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Posts tagged ‘Far Resources Ltd (FAT)’

Out crops opportunity

October 31st, 2018

Outcrops, pegmatites and spodumene mean lithium and tantalum for 92 Resources

by Greg Klein

Outcrops, pegmatites and spodumene mean lithium for 92 Resources

92 Resources’ James Bay-region Corvette property features
drill-ready targets as well as 15 kilometres of potential strike to evaluate.

 

An early-stage but steadily advancing project shows 92 Resources TSXV:NTY focusing firmly on northern Quebec’s lithium. Successful field work so far has inspired two large property expansions, one in a deal with Osisko Mining TSX:OSK. Now with about 15 kilometres of potential strike length in one package, 92 hopes to prove up grade and tonnage to bring its Corvette property to an advanced level.

A series of outcrops reveals lithium along with tantalum occurring in spodumene-bearing pegmatite over at least two sub-parallel structures, explains Darren Smith. “We have drill-ready targets as well as lots of highly prospective ground to explore.” Having worked with the company for about two years through Dahrouge Geological Consulting and been a 92 advisory board member since July, he’s obviously enthusiastic about the project.

Outcrops, pegmatites and spodumene mean lithium for 92 Resources

Surface showings have 92 Resources
optimistic about Corvette’s deeper potential.

And as a resident of Quebec City, he likes the jurisdiction too. “Quebec offers a lot of provincial support for mining,” Smith points out. “Also our Quebec projects fall within the James Bay Northern Quebec Agreement, which has structures in place for First Nations engagement and resource management.”

Corvette marked a change of direction for the company, after 92 optioned its Hidden Lake lithium property in the Northwest Territories to Far Resources CSE:FAT last January. Despite that project’s favourable sampling and metallurgical results, 92 saw even greater potential in its Quebec acquisitions. The theory found support from subsequent channel sampling grades and widths.

In September 92 released assays from 40 channel samples taken on the property’s CV1 pegmatite that averaged 1.35% Li2O. Tantalum showed up too, grading an average 109 ppm Ta2O5. Some highlights revealed:

  • 1.54% Li2O and 136 ppm Ta2O5 over 8 metres

  • 1.77% Li2O and 54 ppm Ta2O5 over 6 metres

  • 1.36% Li2O and 128 ppm Ta2O5 over 11 metres

  • 1.2% Li2O and 128 ppm Ta2O5 over 4 metres

  • 1.02% Li2O and 95 ppm Ta2O5 over 11 metres

About 50 metres north, the CV2 pegmatite showed:

  • 0.73% Li2O and 140 ppm Ta2O5 over 4 metres

  • 0.55% Li2O and 136 ppm Ta2O5 over 4 metres

True widths weren’t known.

Another promising development was the discovery of two more spodumene-bearing pegmatites. A grab sample grading 1.61% Li2O came from CV3, about 250 metres south of CV1. A 0.74% grab sample marked CV4, about three kilometres northeast and along strike of CV1.

Outcrops, pegmatites and spodumene mean lithium for 92 Resources

Corvette outcrops can host a helicopter
as well as spodumene-bearing pegmatite.

“We’re looking for tonnage and grade, and the grade has been demonstrated to be quite favourable,” Smith says. “The program added more tonnage potential through the CV3 and CV4 pegmatites, which show there might be multiple parallel structures. Because we have large occurrences over a three-kilometre strike length, it is inferred that it could be decent depth and that’s how to build tonnage. So now we have a structure over three kilometres along strike with mineralized spodumene-bearing pegmatite at either end. This is very positive because pegmatites tend to occur in swarms and congregations.”

The potential strike could be much greater yet, thanks to recent property expansions. In August the company staked another 4,918 hectares, more than doubling Corvette’s size. The following month 92 announced a 75% earn-in on Osisko’s neighbouring FCI claims, adding 14,034 hectares to the project and putting a potential strike of 15 kilometres into one package.

“Satellite imagery suggests favourable-looking outcrops there as well, so we’re pretty excited about that. We now have a lot of strike length that remains to be evaluated on the joint venture with Osisko, as well as drill-ready targets on the CV1 and 2 pegmatites.”

With a $250,000 work commitment for year one, FCI might take precedence over CV1 and 2. Plans will be determined shortly by a committee made up of two reps from each company. Osisko will act as operator on FCI in accordance with a previous ownership agreement.

