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Far Resources hastens 100% acquisition of Manitoba lithium project

by Greg Klein | May 9, 2017

Encouraged by exploration results and a substantial price reduction, Far Resources CSE:FAT will take a 100% interest in its Zoro hard rock lithium property earlier than planned. The company expects to close the deal on May 9.

Far Resources hastens 100% acquisition of Manitoba lithium project

An expedited acquisition gives Far Resources
a 100% stake in its northern Manitoba project.

An accelerated payment plan calls for six million shares at a deemed price of $0.10, as well as $100,000 payable within a year. That’s on top of a previous $50,000 and one million shares. The new deal cuts the price by $200,000, Far Resources stated.

Last week the company announced sample results of 1.35% and 2.91% Li2O that surpassed historic results of 0.46% and 0.5% from the same pegmatite dyke on the Snow Lake-region project. Zoro hosts seven known spodumene-bearing pegmatite dykes.

Meanwhile the company awaits drill results from a Phase II program that finished last month. Seven holes totalling 1,088 metres targeted Zoro’s Dyke #1, where one hole found spodumene-bearing pegmatite over 53.7 metres and another found coarse spodumene crystals over 12.2 metres. Last year’s Phase I program brought grades up to 1.13% Li2O over 12.1 metres and 1.1% over 23.4 metres.

In New Mexico, Far Resources has a purchase agreement for the Winston silver-gold project pending approvals and due diligence.

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