Tuesday 18th September 2018

Resource Clips


Posts tagged ‘Far Resources Ltd (FAT)’

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.

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

July 4th, 2017

This story has been updated and moved here.

Pegmatite scientists to accompany Far Resources’ field crew on Manitoba lithium project

June 7th, 2017

by Greg Klein | June 7, 2017

Far Resources CSE:FAT returns to its Zoro hard rock lithium property in mid-June, this time with two highly respected pegmatite scientists. Dr. Robert Linnen of the University of Western Ontario and Dr. Tania Martins of the Manitoba Geological Survey will accompany the crew “to evaluate the possibility of academic research of the Zoro pegmatite system,” Far Resources announced.

Pegmatite scientists to accompany Far Resources’ field crew on Manitoba lithium project

The company’s agenda for the Snow Lake-region project calls for mapping and prospecting, mineralogical and geochemical research, upgrading the 3D model for Dyke #1 and examining the property’s six other known spodumene-bearing pegmatite dykes.

The program should ready the project for another round of drilling on Dyke #1 and an eventual 43-101 technical report.

Released last week, assays from the seven-hole, 1,088-metre Phase II drill campaign reached up to 1.2% Li2O over 38.3 metres and 1.7% over 10.7 metres.

Last month the company took on an accelerated payment plan to hasten Zoro’s 100% acquisition and drop the price by $200,000. Also last month, Far Resources closed an oversubscribed private placement of $315,000.