Sunday 21st July 2019

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Posts tagged ‘Far Resources Ltd (FAT)’

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.

Stepout drilling hits 1.2% Li2O over 38 metres at Far Resources’ Manitoba lithium project

May 30th, 2017

by Greg Klein | May 30, 2017

Phase II drilling on Far Resources’ (CSE:FAT) Snow Lake-region Zoro property supports the continuity of lithium mineralization at depth, the company announced May 30. The seven-hole, 1,088-metre program on pegmatite Dyke #1 stepped out from last year’s Phase I campaign that found results comparing favourably with historic data. Phase II highlights show:

Hole FAR17-008

  • 1.1% Li2O over 2.4 metres, starting at 144.6 metres in downhole depth
Stepout drilling hits 1.2% over 38 metres at Far Resources’ Manitoba lithium project

FAR17-010

  • 1.2% over 38.3 metres, starting at 164 metres
  • (including 2.3% over 4.6 metres)
  • (and including 2.6% over 2.1 metres)
  • (and including 1.4% over 7.7 metres)

FAR17-011

  • 1.3% over 1.3 metres, starting at 46.7 metres

FAR17-012

  • 1.7% over 10.7 metres, starting at 104.3 metres
  • (including 4.1% over 107.3 metres)
  • (and including 2.1% over 5.1 metres)

FAR17-013

  • 1% over 1.7 metres, starting at 75.3 metres

True widths weren’t provided. Holes FAR17-009 and FAR17-014 showed pegmatite over 1.8 metres and eight metres respectively, but without significant assays.

Overall the results support a 3D model that’s now being updated to incorporate the new info. The standout intercept of 1.2% over 38 metres confirms “that Dyke #1 thickens at depth and continues to host high-grade lithium,” said president/CEO Keith Anderson. “Further exploration will be focused on expanding the mineralization both along strike and at depth of this impressive intersection.”

Field work beginning in June will examine six other dykes on contiguous optioned land as well as Dyke #1, before planning Phase III drilling. The accelerated 100% acquisition of Zoro 1 closed this month, as did an oversubscribed private placement of $315,000.

Far Resources also holds the Winston silver-gold property in New Mexico.

Far Resources hastens 100% acquisition of Manitoba lithium project

May 9th, 2017

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.

Lithium samples surpass historic assays on Far Resources’ Zoro property in Manitoba

May 2nd, 2017

by Greg Klein | May 2, 2017

As the company awaits drill results, Far Resources CSE:FAT reported two new sample assays that improve on historic grades from the Zoro hard rock lithium project in Manitoba’s Snow Lake mining region. The samples came from Dyke #7, one of seven known spodumene-bearing pegmatite dykes on claims added to the property last summer.

Lithium samples surpass historic assays on Far Resources’ Zoro property in Manitoba

With a nearby lake providing water for drilling, Zoro can
be reached by highway and helicopter or boat and ATV.

The two composite rock chip samples that the company gathered from previously blasted trenches graded 1.35% and 2.91% Li2O. That compares with historic results using older analytical techniques for the same dyke showing 0.46% and 0.5% Li2O.

Last July Far Resources compared new samples with historic results from three other dykes on the new claims. The more recent assays for Dyke #2 showed 2.71% and 3.53% Li2O, compared with historic results of 1.66% and 1.69%.

An assay for Dyke #4 came to 2.41%, compared with an historic 1.12%.

Dyke #5 results ranged from 1.46% to 6.35%, compared with the historic range from 2.42% to 7.28%.

The company plans to compile the new results with a revised geologic database to plan a spring program of ground-based mapping and exploration. Findings will be integrated with LiDAR (Light Detection and Ranging) data that measures elevation.

Meanwhile assays are pending for the seven-hole, 1,088-metre Phase II drill program that wrapped up last month on Zoro’s Dyke #1. One hole revealed spodumene-bearing pegmatite over 53.7 metres, while another found coarse spodumene crystals over 12.2 metres.

Seven holes from last year’s Dyke #1 program also found lithium-bearing pegmatite, with intervals grading up to 1.13% Li2O over 12.1 metres and 1.1% over 23.4 metres.

In March the company announced a purchase agreement for the Winston silver-gold project in New Mexico, subject to approvals and due diligence.

Far Resources readies Phase II drilling at Manitoba lithium project

March 27th, 2017

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.