Far Resources Ltd. is advancing plans to spin out its Winston gold-silver project in New Mexico into a new company, nearly two years after the proposal was first announced.

The spinoff was planned in 2017 but did not proceed as the company focused on the Zoro and Hidden Lake lithium projects in Canada.

Far Resources said March 26 that it intends to list the spinoff company on a public exchange. Details of the plan, including the share ratio to shareholders, will be provided in due course.

Winston comprises the past-producing Little Granite and the Ivanhoe-Emporia silver-gold mines. The company believes these assets are worthy of exploration, but they are not currently valued within its existing corporate structure.