Outcrops, pegmatites and spodumene mean lithium for 92 Resources

An earn-in with Osisko Mining
expands Corvette’s size and potential.

Gold and base metals possibilities also merit attention. An earlier grab sample from FCI reported by Virginia Mines brought historic, non-43-101 results of 38.1 g/t gold, while another graded 0.3 g/t gold, 150 g/t silver, 1.89% copper, 11.15% lead and 1.45% zinc.

Interestingly, that was the report that tipped off 92 about Corvette’s lithium potential. Not focused on the energy metal, Virginia just briefly noted the presence of pegmatite. Intrigued, 92 made an initial one-day visit in October 2017 “and saw massive spodumene sparkling on this big outcrop,” remembers Smith. Grab samples revealed 0.8%, 3.48% and 7.32% Li2O from the then-unnamed CV1 pegmatite and 1.22% from CV2, which also returned 90 ppm Ta2O5.

Currently helicopter-accessible, the exploration area sits about 15 kilometres south of the all-season Trans-Taiga Road and transmission line.

92’s also been busy with lithium-bearing pegmatite on its Pontax project, roughly 260 crow-flying kilometres southwest of Corvette. A week of work curtailed by last summer’s forest fires brought one grab sample grading 0.94% Li2O and 520 ppm Ta2O5, while another taken 600 metres away showed 0.72% Li2O and 87 ppm Ta2O5. A third sample taken another 1.3 kilometres along strike assayed 631 ppm Ta2O5 and an anomalous 0.02% Li2O.

“The samples come from an area of large outcrops that likely connect. The samples are random and separated by a decent distance, so they’re probably representative,” says Smith. “It’s a very good secondary project that complements Corvette.”

The company holds two other James Bay-region properties hosting pegmatite, Eastmain and Lac du Beryl. Looking at an entirely different energy-related commodity, 92 filed a 43-101 technical report for the Golden frac sand project in southern British Columbia last April. Located adjacent to the Moberly silica mine where Northern Silica restarted operations last year, Golden “hits the criteria for grade, rail and other infrastructure, proximity to markets and commodity demand,” says Smith.

As for Corvette, “I think it has enormous potential. It has a lot of tonnage potential, it’s in a new area, the geology works and the next program could really make the difference. So it’s positioned with a maximum amount of upside. The Osisko deal is very positive too and they’re a good partner to have, so I think 92 is well-positioned to really maximize the value of this asset.”

92 Resources expands Quebec lithium potential with new pegmatite discovery

October 25th, 2018

by Greg Klein | October 25, 2018

While remaining focused on its flagship Corvette project, 92 Resources TSXV:NTY announced surface exploration results from another Quebec lithium property. A week of field work at the James Bay-region Pontax project found pegmatite hosting lithium along with tantalum. One outcrop grab sample graded 0.94% Li2O and 520 ppm Ta2O5, while another taken 600 metres away assayed 0.72% Li2O and 87 ppm Ta2O5. A third sample taken another 1.3 kilometres along strike revealed 631 ppm Ta2O5 and an anomalous 0.02% Li2O.

92 Resources expands Quebec lithium potential with new pegmatite discovery

Last summer’s field program found lithium-bearing pegmatite
at surface on 92 Resources’ Pontax property in northern Quebec.

The program followed a review of historic work, satellite imagery and last spring’s tightly spaced airborne magnetic survey. Satellite imagery suggests the presence of several outcrops which might indicate a larger body under thin overburden, the company stated.

Further prospecting brought samples grading up to 141 ppb gold. Forest fires limited work, leaving some geophysical targets yet to be assessed.

The 5,536-hectare property sits in a region hosting other lithium projects including Nemaska Lithium’s (TSX:NMX) Whabouchi mine now under construction about 90 kilometres east.

Last month 92 Resources announced channel sample results from Corvette, another James Bay-region project and the company’s flagship. Forty samples taken from the property’s CV1 pegmatite ranged between 0.02% and 3.85% Li2O, averaging 1.35%. CV1 samples also averaged 109 ppm Ta2O5, while CV2 pegmatite samples averaged 138 ppm Ta2O5.

CV3 and CV4, two recently discovered spodumene-bearing pegmatites, showed grab samples grading 1.61% Li2O and 0.74% Li2O respectively. The company has permitting underway for an initial drill program on CV1 and CV2, and plans follow-up surface work on CV3 and CV4.

