VANCOUVER, British Columbia, Jan. 18, 2021 (GLOBE NEWSWIRE) -- FAR Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce its upcoming Spring 2021 drilling program and provide an update on its Zoro Lithium Property located in east-central Manitoba 20km east of the historic mining town of Snow Lake.
John Gammack CEO, and President of FAR Resources Ltd, states, “With the demand for lithium ever increasing, FAR Resources is well-positioned to meet such demand. Our spring drilling program is timed perfectly especially with GM Canada’s announcement on January 15, 2021 of a tentative 1 Billion Dollar EV plant in Ontario.”
With Democrats assuming control of both the congress and senate, the Biden Administration is positioned to adopt their clean energy technology platform. Under the Trump Administration renewable energy technologies including solar & wind power and electric vehicles performed well. Consumers’ transition to electric vehicles continues, boosted in part by the increased supply of EV charging stations. Should the Biden Administration pursue increased fuel efficiency standards or loosen EV regulations, the transition of fossil fuel to electric vehicle drivers vehicles will likely continue to accelerate.
The demand for lithium, will continue to grow as it's one of the key components needed to manufacture solar panels and electric vehicle batteries. The Biden Administration proposal to spend $2 trillion on metals-rich green infrastructure is likely to spur private sector investment in similar metals-intensive products and structures, namely renewable energy and electric vehicles, which will further boost the lithium market.1
FAR Resources Dyke 1 contains an inferred resource of 1,074,567 tonnes grading, .091% Li2O, 182 ppm Be, 198 ppm Cs, 51ppm Ga, 1212ppm Rb, and 43ppm Ta (at a cut-off) of .3% Li2O. Dyke 1 is open at depth and to the north and south were an additional exploration is ongoing. The estimate has an effective date of July 06, 2018, and was prepared by Scott Zelligan P. Geo.
Some Key Project Highlights are:
- 1MM T. Inferred + 13 MM indicated
- 8,500 + Meters of Drilling to date
- $5,000,000 + Spent to date on technical and drilling of the project.
- Compelling Li Grades in the 180 PPM TO 220 PPM range
- Asset holds exceptional Byproduct Minerals and credits. For full details please refer to the full NI 43-101 Technical Report on The Zoro Lithium Project on Sedar.com Far Resources filings dated September 05, 2018.
John Gammack, comments, “This maiden resource, which covers part of Dyke 1, indicates that we have a base on which to build. In addition to the other seven dykes that are not included in this resource, the Company has numerous untested geological and geochemical targets at the Zoro property that we intend to pursue in the Spring of 2021.”
You can't have electric cars without batteries and you can't have batteries without lithium. The incredible stock market surge for Tesla is exciting! As global demand for electric vehicles grows, North American automotive manufacturers are seeking to regionalize their supply chain for greater security and sustainability.2 Far Resources believe their Zoro Property has the potential to attract significant domestic interest as they redefine the economics of this project with its lithium rich deposits.
We recognize today’s global initiative of providing green energy choices and are proud to be part of the chain that provides friendlier environmental options.
John Gammack, President & CEO
FAR Resources, LTD.