Far Resources Ltd.

Far Resources Ltd.

May 06, 2013 09:38 ET

Far Resources Stakes Additional Claims on the Silver Switchback Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2013) - Far Resources Ltd. (CNSX:FAT) ("Far" or "the Company") is pleased to announce that it has acquired, by staking, additional contiguous ground immediately to the south and southeast of its 100% owned Silver Switchback property located approximately 50 kilometres east-southeast of Terrace, in central British Columbia. The newly acquired claims will be added to the current nine claim (3,125 ha) Silver Switchback Property where a fall 2012 exploration program confirmed significant copper and silver mineralization. As reported in our press release dated February 4, 2013, grab samples of altered and/or mineralized bedrock and talus on the original Silver Switchback Property returned silver values in the range from less than 0.1 gram per tonne (g/t) to 627 g/t, and for copper from 4 parts per million (ppm) to 4.39 per cent.

The newly acquired claims comprise 5 blocks, (1,451 ha) located south and southeast of the original Silver Switchback property. The claims cover several reported (Minfile) mineral showings, with anomalous values of silver, copper and gold. Previous work in 1994-1995 included a program of geological and geophysical surveys, prospecting, trenching, and 1,780 metres of diamond drilling in 15 holes on the Main and Discovery zones. This previous work showed the Main zone mineralization is an epithermal vein system, which strikes easterly and dips 15 to 20 degrees to the south. Seven hand trenches were blasted and hand mucked on the Main Zone. Surface sampling by Golden Hemlock (News Release Nov 14, 1994) indicate the best interval of mineralization returning 11.0 metres grading 900 g/t Ag, 0.62 g/t Au and 1.0% Cu. Channel samples taken by the operator yielded values up to 16.5 g/t Au and 1,158 g/t Ag (Property File - Visit Report by Tom Schroeter July, 1995). Five holes were drilled on the Main Zone by Golden Hemlock, comprising 580 metres. The best intercept in hole 95-02 was 0.6 metres, grading 576 g/t Ag and 0.99% Cu, from 14.0 - 14.6 metres.

The Main Zone was sampled in 2006 by Silver Quest Resources Limited (Silver Quest News Release - October 12, 2006). Sample 51671 comprised a chip sample of quartz-carbonate veining over 0.8 metre from an old trench, returning 5.94 g/t Au, 50.7 g/t Ag, 1.23% Cu, 0.45% Pb and 0.18% Zn. Silver Quest sample 51672 comprised a grab sample of quartz-carbonate veining, returning 24.60 g/t Au, 181.5 g/t Ag, 3.84% Cu, 0.87% Pb and 0.15% Zn.

The Discovery zone consists of several parallel veins and a 500 by 200 metre breccia zone believed to be of hydrothermal origin. Assessment reports indicate that the zone has been traced intermittently in bedrock exposures over a strike length of 300 metres. Assessment reports indicate that the mineralogy of this zone differs from the Main Zone in that chalcopyrite, with some minor bornite and some galena and sphalerite are the dominant sulphide minerals. Five hand trenches were blasted and hand mucked on the Discovery zone. Surface sampling by Golden Hemlock (NR Nov 14, 1994) indicate the best interval of mineralization returning 1.0 metre grading 197 g/t Ag, and 5.93 g/t Au. Assessment files report a composite chip sample across a 2 metre section of the structure, comprised of quartz veins in bleached, ankeritic altered rock, assayed up to 9.19 g/t Au. Silver from grab samples assayed up to 356.2 g/t Ag (Assessment Report 17971). Ten holes comprising 1,280 metres were drilled on the Discovery hole. The best intercept reported by Golden Hemlock was in hole 95-06 from 14.3 to 15.2 meters over 0.9 meters of 5.21 g/t Au, 28 g/t Ag and 1.24% Cu.

Far is pleased to have acquired the additional claims as it complements and enhances the company's activities in the area. Far was already planning a summer exploration program on the original Silver Switchback property, and the newly acquired claims will also be visited, assessed and evaluated at this time. The technical information in this news release is based on publicly available information regarding the Silver Switchback Property but has not been independently verified by the Company due to lack of access to the historical data.

Lindsay Bottomer, P.Geo., a director of the Company and a Qualified Person as defined in National Instrument 43-101 of the Canadian Securities Administrators, has approved the technical disclosure in this news release.

About the Company

Far Resources Ltd. is an exploration company, publicly traded on the Canadian National Stock Exchange, focused on the identification and development of high potential mineral opportunities. To date, the Company has acquired two attractive projects in Northern British Columbia: the Silver Switchback and the Tchentlo. Both have returned excellent gold, silver, and copper values.

On Behalf Of The Board Of Directors Of Far Resources Ltd.

Keith C. Anderson, President

This news release contains forward-looking statements, which relate to future events or future performance 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 of the forward-looking statements made in this news release and the accompanying graphic links 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.

The Canadian National Stock Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Contact Information

  • Far Resources Ltd.
    Keith C. Anderson
    (604) 805-5035