Far Resources Ltd. [FAT-CSE; FRRSF-OTC; F0R-FSE] has received the first ever resource estimate for Dyke 1 on its Zoro lithium property located in mining friendly Manitoba. Dyke 1 contains an inferred resource of 1,074,567 tonnes grading 0.91% Li2O, 182 ppm beryllium, 198 ppm cesium, 51 ppm gallium, 1,212 ppm rubidium, and 43 ppm tantalum (at a cut-off of 0.3% Li2O). Dyke 1 is open at depth and to the north and south where additional exploration is ongoing.
The estimate has an effective date of July 6, 2018 and was prepared by Scott Zelligan P. Geo., an independent resource geologist of Coldwater, Ontario. Dyke 1 is one of eight known spodumene-mineralized pegmatite dykes on the property. The remaining dykes are currently the object of ongoing exploration including drill-testing.
Toby Mayo, President and CEO, commented, “This maiden resource, which covers part of Dyke 1, indicates that we have a substantial base on which to build. In addition to the other seven dykes that are not included in this resource, the company has numerous untested geological and geochemical targets that we will follow up on during the next phases of exploration at Zoro. We look forward to developing those targets in the coming months.”
The Zoro Property is located near Snow Lake, Manitoba where exploration and development services and personnel are readily accessible and is in close proximity to an established infrastructure of roads, power and rail lines. Manitoba is a favourable location for mining in terms of regulation, support and power cost, ranking as second most attractive jurisdiction for mining investment by the Fraser Institute in 2016.
Far Resources also reported the discovery of a large 1.5 km long and up to 100-metre wide Mobile Metal Ions (MMI) soil geochemical anomaly for lithium at the Zoro property. The lithium and related element anomaly was defined by ongoing data interpretation for soil samples collected by the company’s field crews during surveys conducted in the fall and winter of 2017.
The company views this anomaly as very significant based on the discovery of its eighth spodumene-bearing pegmatite dyke that resulted from the drill testing of an MMI lithium anomaly in 2017. Drill hole Far18-35 testing the MMI anomaly intersected 36.5 metres of spodumene-bearing pegmatite. Assay results from hole FAR18-35 included three separate intercepts of high-grade lithium including 12.3 metres of 1.1% Li2O, 4.4 metres of 1.2 % Li2O and 2.2 metres of 1.5% Li2O. The mineralized zone is open in all directions.
It is noteworthy that numerous additional MMI lithium anomalies have been delineated on the Zoro property and together with the new lineament anomaly represent drill targets.
Toby Mayo said, “We have always believed that the potential for further discovery at Zoro is great. The successful use of MMI in the discovery of Dyke 8 during our last drilling campaign appears to be just the tip of the iceberg, with this new data set highlighting many more targets, including our largest to date. The upcoming MMI survey expansion is bound to highlight many more targets. We remain committed to this exciting project, and this data confirms our conviction. Our winter drilling program at Zoro looks to be very exciting.”