[ACCESSWIRE]
ZURICH, SWITZERLAND / ACCESSWIRE / November 22, 2016 / With a current market capitalization of $4 million CAD, Far Resources Ltd. (CSE: FAT) has recently completed a phase-1 drill program on its Zoro Property near Snow Lake in mining-friendly Manitoba, Canada. A total of 7 holes over 1,142 m (163 m/hole on average) have been drilled into the lithium-rich pegmatite known as "Dyke 1". Rockstone initiates coverage of Far Resources as the large Zoro Property offers great potential to be quickly advanced to a world-class lithium project. Sampling rocks from surface is an important first exploration phase, yet it's drilling that counts and provides most upside potential. Assay results are expected within the next 3-4 weeks.
Not so long ago, Nemaska Lithium Inc. reported results from a first grab sampling program on its Whabouchi Property in Québec, with grades averaging about 2.88% Li2O. Subsequent drilling delineated indicated resources of about 15 million t averaging 1.54% Li2O; i.e. a word-class lithium deposit, currently in development to become a mine in the next years. In July 2016, Far Resources reported assays from a rock chip sampling program of 3 separate pegmatites/dykes on its Zoro Property (515 hectares):
• Dyke 2 averaged 3.12% Li2O (2 samples)
• Dyke 4 averaged 2.41% Li2O (1 sample)
• Dyke 5 averaged 3.93% Li2O (4 samples; 2 exceeded 6% Li2O)
Average of all 7 samples: 3.48% Li2O
In 1956/1957, when lithium prices and demand were very low, a total of 78 shallow holes were drilled at Zoro, identifying 7 pegmatites. About 60% of these holes were drilled into Dyke 1, delineating a (historical) "reserve" estimate of 1.8
million t averaging 1.4 Li2O. The encountered grades and widths, up to 1.4% Li2O over 49.8 m, would be considered world-class today; however these are considered historical and thus non-compliant with NI43-101. The objective of the phase-1 drill program is to verify historic grades and widths of Dyke 1 (phase-2 to expand known mineralization and to drill test other pegmatites sampled this summer). Historic drilling was shallow to only test for near-surface mineralization, however it was noted that the pegmatites thicken at depth and remain largely untested below 200 m from surface.
The full report can be accessed with the following links:
English (PDF):
http://rockstone-research.com/images/PDF/FAT1en.pdf
English (Webversion):
http://rockstone-research.com/index.php/en/research-reports/2099-Drill-Results-Pending-From-a-Potentially-World-Class-Hard-Rock-Lithium-Project
German (PDF):
http://rockstone-research.com/images/PDF/FAT1de.pdf
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Disclaimer: Please read the full disclaimer within the full research report as a PDF as fundamental risks and conflicts of interest exist.
SOURCE: Rockstone Research
