Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the
Company”) is pleased to provide a summary on the Company’s
2022 regional exploration successes from the maiden fieldwork
program completed in November 2022.
Tim Barry, CEO of Arras, commenting on
the 2022 regional field programs, stated, “We are very
pleased with our first full year of fieldwork on our regional
licences. The program has significantly increased our geological
understanding of our regional projects. Although assays are
pending, early indications point to robust base & precious
metals targets emerging at multiple prospects across our regional
licences. Geochemical and TerraSpec SWIR/NIR spectroscopy data,
expected over the coming months, will allow us to further refine
targets ahead of a more focussed field program expected to commence
in May this year.”
Highlights of the 2022 Exploration Field
Program:
- The first phase of field exploration on the Company’s regional
exploration licenses was completed in November 2022 with
data-analysis and target interpretation currently ongoing. These
programs were undertaken between May and November 2022 and
represent the first fieldwork in many of these areas in more than
30 years.
- Activities included field reconnaissance, rock and soil
sampling, KGK drilling, geological mapping, alteration mapping
(using TerraSpec SWIR/NIR spectroscopy), and the evaluation of
prospective diamond drilling sites for the 2023 field season.
- A total of 16,000 soil samples and 400 rock samples were
collected across the regional licenses.
- All soil samples are currently being analyzed by portable X-ray
fluorescence spectrometry (“pXRF”). Selected soil samples will be
or have already been sent to ALS Geochemistry (Kazakhstan and
Ireland) and Intertek Genalysis (Australia) for geochemical
analysis.
- Resampling of Soviet-era exploration trenches was completed in
some areas with assays pending.
- A KGK (top of bedrock) drilling program comprising of more than
350 holes totaling approximately 6,000 metres was completed in
several locations. Assays are pending.
- Airborne Magnetic Geophysics program totaling just over 110,000
line kilometers was completed and will aid considerably in
targeting the Company’s 2023 field program initiatives.
Photos from the field campaign in 2022 are shown
below:
Figure 1. Arras Minerals KGK drilling in
northeastern Kazakhstan (Summer 2022)
Figure 2. Exploration Field Camp at
Akkuduk exploration license in northeastern Kazakhstan (Summer
2022)
Figure 3. Geologists mapping in the field
(Summer 2022)
Plans for 2023: Arras has
planned a comprehensive exploration program on its regional
licenses for 2023. The program will build on the work completed in
2022 and will involve additional and infill soil grids over
promising areas, follow-up ground geophysics such as induced
polarization ("IP"), ground and airborne magnetic surveys,
trenching, and KGK scout drilling. The Company is expected to
complete this work by the end of the summer and have several
targets ready for follow-up drilling.
Arras is taking a systematic and data-driven
approach to the exploration of its regional licenses to ensure it
quickly identifies high-quality targets.
Qualified Person: The technical
information of this news release has been reviewed and approved by
Tim Barry, a Chartered Professional Geologist MAusIMM CP(Geo), and
a qualified person for the purposes of National Instrument
43-101.
On behalf of the Board of Directors "Tim
Barry"
Tim Barry, MAusIMM
(CP(Geo))Chief Executive Officer and Director
INVESTOR RELATIONS: +1 604 687
5800 info@arrasminerals.com
Further information can be found on the
Company’s website https://www.arrasminerals.com or follow us on
LinkedIn: https://www.linkedin.com/company/arrasminerals
About Arras Minerals Corp.
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 (behind Rio Tinto and
Fortescue Metals Group) prospective for copper and gold in the
country. The company’s shares are listed on the TSX-V under the
trading symbol “ARK”.
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 the use of net proceeds
from the recent private placement, plans and expectations of the
drill 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 future periods, 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
Non-Offering Prospectus filed on the Company’s profile on SEDAR on
May 31, 2022 and in the Company’s Annual Report on Form 20-F for
the fiscal year ended October 31, 2021 filed with the U.S.
Securities and Exchange Commission filed on February 17, 2022
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.
Photos accompanying this announcement are
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5be84cee-8ed5-4236-bf9a-1df2788938cb
https://www.globenewswire.com/NewsRoom/AttachmentNg/6dd6dedd-6442-46b3-b6aa-0fcfc51b455c
https://www.globenewswire.com/NewsRoom/AttachmentNg/55cb5fc3-b92d-4a04-b6a7-15fe2d1dcd19
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