Far Resources Ltd. {TSX.V: FAT}
Provided an update on its current activities and initiatives.
Along with the continued development of its Canadian lithium assets, Far plans to advance the first of its battery technologies towards rapid commercialisation.
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2019-08-21 07:11 ET – News Release
Mr. Toby Mayo reports
FAR RESOURCES PROVIDES UPDATE
Far Resources Ltd. has provided an update on its current activities and initiatives. Chiefly, along with the continued development of its Canadian lithium assets, Far plans to advance the first of its battery technologies towards rapid commercialisation.
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Marketing
Far’s corporate website and marketing materials have been brought up to date to better reflect the direction and strategy of the company. As Far continues its expansion into the battery and related technology sectors, marketing will be increased and refocused into these new areas, broadening the company’s reach to new potential partners and stakeholders. Meanwhile, the new strategy will be highlighted through multiple digital media streams.
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The company is currently planning marketing activities and will be travelling to Novi, Michigan, Salt Lake City, Utah, and Louisville, Kentucky during September to attend The Battery Show, Solar Power International and the International Construction & Utility Equipment Exposition (ICUEE), alongside its partners BattMat Technologies Inc. and Electric Blue Power. The purpose of these events is to provide the company with exposure to additional new shareholders, introduce the company to potential partners for developing its Canadian lithium assets, and provide exposure for the battery technologies under development.
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Lock-up agreement
As announced on Aug 9, 2019, the company completed a conversion of debt for shares, which included members of management. Of those shares issued, it has been agreed upon by certain members of management to submit approximately 6,900,000 of those shares into a 24-month lock up agreement, demonstrating their commitment to the creation of long-term shareholder value.
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BattMat Joint Venture and Electric Blue Power
As previously released, the company has provisionally filed seven patents in the United States for various battery-related and other technologies coming from the Electric Blue Solar Research Vessel.
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The Far JV is now setting up a terrestrial testing program for a number of select technologies relating to universal battery warming systems, which the company plans to roll out as the patent applications are approved. Potential clients and testing partners have already been identified.
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As part of the ongoing testing program, the company is also planning to submit multiple eligible technologies to United States military technology testing, which is among the most rigorous testing of its kind in the world. This testing would allow Far access to robust data on these technologies and provide the basis for a possible lead in their commercialisation.
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Sponsorship of the Electric Blue Solar Research Vessel, which was originally announced on March 6, 2019 continues. Far invites all to now track the location of the boat, and to view it’s webcam by visiting www.electricbluepower.com/live-cam . If you would like a private tour of the vessel, please contact Far investor relations to check availability.
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The Zoro Lithium Project
As released on August 9, the company has successfully completed the acquisition of the Green Bay (Manitoba) option on the Zoro Lithium Project. The company is currently planning and redesigning several phases of exploration in readiness for future programs, which it is anticipated will include a full expansion of prospecting and sampling, as well as wider-scale mapping and soil geochemistry.
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Furthermore, the company has within the last week received its updated work permit from the Manitoba Office of Sustainable Development for the purposes of ongoing exploration and drilling at the project. This work permit is an essential part of maintaining the property in good standing and is important in maintaining continuity with local Conservation Officers.
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Further exploration planned for the Zoro property will cover those areas where no exploration has been undertaken to date. Specifically, the next program will be based on a prospecting approach supported by LIDAR imagery to assess areas of visible outcrop or where overburden cover is shallow. Mechanical stripping will be considered for areas where pegmatite is observed in outcrop or suspected.
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Qualified Person
The technical content of this news release has been reviewed and approved by Mark Fedikow P.Geo., a qualified person as defined under National Instrument 43-101.
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About Far Resources
Far Resources Ltd. is a Canadian battery and technology metals exploration and development company with projects in Canada and the USA.
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More information is available at Far’s website: www.farresources.com
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