Thursday 24th August 2017

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Posts tagged ‘new mexico’

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.

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.

Far Resources adds New Mexico silver-gold to Manitoba lithium

March 2nd, 2017

by Greg Klein | March 2, 2017

A commitment to clean energy need not overwhelm the lure of silver and gold. A new acquisition now has Far Resources CSE:FAT looking for precious metals in New Mexico in addition to the energy metal in Manitoba. The Winston project includes the past-producing Ivanhoe-Emporia and Little Granite gold mines. Should all go to plan, the latter gets an initial summer program of six to eight holes.

Far Resources adds New Mexico gold to Manitoba lithium

Little Granite’s last significant production reportedly dates to
the 1930s, but later drilling found high-grade silver and gold.

Limited drilling at Little Granite in the 1980s found high-grade silver and gold over approximately 120 metres in strike along a well-defined epithermal vein system, the company stated. The vein’s open to the north and south, as well as at depth.

The acquisition amends Far’s previous 80% option agreement, in which the company had already paid $250,000 and issued 1.8 million shares. The new deal gives Far a 100% interest on 16 unpatented claims for an additional $100,000 and 2.5 million shares.

Four unpatented mining claims comprising Little Granite and two patented claims comprising Ivanhoe/Emporia would cost an extra US$434,000 and US$361,375 respectively.

With due diligence underway, the parties expect to consummate by March 31.

The purchase gives Far a dual focus as the company continues exploration at its Zoro lithium project in central Manitoba’s Snow Lake camp. All seven holes of an initial 1,140-metre program on Dyke #1 late last year intersected lithium-bearing pegmatite, comparing favourably with historic results.

Highlights from assays released in January show:

Hole DDHFAR-16-002

  • 0.88% Li2O over 5.9 metres, starting at 158.79 metres in downhole depth

  • 1.28% over 2.8 metres, starting at 168.84 metres

DDHFAR-16-003

  • 1.13% over 12.1 metres, starting at 61 metres

DDHFAR-16-006

  • 0.77% over 10.9 metres, starting at 29.06 metres

DDHFAR-16-007

  • 1.1% over 23.4 metres, starting at 186.18 metres

  • 1.11% over 4.1 metres, starting at 254 metres

True widths weren’t available.

Far has now located historic drill sites on optioned ground adjacent to Zoro. A 3D model will combine the new field data with historic info to identify further drill targets. Once weather permits, field work will assess lithium-bearing pegmatite in trenches at six dykes northeast of Dyke #1, as well as search for additional dykes.

Zoro can be reached by highway and helicopter, or by boat, road and ATV. Power lines pass five kilometres south and rail another 25 kilometres.

In November Far closed an oversubscribed private placement of $231,000.

Opportunism knocks

December 5th, 2016

First Mining Finance found bad times beneficial for good deals

by Greg Klein

Struggling junior? Not this company. Since its trading debut in April 2015, First Mining Finance TSXV:FF has compiled 25 projects covering some 300,000 hectares, from early stage to a PEA with 4.4 million gold ounces indicated. Just as aggressively, the company boosted its treasury to a current $35 million. Now First Mining looks forward to a $21-million exploration and development program for 2017 that includes 47,000 metres of drilling.

“We were able to execute on the vision of the company, which last year was to take advantage of the bear market and acquire projects,” VP of investor relations Derek Iwanaka explains. “I don’t know of any other company that was able to acquire as many projects, or projects as good as we got, during that period.”

First Mining Finance found bad times beneficial for good deals

Located in northwestern Ontario’s Birch-Uchi greenstone belt,
First Mining’s 32,448-hectare Springpole flagship has an
updated PEA scheduled for next year.

Certainly there were deals to be had for canny acquisitors. But that was while many other companies faced financing difficulties. First Mining bucked the trend last August by closing a $27-million private placement. How did they pull that off?

“Quite easily,” responds Iwanaka. “We were literally turning down millions of dollars. We had over $70 million in orders but we didn’t want that kind of dilution. So we just took the $27 million. That should carry us for at least the next few years, including all the drilling and overhead.”

First Mining seems to have something that eludes others.

“First of all we have Keith Neumeyer at the helm, who runs a multi-billion-dollar company as it stands,” says Iwanaka. “Keith has been adept at starting companies during very bad times and manoeuvring them so when times are good we can reap the rewards for our shareholders.”

Among companies founded by the First Mining director were First Quantum Minerals TSX:FM and First Majestic Silver TSX:FR, where Neumeyer’s president/CEO. First Majestic acts as a sort of mentor to First Mining, placing some FR directors in FF’s management and board, helping to get the new company started, lending it about $1 million, vending three Mexican properties and even providing office space.

Among considerations behind an acquisition are “size and quality of the project,” Iwanaka points out. “We look at projects with good grade, scalability, exploration upside. The jurisdiction’s quite important to us. We’re basically looking at North America, but not the North. We will look at South America as well. Quebec, Ontario and Newfoundland are our favourite places although we could go to other provinces too. In the U.S. we see Nevada and Arizona as fairly mining-friendly states. We could probably look at New Mexico as well. We do have some early-stage properties in Mexico, where First Majestic has its base, but we certainly focus on Canada.”

As for commodities, “we particularly like gold but silver, platinum and palladium are also attractive, as well as base metals—anything that’s exchange-tradeable.”

