Vancouver, British Columbia–(Newsfile Corp. – June 28, 2017) – Far Resources (CSE: FAT) (FSE: F0R) has closed the acquisition of a 100% interest in the Winston gold project in New Mexico. The Winston project, located in Sierra County, and consisting of 16 unpatented mining claims, cost the company $35,000 plus 2.5 million shares, with a further $50,000 to be paid by August 24, 2017.
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The company also has the right to acquire 4 unpatented mining claims known as the “Little Granite” claims for US$434,000, and another 2 patented mining claims, known as the “Ivanhoe/Emporia” claims for US$361,000. Far Resources has approximately 3 years to make these installment payments on these 2 properties.
Keith Anderson, President & CEO, stated: “With this acquisition of 100% of the Winston project, Far Resources is excited to now have two promising projects in action. We are very keen to move the Winston project forward as it has shown good historical results that we plan to verify through a planned drill program.”
The company’s initial focus will be on the Little Granite Mine, where limited drilling in the mid-1980s intersected high grade silver and gold values over approximately 120 metres strike length along a well-defined epithermal vein system. The vein remains open to the north and south, and at depth.
The company recently announced the results of the Phase 2 drill program that confirmed extensive lithium mineralization in the Dyke #1 spodumene-bearing pegmatite on their Zoro Lithium Property near Snow Lake, Manitoba. The company is preparing to start its 2017 exploration program with a multi-faceted program including geological mapping and prospecting, mineralogical and geochemical research and an upgrade of the 3D model for Dyke #1, one of 7 such dykes located on the property.
The company’s management and technical consultants will be accompanied by highly experienced and well-respected pegmatite scientists, Dr. Robert Linnen of the University of Western Ontario (London) and Winnipeg-based Dr. Tania Martins of the Manitoba Geological Survey, who will participate in the field examination to evaluate the possibility of academic research of the Zoro pegmatite system.
Keith Anderson further commented: “We are reviewing our plan for the short and long term for both our Zoro Lithium and Winston projects to decide on the best course of action going forward for both these projects. 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.“
The shares are trading at $0.135, on heavier than usual volume, and with 60.8 million shares currently outstanding, the company is capitalized at $8.2 million.
Keith Anderson was recently interviewed by David Morgan, publisher of the Morgan Report. To view this interview on YouTube (view here).
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