Earlier last month 92 Resources signed a 75% option on adjoining claims that make up the eastern area of Osisko Mining’s (TSX:OSK) FCI property. The acquisition would place the entire pegmatite trend currently defined by Corvette’s four known pegmatites in one project.

In April 92 Resources filed a 43-101 technical report on the Golden silica property in eastern British Columbia.  The company has optioned its Hidden Lake lithium project in the Northwest Territories to Far Resources CSE:FAT, which earned an initial 60% on completing last summer’s 10-hole drill campaign.

92 Resources finds high-quality silica potential in B.C. frac sand property, plans drilling for Quebec lithium

March 5th, 2018

by Greg Klein | March 5, 2018

With initial sampling results now in, an eastern British Columbia project shows greater potential to serve growing demand from both solar panel manufacturing and oil and gas exploration. During summer field work at its Golden project, 92 Resources TSXV:NTY collected 60 samples from the property’s Mount Wilson formation. Fifty samples surpassed 98% SiO2 and 22 exceeded 99%, peaking at 99.89%.

92 Resources finds high-quality silica potential in B.C. frac sand property, plans drilling for Quebec lithium

Still to come are frac sand results.

The assays also showed low levels of iron contamination, less than 0.1% Fe2O3 for 55 samples. Boron contamination also rated low, between 3 and 13 ppm. Final boron assays are expected soon, the company added.

Most of the samples came from the easily accessible Frenchman’s Ridge area, where the Mount Wilson formation has been mapped over a strike of about 1.2 kilometres and over 400 metres in width, with thickness interpreted to be at least 50 metres, the company reported.

Encouraged by the program, 92 Resources added another 1,800 hectares to Golden, bringing its size to about 5,000 hectares. The original property sits next to the Moberly silica mine, from where Northern Silica ships material 16 kilometres to a facility capable of processing frac sand and other high-grade silica products. 92 Resources’ new turf covers outcrops of the Mount Wilson formation adjacently east and south of HiTest Sand’s Horse Creek project, which 92 Resources states is reportedly being developed as a silica source for a potential refinery in Washington state.

Regional infrastructure includes highways, rail and power.

In January the company announced Far Resources CSE:FAT joined 92 Resources’ Hidden Lake lithium project under a 90% earn-in. The 1,849-hectare Northwest Territories property has revealed grab sample grades up to 1.86% Li2O, as well as channel sample assays of 1.58% Li2O over 8.78 metres, 2.57% Li2O over 0.75 metres and 233 ppm Ta2O5 over one metre.

Also in January 92 Resources announced plans for three properties acquired last fall in Quebec’s James Bay region. Permitting is now underway for a four- to six-hole, 1,000-metre campaign at the Corvette project, where grab samples from one pegmatite included 0.8%, 3.48% and 7.32% Li2O. Another pegmatite sampled 1.22% Li2O and 90 ppm Ta2O5. The company also sees gold potential in the 3,891-hectare property.

The Pontax project has airborne magnetics and electromagnetics planned for Q1, with summer field work to follow. The work will focus on potential pegmatite trends as well as gold targets on the 5,536-hectare property, which the company considers part of the Eastmain River Volcanic Belt.

In early January 92 Resources closed an oversubscribed private placement of $1.14 million.

Read Isabel Belger’s interview with 92 Resources CEO Adrian Lamoureux.

Earn-in brings Far Resources into 92 Resources’ NWT lithium project

January 23rd, 2018

by Greg Klein | January 23, 2018

High-grade sampling and positive Phase I metallurgy have drawn tangible interest to a Northwest Territories hard rock lithium property. In a deal announced January 23, Far Resources CSE:FAT may earn up to 90% of 92 Resources’ (TSXV:NTY) Hidden Lake project 40 kilometres east of Yellowknife. The full 90% would cost Far $50,000, $1.45 million in shares and $2.3 million in spending. 92 would get the cash and $500,000 of the shares on closing, while Far would put $500,000 into the project during the first year to earn an initial 60%. Far would act as project operator.

Earn-in brings Far Resources into 92 Resources’ NWT lithium project

Grab and channel samples from outcropping
pegmatite reveal Hidden Lake’s high lithium grades.

