by Greg Klein | March 2, 2017
A commitment to clean energy need not overwhelm the lure of silver and gold. A new acquisition now has Far Resources CSE:FAT looking for precious metals in New Mexico in addition to the energy metal in Manitoba. The Winston project includes the past-producing Ivanhoe-Emporia and Little Granite gold mines. Should all go to plan, the latter gets an initial summer program of six to eight holes.
Limited drilling at Little Granite in the 1980s found high-grade silver and gold over approximately 120 metres in strike along a well-defined epithermal vein system, the company stated. The vein’s open to the north and south, as well as at depth.
The acquisition amends Far’s previous 80% option agreement, in which the company had already paid $250,000 and issued 1.8 million shares. The new deal gives Far a 100% interest on 16 unpatented claims for an additional $100,000 and 2.5 million shares.
Four unpatented mining claims comprising Little Granite and two patented claims comprising Ivanhoe/Emporia would cost an extra US$434,000 and US$361,375 respectively.
With due diligence underway, the parties expect to consummate by March 31.
The purchase gives Far a dual focus as the company continues exploration at its Zoro lithium project in central Manitoba’s Snow Lake camp. All seven holes of an initial 1,140-metre program on Dyke #1 late last year intersected lithium-bearing pegmatite, comparing favourably with historic results.
Highlights from assays released in January show:
- 0.88% Li2O over 5.9 metres, starting at 158.79 metres in downhole depth
- 1.28% over 2.8 metres, starting at 168.84 metres
- 1.13% over 12.1 metres, starting at 61 metres
- 0.77% over 10.9 metres, starting at 29.06 metres
- 1.1% over 23.4 metres, starting at 186.18 metres
- 1.11% over 4.1 metres, starting at 254 metres
True widths weren’t available.
Far has now located historic drill sites on optioned ground adjacent to Zoro. A 3D model will combine the new field data with historic info to identify further drill targets. Once weather permits, field work will assess lithium-bearing pegmatite in trenches at six dykes northeast of Dyke #1, as well as search for additional dykes.
Zoro can be reached by highway and helicopter, or by boat, road and ATV. Power lines pass five kilometres south and rail another 25 kilometres.
In November Far closed an oversubscribed private placement of $231,000.