Other factors include “the price of the projects, the holding cost, the infrastructure. In many cases the projects we take already have roads and power lines going to them.”

If gold’s the company’s focus, the Springpole flagship explains why. Described as one of Canada’s largest undeveloped gold projects, the northwestern Ontario potential open pit came with the past owner’s 2013 PEA. Using a 0.4 g/t gold cutoff, the 2012 resource showed:

  • indicated: 128.2 million tonnes averaging 1.07 g/t gold and 5.7 g/t silver for 4.41 million ounces gold and 23.8 million ounces silver

  • inferred: 25.7 million tonnes averaging 0.83 g/t gold and 3.2 g/t silver for 690,000 ounces gold and 2.7 million ounces silver

First Mining has work underway to bring the resource and PEA up to date. But looking back at 2013, the report calculated a post-tax NPV of US$388 million using a 5% discount, with a 13.8% post-tax IRR. Initial capex came to US$438 million with payback in 35 months of an 11-year mine life.

First Mining Finance found bad times beneficial for good deals

Visible gold was one attraction of the Goldlund project,
which has another 27,000 metres of drilling planned.

“We expect the updated PEA will be even more robust,” Iwanaka says. “The U.S. dollar has appreciated since 2013, when it was at par. We’re also looking at increasing the recovery and the pit shell. Those three things could substantially improve the economics and we hope to have the new PEA out probably by the first half of next year.”

With assays pending, a four-hole, 1,712-metre fall program provided metallurgical fodder. Next summer’s agenda calls for another 6,000 metres of infill to upgrade the resource. In the meantime, pre-permitting environmental and baseline work will soon begin.

A newer acquisition gets even more rig attention next year. Goldlund, about 60 kilometres north of Dryden and roughly 200 klicks south of Springpole, has 27,000 metres planned to upgrade the resource and work towards an eventual PEA. The former open pit and underground operation came with an estimate that First Mining considers an historic non-43-101. Using a 0.4 g/t gold cutoff, it showed:

  • measured and indicated: 19.1 million tonnes averaging 1.94 g/t for 1.19 million ounces gold

  • inferred: 25.8 million tonnes averaging 2.51 g/t for 2.08 million ounces

Cameron, maybe another 100 kilometres south of Goldlund, gets up to 9,000 metres of infill to pump up the measured and indicated prior to PEA. Using a 0.5 g/t cutoff, a 2015 resource from Chalice Gold Mines TSX:CXN showed:

  • measured: 3.72 million tonnes averaging 2.64 g/t for 316,000 ounces gold

  • indicated: 4.1 million tonnes averaging 1.92 g/t for 253,000 ounces

  • inferred: 14.5 million tonnes averaging 1.92 g/t for 894,000 ounces

Moving to southwestern Newfoundland, Hope Brook will see 5,000 metres of exploration and infill. A high 3 g/t gold cutoff gives the current resource:

  • indicated: 5.5 million tonnes averaging 4.77 g/t for 844,000 ounces gold

  • inferred: 836,000 tonnes averaging 4.11 g/t for 110,000 ounces

Again, a resource upgrade precedes a PEA, this one slated for late 2017.

Back in Ontario and roughly 110 kilometres northeast of the Springpole flagship, autumn drilling has wrapped up at Pickle Crow. Assays from the nine-hole, 1,319-metre campaign are expected in early 2017. The former mine came with a 2011 inferred resource that used a 2.25 g/t gold cutoff for an underground deposit and a 0.35 g/t cutoff for an open pit deposit:

Underground

  • 6.52 million tonnes averaging 5.4 g/t for 1.14 million ounces gold

Open pit

  • 3.63 million tonnes averaging 1.1 g/t for 126,000 ounces

Total

  • 10.15 million tonnes averaging 3.9 g/t for 1.26 million ounces

With assays to come, drilling to do and announcements for other North American projects anticipated, First Mining plans a steady news flow, says Iwanaka.

Drilling confirms 3D model at Far Resources’ Manitoba lithium project

November 17th, 2016

by Greg Klein | November 17, 2016

With Phase I now complete, Far Resources CSE:FAT says all seven holes of the 1,142-metre campaign intersected spodumene-bearing pegmatite on the Zoro property in central Manitoba. Assays are pending but the program confirms a 3D model of dyke #1 compiled from historic drilling data and more recent field work, the company reported November 17.

Drilling confirms 3D model at Far Resources’ Manitoba lithium project

Chip samples taken last summer from historic
trenches assayed between 1.46% and 6.35% Li2O.

“We are pleased that the first drill program on the property for 60 years has confirmed our geological model and interpretation,” said president/CEO Keith Anderson. “This will allow us to plan and optimize further drilling with confidence as we expand on the Phase I program.”

The 3,000-hectare property hosts seven known spodumene-bearing dykes. In July the company released assays from chip samples collected that summer from three historic trenches, with results ranging from 1.46% to 6.35% Li2O.

The Snow Lake-region property can be accessed via highway and helicopter, or by boat, road and ATV. Local infrastructure also includes hydro lines five kilometres south and rail another 25 kilometres.

Far Resources also holds an option on the Winston property in New Mexico, which hosts two past-producing gold-silver mines. In October the company offered a private placement of up to $200,000.