VANCOUVER, BC / ACCESSWIRE / September 4, 2024 / Arras Minerals Corp. (TSXV:ARK)(OTCQB:ARRKF) ("Arras" or "the Company") is pleased to provide an update on its exploration activities underway across the project portfolio in NE Kazakhstan.
Highlights
3,547 line-kilometer Heli-TEM survey over the entire 1397 square-kilometer Bozshakol project mineral tenement package announced July 22, 2024 has now been completed
KGK Drill program underway at Aktasty and Maisor licenses (Bozshakol project) targeting high-priority areas to test bedrock under 10-40 m of unconsolidated cover
Ground IP Survey at Elemes project is now 80% completed, high priority targets identified, core drill program now underway at Berezski East and Berezski Central targets
KGK Drill program at Tay project completed
Figure 1. Map of Arras projects in Pavlodar, Kazakhstan
Bozshakol Project:
The Bozshakol Project (Package "A" in Figure 1) is located 56km to the northwest of the town of Ekibastuz and surrounds and covers the potential continuation of mineralization of KAZ Minerals' Bozshakol copper- mine.
The Heli-Tem survey announced on July 22 nd has now been completed. Analysis of data is underway. A 17,000-meter KGK drill program has commenced at the Aktasty and Maisor licenses to test the bedrock at targets identified through geophysics and soil sampling completed to date, and to better understand the subsurface geology that lays below 10-40 m of quaternary cover. This program, along with the Heli-Tem survey is expected to inform on priority drill targets for 2025.
Elemes Project:
The Ground IP Survey at the Elemes project which commenced in July is approximately 80% complete and expected to be finished in September. The survey over the Berezski East and Berezski Central target areas has been completed and drill targets for these areas prioritized. A core drill is now underway at these areas with drilling at the Elemes Project expected to continue across a number of priority targets into November with 5000m planned for this Phase I program. Initial assays are expected in November.
Figure 2. Berezski Target at Elemes Project showing soil geochemistry and exploration targets.
Tay Project:
A 5,424m KGK drilling program has been completed at the Tay Project. This program targeted the Soviet-era IP anomaly that formed the basis to acquire the license earlier this year. The 135 KGK holes successfully tested the top of bedrock across the anomaly returning predominantly basalts and schists.
Following completion of the KGK program, a single line of Ground IP survey was undertaken which confirmed the location of the Soviet IP anomaly with inversion analysis indicating an anomaly at approximately 140m below surface. Given the KGK drill is not able to reach that depth, a single core hole was drilled to test the heart of the anomaly and was drilled to 400 m. Visual results from the hole indicate several zones of chalcopyrite mineralization along fractures within basalts and gabbros. Priority intervals have been dispatched to the assay lab with results expected in October.
Tim Barry, CEO commented, "We are very pleased with how the programs are progressing so far this summer with activity across virtually the entire license package. The Ground IP survey at Elemes has progressed well and we are excited to have a drill turning there now as we begin to test the first batch of new priority targets at this exciting project. Additionally, all the work taking place at the Bozshakol group is advancing this project area to prioritize drill targets and follow-up areas ahead of an expected busy drilling campaign in 2025. At Tay, while we are awaiting assay results, we were surprised to not see more intensive alteration and sulfides in the drill core given how well the IP anomaly was confirmed with our own Ground IP survey. Once assays are received, we will review and decide on next steps at Tay."
Qualified Person: The scientific and technical disclosure for this news release has been prepared under supervision of and approved by Matthew Booth, Vice President of Exploration, of Arras Minerals Corp., a Qualified Person for the purposes of NI 43-101. Mr. Booth has over 19 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).
On behalf of the Board of Directors
"Tim Barry"
Tim Barry, MAusIMM CP(Geo) Chief Executive Officer and Director
Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Option Agreement on the Beskauga copper and gold project. The Company has established the third-largest license package in the country prospective for copper and gold (behind Rio Tinto and Fortescue). In December 2023, the Company entered into a strategic alliance with Teck Resources ("Teck") in which Teck will sole fund a US$5 million generative exploration program over a portion of the Arras license package in 2024-2025 focusing on critical minerals. The Company's shares are listed on the TSX-V under the trading symbol "ARK" and on the OTCQB under the trading symbol "ARRKF".
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press release uses the terms "measured resources", "indicated resources", and "inferred resources" which are defined in, and required to be disclosed by, NI 43-101. The Company advises U.S. investors that these terms are not recognized by the SEC. The estimation of measured, indicated and inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that measured and indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies.
Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.
Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras' future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding plans and expectations of the exploration program Arras is in the process of undertaking, including the expansion of the Mineral Resource, and other aspects of the Mineral Resource estimates for the Beskauga project. These statements are based on current expectations, estimates, forecasts, and projections about Arras' exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras' management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to futureperiods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management's control, including undertaking further exploration activities, the results of such exploration activities and that such results support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in the Management Discussion and Analysis filed on the Company's profile on SEDAR on February 28, 2024 and in the Company's Annual Report on Form 20-F for the fiscal year ended October 31, 2023 filed with the U.S. Securities and Exchange Commission filed on February 28, 2024 available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