92 stated it would “benefit from bringing in a financially and technically strong partner to further develop the project and, in the process, will become a substantial shareholder of Far Resources with the ability to share in the project’s success.”

With seven known pegmatites, the 1,849-hectare Hidden Lake property has shown grab sample grades up to 1.86% Li2O. Channel sample results include 1.58% Li2O over 8.78 metres, 2.57% Li2O over 0.75 metres and 233 ppm Ta2O5 over 1 metre.

Phase I metallurgy conducted for 92 used conventional methods to produce a high-grade concentrate of 6% to 6.5% Li2O, with recovery rates between 80% and 85%.

The earn-in leaves 92 free to pursue other projects and acquisitions. Its current portfolio includes the Golden frac sand project in eastern British Columbia, adjacent to Northern Silica’s Moberly silica operation, as well as three recently acquired lithium properties in Quebec. A brief site visit to one of them scored a 7.32% Li2O grab sample.

92 closed an oversubscribed private placement of $1.14 million earlier this month.

Read Isabel Belger’s interview with 92 Resources CEO Adrian Lamoureux.

Far Resources drills wide intercepts of spodumene on Manitoba lithium project

October 11th, 2017

by Greg Klein | October 11, 2017

Having finished field work that included the Zoro lithium project’s first modern drill program, Far Resources CSE:FAT reports wide intervals showing visual evidence of spodumene. Still to come are lab results from the 710-metre program, as well as from rock and soil samples taken from the property in Manitoba’s Snow Lake camp.

Far Resources drills wide intercepts of spodumene on Manitoba lithium project

The first modern drill program follows extensive sampling
and other field work on Far Resources’ Zoro lithium project.

Targeting Zoro’s pegmatite dyke 1, drilling revealed light green spodumene in widths of 40.5 metres, 39.8 metres, 23 metres, 19.8 metres and 7.5 metres. Additionally, the company’s waiting on assays for 60 rock samples taken from dykes 2, 3 and 4. Also pending are lab results for 410 soil samples collected from areas north and south along trend of all known dykes on the property.

Previous samples taken from historic trenches and pits on dykes 5 to 7 brought results as high as 3.87% Li2O. Earlier composite rock chip samples graded up to 6.35% for dyke 5.

Late last month the company added another 2,200 hectares to Zoro, extending the property towards Ashburton Ventures’ (TSXV:ABR) Thompson Brothers lithium project.

In December Far Resources shareholders will vote on a proposal to spin out the Winston gold project in New Mexico to a newly created company.

Far Resources expands Manitoba lithium property as drilling continues

September 28th, 2017

by Greg Klein | September 28, 2017

Far Resources expands Manitoba lithium property as drilling continues

New ground brings Far Resources a new neighbour.

An additional 2,200 hectares extends Far Resources’ (CSE:FAT) Zoro project towards Thompson Brothers, a lithium project held by Ashburton Ventures TSXV:ABR. Both of the properties in northern Manitoba’s Snow Lake camp have historic, non-43-101 resources and current drill programs. Far Resources has field work planned for its new turf.

The 100% option calls for $25,000 and the same amount in shares on signing. Further commitments would add $225,000 and the same in shares, along with $500,000 in spending over 84 months. A 2% NSR applies, half of which Far Resources may buy for $1 million.

Last week the company began Zoro’s first modern drill campaign with a planned 700 metres focusing on the property’s dyke 1. The program follows soil sampling as well as sampling from historic trenches and pits elsewhere on the property that brought high-grade results.

Far Resources also holds the Winston gold project in New Mexico.

Update: Far Resources drills Manitoba lithium project following high-grade sampling

September 21st, 2017

Update: On September 21 Far Resources announced a drill crew had collared the first hole of a 700-metre program focusing on the Zoro property’s dyke 1, which hasn’t undergone modern drilling.

by Greg Klein | September 8, 2017

Encouraging assays have Far Resources CSE:FAT preparing to drill its Zoro lithium property in northern Manitoba’s Snow Lake mining camp. Of 17 samples recently collected from historic trenches and pits on pegmatite dykes 5 to 7, results graded between 1.02% and 3.87% Li2O for dyke 5, with a maximum of 2.59% for dyke 7. Previous samples ranged from 1.46% to 6.35% for dyke 5 and 1.35% to 2.91% for dyke 7.

