VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Far Resources Ltd. (CNSX:FAT.CN) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”) is pleased to announce that on December 3rd, 2021, it closed a non-brokered private placement of $250,950.00 or 2,380,952 units at a price of $0.105 per unit (the units in accordance with the price protection filed with the Canadian Securities Exchange on October 28th, 2021). Each unit consists of one common share and one 24 months share purchase warrant. The warrant entitles the holder to purchase one common share, excisable at a price of $0.13 per share for 24 months from the date of issue. It expires December 3rd, 2023.
All securities issued under the private placement are subject to a mandatory hold period of four months plus 1 day following the closing of the private placement.
There are no finder’s fees. The proceeds of this private placement will be used for general working capital.
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 1930’s with a brief revival in the 1980’s 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 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:
John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561
Robert Dinning, CPA
CFO, Director
Far Resources Ltd
+1 (604) 970-0901
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.
