Far Resources Signs LOI to Acquire New Cesium-Lithium-Tantalum Rare Metal Pegmatite Project, in Mining Friendly Manitoba

VANCOUVER, British Columbia, March 10, 2020 (GLOBE NEWSWIRE) -- Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is pleased to announce that it has signed a Letter of Intent (LOI) to acquire up to 100% of the Reel Cesium-Lithium-Tantalum Project in mining friendly Manitoba, Canada. Samples from the Reel Project have returned grades of up to 1.75% cesium oxide (Cs₂O), while also having significant lithium and tantalum potential.

Toby Mayo, President of Far, explains: “The expansion of our strategic metals portfolio during a time of considerable market weakness demonstrates our absolute belief in the importance of these vital technology metals, and builds on our strategy for building shareholder value through a well thought out and executed strategy. To secure a lithium deposit with high cesium grades is exceptional.”

Cesium (Brit. caesium), “Cs” on the periodic table of elements, is quite typically found with lithium, as seen at Reel. While the annual market is relatively small, with only a few thousand kilograms of cesium being consumed in the United States every year, deposits hold key strategic advantages. In the recent Canada/USA strategic metals agreement, noted in our press release dated January 17, 2020, cesium, along with lithium and tantalum, are classified as strategic metals. Manitoba, Canada, is home to the Tanco mine, owned by Sinomine Rare Metal Resources Co. Ltd., hosting more than 85% of the world’s current reserves.

Significantly, the most important use of the metallic element is in cesium (“atomic”) clocks. These clocks are a vital part of both mobile telephone networks and Global Positioning System (GPS) satellites, and as such it plays a key role in technologies used for global communications, travel and logistics. Other uses for cesium include applications in television image devices, night vision equipment and photovoltaic cells.  It is also used in oil and gas drilling, medical applications, and in chemical processes as an ingredient of metal-ion catalysts.

Mr Mayo continued: “As we noted in January of this year, the significance of the Canadian and U.S. governments’ finalization of the Joint Action Plan on Critical Minerals Collaboration, to increase production and establish supply chains for numerous critical minerals, should not be underestimated. The Reel Project hosts at least three of the minerals on the critical minerals list, including cesium. Currently, all three mines producing cesium are held by Chinese companies. The potential for securing future domestic cesium production is of appreciable significance.”