Far Resources samples more high-grade lithium, prepares to drill Manitoba project

With a soil sampling program just completed,
Far Resources now has drilling underway.

The company confirmed the presence of a dyke swarm on the property in July. Now Far Resources announces an additional pegmatite dyke in the vicinity of dykes 2 to 4. Sixty samples have been collected for assays. In May the company reported chip sample grades of 2.71% and 3.53% Li2O for dyke 2 and 2.41% for dyke 4.

Additionally, a soil sampling program has just wrapped up.

Having closed its acquisition of the Winston gold project in New Mexico last June, Far Resources is considering spinning the property out to a new company.

Far Resources samples more high-grade lithium, prepares to drill Manitoba project

September 8th, 2017

This story has been updated and moved here.

Far Resources’ Manitoba lithium project reveals additional spodumene-bearing pegmatite

July 27th, 2017

by Greg Klein | July 27, 2017

Far Resources CSE:FAT has identified spodumene-bearing pegmatite dykes at its Zoro project in Manitoba to a greater extent than previously understood, enhancing the property’s lithium potential. The company confirmed the presence of a dyke swarm following a field visit to the Snow Lake region property, which was originally known to host seven spodumene-bearing dykes. Far Resources announced the discovery of additional dykes earlier this month.

Far Resources’ Manitoba lithium project reveals additional spodumene-bearing pegmatite

A drill program would be necessary to determine their full dimensions, the company stated. Eighteen chip samples have been sent for assays.

Prospecting found dyke 7 exposed over 220 metres before it trends beneath a swamp. Dyke 7 has two smaller pegmatite dykes associated with it, both mineralized with spodumene and possible tantalite. One has a strike of about 80 metres and width up to 13 metres. The other shows about 75 metres in strike and two to three metres in width. Twenty-one pits and trenches have been documented from dyke 7, the company reported.

Dyke 6 outcrop was identified for about 100 metres in strike and widths of 0.5 to two metres. “It has not been exposed by trenches or pits and remains untested although spodumene is present in the dyke,” Far Resources added.

Dyke 5 extends for a 250-metre strike with widths from two to 12 metres at surface. Nineteen pits or trenches have revealed spodumene and possible tantalite.

“With the success of this field program we are looking forward to completing further work to assess dykes 2, 3 and 4 for additional mineralized pegmatites,” said president/CEO Keith Anderson. “This field work will lay the ground work for further drilling in the winter of 2017.”

In late June the company closed its acquisition of the Winston gold project in New Mexico. Last week Far Resources announced it would propose to shareholders that a new company be created to manage the project.

Update: Far Resources mobilizes for Manitoba lithium on finding more spodumene-bearing dykes

July 11th, 2017

(Update: On July 11 Far Resources announced a helicopter-supported field crew had mobilized to assess the newly found spodumene-bearing dykes, supplement historic data and build a 3D model prior to further drilling.)

by Greg Klein | July 4, 2017

Seeing further potential for its Zoro lithium project in Manitoba, Far Resources CSE:FAT reports additional spodumene-bearing dykes on the Snow Lake region property. A field program found the dykes in trenches, pits and outcrops between previously reported dykes 5 and 7, the company stated. “Accordingly, potential exists for new spodumene-bearing dykes adjacent to dykes 2, 3, 4 and 6 on the property and the area will become the focus of upcoming field work in 2017.”

Far Resources finds more spodumene-bearing dykes on its Manitoba lithium project

Chip sampling results released in May assayed from 1.46% to 6.35% Li2O for Dyke 5 and 1.35% to 2.91% for Dyke 7. Later that month results from a seven-hole, 1,088-metre stepout drill campaign on Dyke 1 showed intercepts up to 1.2% Li2O over 38.3 metres.

Site exploration and 3D modelling has been assisted by advice from Robert Linnen of the University of Western Ontario and Tania Martins of the Manitoba Geological Survey, two pegmatite scientists who accompanied the most recent field study.

In New Mexico, meanwhile, Far Resources last month closed its acquisition of the Winston gold project, where the company hopes to begin an initial program of six to eight holes to confirm historic results. “We have compiled two separate expert teams to advance these projects and, over the coming months, we will be making some strategic decisions on how best to advance both these projects to ensure each is managed to its best advantage,” said president/CEO Keith Anderson.