Vancouver, British Columbia--(Newsfile Corp. - December 13, 2017) - Far Resources (CSE: FAT) (FSE: F0R) (OTC Pink: FRRSF) updates shareholders on the upcoming spinoff of the company's Winston gold property, which will allow the company to focus on its Zoro Lithium Project in Manitoba.
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Keith Anderson, President and CEO, stated: "We are moving forward with our plans to spin out the Winston Property into a separate company and the visit by our team will help us determine an appropriate plan of action and next steps for the newly formed company. These are busy times, and we are keen to realize the full potential in both our projects, Zoro Lithium and Winston. The spin out will provide tremendous upside potential for our shareholders as they gain a stake in two companies with meaningful projects."
Far Resources is currently preparing documentation for a shareholder's meeting to be held early in the new year to approve the plan of arrangement for the distribution of shares of the gold property. Following the spinoff, Far Resources will apply to list the new company.
The company has assembled the team that will be visiting the Winston Property in the middle of December, to review alternatives for an initial exploration program, and for the preparation of a NI 43-101 Technical Report.
The Winston project, located in the Chloride Mining District of Sierra County, New Mexico, consists of a group of 16 unpatented claims known as the LG Claims; a group of 4 unpatented claims known as the Little Granite Gold claims and 2 patented claims, namely the Ivanhoe Lode and the Emporia Lode claims. Little Granite is a past-producing, high grade silver-gold mine. The main vein has been traced for 700 feet and remains open to north, south, and at depth. The Ivanhoe-Emporia mines are also past producers of gold and silver, with a decline of 370 feet. They have potential for a large tonnage of lower grade, stockwork veins surrounding high grade veins mined in the past.
The company is actively exploring its Zoro Lithium Property, located near Snow Lake, Manitoba, which covers a number of known lithium pegmatite occurrences. As part of a planned drill program the company intends to test the newly identified Dyke 1 extension, which is approximately 75 metres long and extends from the north end of Dyke 1 in a northeast direction. It also plans to test historic high-grade lithium drill intersections and recent assay results from trench and outcrop sampling at Dykes 5 and 7.
The shares are trading at $0.69, and with 96.6 million shares currently outstanding, the company is capitalized at $66.7 million.
For more information, please visit www.FarResources.com, call 604-805-5035 or email [email protected]
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