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Far Resources readies Phase II drilling at Manitoba lithium project

by Greg Klein | March 27, 2017

Far Resources readies Phase II drilling at Manitoba lithium project

A Dyke #1 outcrop shows
spodumene-bearing pegmatite.

Scheduled to begin imminently, a second drill program will focus on Dyke #1 at Far Resources’ (CSE:FAT) Zoro lithium property in Manitoba’s Snow Lake region. Targets have been identified as the company refines its 3D model, incorporating previous drilling data and historic field work.

The historic work found support in last year’s Phase I, in which all seven holes revealed lithium-bearing pegmatite, with intercepts grading up to 1.13% Li2O over 12.1 metres and 1.1% over 23.4 metres.

Zoro can be accessed via highway and helicopter, or by boat, road and ATV. The property sits five kilometres from transmission lines and 30 kilometres from rail.

In New Mexico, Far Resources has due diligence underway on the Winston silver-gold project, home to past-producing mines. Should the deal be consummated, a summer program of six to eight holes would follow.

Having closed an oversubscribed private placement of $231,000 in November, the company now plans to issue one million shares at $0.10 to compensate some of Zoro’s Phase II contractors.

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