VANCOUVER, British Columbia, Sept. 30, 2021 (GLOBE NEWSWIRE) -- FAR Resources Ltd. (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”) is pleased to announce that the Company has been approved for a $300,000 grant from the Manitoba Mineral Development Fund ("MMDF"). The funds will support the 2021 exploration program and advance its 100% owned Zoro lithium and Jean Lake lithium-gold exploration option properties located in the Snow Lake area of the mining friendly province of Manitoba.
The funds will advance the ongoing 2021-2022 field exploration program that was most recently initiated in August, and which resulted in the discovery of new lithium bearing pegmatites on the Jean Lake property. The Jean Lake Property adjoins FAR's Zoro Lithium Property on the southwest and is adjacent to Snow Lake Resources Project which includes the Sherritt Gordon and Grass River pegmatites and the Thompson Brothers lithium-bearing pegmatite with a recently announced historic (JORC-compliant) indicated mineral resource of 9.08 million tonnes @ 1% lithium oxide based on a 0.3% cut-off.
Ongoing exploration on the Company’s Snow Lake properties will include focused prospecting, trench mucking, outcrop stripping, surficial geochemical surveys and drone-assisted geophysical surveys, surficial geochemical and drone-assisted magnetic and LIDAR surveys. Recent and historical databases will be integrated with and underpin the planned drone-assisted magnetometer and LIDAR survey on the Jean Lake property and a 10-hole 1500 metre drill program on the Zoro property.
The MMDF was launched by the Government of Manitoba in August 2020 with the specific goal of jump-starting mineral and economic development initiatives throughout the province. The MMDF is administered through the Manitoba Chambers of Commerce and aims to support new economic development opportunities that capitalize on existing assets and infrastructure across Manitoba.
John Gammack, President and CEO, stated, "We are pleased to receive this support from the Manitoba Mineral Development Fund as we advance our Snow Lake projects towards discovery. Historic and current base and precious metal mining and developing battery metal projects have provided employment and economic development opportunities in the Snow Lake region. With this assistance from the MMDF and the Government of Manitoba, FAR Resources will contribute to the growth and prosperity to Snow Lake and nearby communities. The top 10 battery manufacturing plants are currently in China and as Europe and North America are looking to reduce their reliance to Asia, they are looking towards a domestic supply and for companies and battery metal suppliers who can provide critical battery metals and manufacture batteries locally.”
FAR Resources' Winston Gold and Silver Project includes on-going exploration of their 100 percent owned property located in the Black Range of New Mexico, USA. Recent results included exceptional numbers from property-wide confirmatory sampling completed in late 2020 with grades of up to 66.5 g/t gold and 4619 g/t silver. The property’s three mines, Ivanhoe, Emporia and Little Granite are known for their historic production of high-grade gold and silver ores, primarily developed prior to the 1930s with a brief revival in the 1980s but have seen little modern exploration. Full data tables and info can be viewed here on pages 14, 17, 19 and 20: https://farresources.com/images/investors/presentation/precious_metals_deck/precious_metals_deck_revised-26Mar2021.pdf.
FAR Resources also has its 100 percent owned Zoro Lithium Project, in Canada, located in the mining-friendly Snow Lake region of Manitoba containing numerous known lithium deposits. The company has completed five drill programs on the property leading to the discovery of at least 12 lithium-bearing pegmatite dykes. FAR Resources also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories hosting at least 10 lithium bearing spodumene pegmatite dykes with average lithium concentration of 1.03% Li20 and individual samples grading up to 3.3% Li20.
To read more on both lithium properties and past exploration details, click here: https://www.farresources.com/images/investors/presentation/sustainable_energy/REVISED_SUSTAINABLE_ENERGY_PRESENTATION.pdf.
For further information, please contact:
President and CEO
FAR Resources Ltd
+1 (604) 374-5561
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.