston Project location Fig. 2. Winston regional geology
Gold-silver mineralisation at Little Granite is contained in two major low-sulphidation epithermal quartz veins (the
Little Granite vein and the West, or Jap vein). These veins outcrop in Tertiary age volcanics and run semi-parallel
to one another, striking roughly north, and dipping 70 degrees to 80 degrees east.
Far Resources Ltd.
201-2691 Viscount Way
Richmond, BC V6V 2R5
Previous production occurred from workings where the two veins merge. It is understood that the bulk of ore
mined was oxidised and free milling containing, silver chlorides and free gold near surface, with the deposits
transitioning to sulphide-hosted mineralisation at depth.
Historic diamond drilling during the 1980s tested the vein over a strike length of approximately 400 feet (120
metres) mostly to a depth of 250 feet, though one deeper hole was drilled to 450 feet (Table 1).
The vein system has been traced for over 600 feet (185 m) along strike by surface drilling and underground
development. At the surface, widths are typically 1 to 2 feet, but reportedly widen to between 6 and 12 feet at a
depth of 250 feet. The deepest drill intersection to date (Hole LG-7) is approx 400 feet deep.
Hole
Azimuth
Inclination
From
(m)
Interval
(m)
True width
(m)
Gold
(g/t)
Silver
(g/t)
LG-1 252° -78° 47.9 4.6 2.9 20.4 5.1
LG-2 0° -90° 65.8 4.9 3.1 43.1 27.8
LG-3 274° -80° 60.0 4.3 2.7 80.4 130.9
LG-4 0° -90° 67.4 5.5 3.5 0.7 15.1
LG-5 0° -90° 42.4 2.7 1.8 33.8 22.3
LG-6 283° -81° 57.9 5.2 3.6
Four samples of unknown
individual lengths 9.5 272.5
3.4 178.3
0.7 72.0
1.7 6.9
LG-7 270° -79° 134.6 4.4 2.8
Three samples of unknown
individual lengths 19.7 5.1
6.2 <1.7
18.7 <1.7
Table 1: Historic drilling results from 1984 diamond drilling programme. Note: this work was not carried out under
supervision of a Qualified Person. The assaying, sampling and QA/QC protocols are unknown, and therefore
cannot be relied upon. These results are presented as historical information only.
Far Resources Ltd.
201-2691 Viscount Way
Richmond, BC V6V 2R5
The vein zone remains open both along strike and at depth. Historic mine records reported local bonanza-grade
ore in some of the ore shoots underground.
In late 2013, Far conducted a due diligence site visit to the Winston Project, where they visited the Little Granite
Mine area. Three composite samples were collected from quartz dump material near the mouth of the decline,
which were reportedly excavated in the early 1980s. This check sampling confirmed the occurrence of local very
high-grade silver and gold.
Two of these samples, representing the main style of quartz present in the mine, returned values of 179 g/t Ag
and 2.9 g/t Au, and 170 g/t Ag and 6.7 g/t Au respectively. These samples show classic boiling textures and are
considered to be the material from the upper part of a well-developed epithermal system. The third composite
sample found on one of the dumps, containing fine grained grey “cherty” quartz material, returned values of 1,439
g/t Ag and 25.2 g/t Au. The results from the third sample supports the historic reports confirming the presence of
“bonanza-grade” shoots within the mine’s main vein system.
Two additional samples of the exposed quartz vein were taken from the walls of a collapsed stope immediately
north of the main shaft, returning values of 226 g/t Ag and 2.2 g/t Au, and 24 g/t Ag and 0.3 g/t Au. However,
both of these samples may have experienced surface leaching effects.
All of the samples were collected by Lindsay Bottomer, P.Geo., former director of Far, who transported and
delivered them to Acme Analytical Laboratories in Vancouver, where fire assay methods were used to analyse
them.
Ivanhoe/Emporia Lodes
The Ivanhoe/Emporia lodes produced gold and silver from workings accessed by a 384 feet deep decline
extending into the historical mine. Far believes that there is potential for outlining significant, large tonnage, lower
grade mineralisation from the stockwork veins that surround previously mined high-grade veins.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. James Moors P.Geo., a
qualified person as defined under National Instrument 43-101.
About Far
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company with
projects in Canada and the USA. More information on Far is available at www.farresources.com.
Far Resources Ltd.
201-2691 Viscount Way
Richmond, BC V6V 2R5
Information Contact
L. Frank Anderson, Director
Far Resources Ltd.
+1 (604) 253-3444
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.
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This news release contains forward-looking statements, and forward-looking information (collectively, “forward-
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fact, included herein including, without limitation, the future draw-downs under the Facility, the anticipated use of
proceeds from the Facility, the planned exploration for the Hidden Lake project and the Zoro lithium property, and
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Company, including without limitation, that market fundamentals will result in sustained lithium demand and
prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future
development of the Company’s mineral properties in a timely manner, the availability of financing on suitable
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Far Resources Ltd.
201-2691 Viscount Way
Richmond, BC V6V 2R5
authorisations, including acceptance by the CSE, as applicable, required for future exploration activities or the
acquisition of additional mineral properties, the timing and possible outcome of any pending litigation,
environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties
disclosed in the Company’s latest interim Management Discussion and Analysis and filed with certain securities
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