Yesterday after market close, Far Resources Ltd. (CSE: FAT; Frankfurt: F0R) reported the appointment of Jared Lazerson in its advisory board. Lazerson is the CEO of MGX Minerals Inc. and has built MGX into the one of the largest industrial mineral exploration and development companies in Western Canada. In the past 3 years, Lazerson has developed MGX from a $2.5 million market capitalization to recently in excess of $100 million CAD. Keith Anderson, Far Resources´ CEO, commented today:
"We are very pleased to welcome Jared Lazerson to our board of advisers. His experience in recognizing opportunities, assembling land packages and implementing strategy to advance projects will assist us to maximize the value in our Zoro lithium property."
Far Resources´ share price has been appreciating under heavy volume lately (>23 million shares traded in last 4 trading days) and currently trades at $0.12 CAD with a market capitalization of $7 million CAD (around 57 million shares issued).
In early January, Far Resources reported results from its phase-1 drill program on its Zoro Lithium Property in Manitoba, Canada (23 m @ 1.1% Li2O and 2 m @ 1.49% Li2O. Each of 7 drill holes intersected lithium-bearing pegmatite mineralization over intervals of up to 28 m. Anderson commented:
"We are pleased that the results from our first drill program on the Zoro lithium property compare favorably with historic data. We have identified higher-grade portions of Dyke #1 which will be the focus of further exploration. Additionally, upcoming field work will assess six other known lithium-bearing pegmatite dykes on the property, where reconnaissance sampling over the summer returned values of up to 6.35% Li2O."
On January 30, Far Resources updated on the upcoming phase-2 exploration program. Anderson stated:
"We are keen to continue our exploration and drill program on the Zoro Lithium Property which has already confirmed positive lithium results on Dyke #1. The expanded Zoro Project is highly prospective and we hope to continue advancing it given the continued positive outlook for lithium in the green energy sector. We are pleased to be attending PDAC where we can present our results and strategy face to face to our stakeholders."
Report #4: "Savvy lithium explorer getting ready for phase-2" (January 25, 2017)
Report #3: "Far Resources drills 23 m of 1.1% Li2O and gets ready for 6 additional pegmatites" (January 9, 2017)
Report #2: Far Resources gains momentum with drill results pending from its Zoro Lithium Project in Manitoba (December 6, 2016)
Report #1: Drill Results Pending From a Potentially World-Class Hard-Rock Lithium Project (November 22, 2016)
Far Resources Ltd.
Unit 114B - 8988 Fraserton Court
Burnaby, BC V5J 5H8 Canada
Phone: +1 604 805 5035
Shares Issued & Outstanding: 57,191,556
Canadian Symbol (CSE): FAT
Current Price: $0.12 CAD (02/07/2017)
Market Capitalization: $7 million CAD
German Symbol / WKN (Frankfurt): F0R / A2AH8W
Current Price: €0.087 EUR (02/08/2017)
Market Capitalization: €5 million EUR
Disclaimer: Please read the full disclaimer within the full research report as a PDF (here) as fundamental risks and conflicts of interest exist.
Disclosure: I am/we are long FRRSF, CSE:XMG.