ARK Arras Minerals Corp

Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased to announce the results from the re-analysis of samples from three historic diamond drill holes from the Berezski East project (“Berezski East” or the “Project”) located within the Company’s Elemes exploration licence (“Elemes” or the “Licence”) in northeastern Kazakhstan. The Elemes licence is not included in the Teck-Arras Strategic Exploration Alliance announced on December 7, 2023.

Highlights from the Re-Assay include:

• Bz6 - 108.0 meters (“m”) of mineralization grading 0.94 % CuEq or 1.33 /t AuEq (1.30 g/t gold (“Au”), 0.19 % copper (“Cu”) and 1.5 g/t silver (“Ag”)) starting at surface.
  • Including 30.8 m grading 2.21 % CuEq or 2.66 g/t AuEq (3.14 g/t Au, 0.39 % Cu and 3.0 g/t Ag) starting at surface.
• Bz16 - 46.0 m of mineralization grading 0.71 % CuEq or 0.86 g/t AuEq (0.95 g/t Au, 0.17 % Cu and 0.8 g/t Ag) starting at 87.0 m depth down-hole.
  • Including 18.0 m grading 1.05 % CuEq or 1.28 g/t AuEq (1.54 g/t Au, 0.17 % Cu and 0.7 g/t Ag) from 102.0 m depth down-hole.
• Bz20 - 94.0 m of mineralization grading 0.59 % CuEq or 0.71 g/t AuEq (0.81 g/t Au, 0.12 % Cu and 0.9 g/t Ag) starting at 199.0 m depth down-hole.
  • Including 42.0 m grading 0.99 % CuEq or 1.20 g/t AuEq (1.43 g/t Au, 0.17 % Cu and 1.0 g/t Ag) from 227.0 m depth down-hole.

Tim Barry, CEO, commented, “The recent re-analysis program at Berezski East and Quartzite-Gorka has underscored the promising mineralizing system developing within our Elemes Licence. Our efforts over the past year have revealed a significant at-surface zone of mineralization, extending across a 5-kilometer strike, with potential expansions in every direction. To date, key areas of interest include “porphyry style” mineralization found at the Berezski East, Berezski Central, and Quartzite Gorka prospects, and “epithermal style” mineralization found at the Karagandy-Ozek prospect. Re-logging and re-assay of historic drill holes has verified intercepts of high-grade of mineralization often exceeding 100 meters in thickness and often starting from surface. It is also important to note that many of historical drill holes end in mineralization as most of the drilling was quite shallow, averaging between 200-300 meters in depth.”

Table 1. Summary table for historical drill holes Bz6, Bz16 and Bz20 from the Berezski East Target, Elemes ProjectNotes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Berezski East were calculated using the following formula: CuEq % = Copper (%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107). Gold Equivalent (“AuEq”) grades reported for the drill holes at Berezski were calculated using the following formula: AuEq g/t = Gold (g/t) + (Copper (%) x 1.2100) + (Silver (g/t) x 0.0129). Assumptions used for the copper and gold equivalent calculations were metal prices of US$3.00/lb. Copper, US$1,700/oz Gold, US$22/oz Silver, and metallurgical recoveries were assumed to be 90% for Cu and Au and 50% for Ag and Mo. Intervals are core-length and original core recovery is estimated to be > 90 %.

The Berezski East Project: is located within the 425 square kilometre Elemes mineral exploration licence. The Elemes license is located within the Bozshakol-Chingiz metallogenic belt that also hosts the Company’s flagship Beskauga porphyry copper-gold project approximately 80 km to the east, and KAZ Minerals’ Bozshakol porphyry copper-gold mine approximately 60 km to the northwest. Elemes benefits from excellent modern infrastructure and ease of accessibility, being located only 20 kilometres (“km”) from Arras’ operational base in the city of Ekibastuz, northeastern Kazakhstan. A paved highway runs through the license, and within 1 km of the Berezski East project. 1100 KVA power lines and heavy rail all lie within a 15 kilometer radius of the project.

Figure 1. Arras Minerals License Package (Pavlodar, Kazakhstan)

Berezski East was drilled between 2007 and 2010 by the previous operators. Nineteen drillholes for a total of 5,695 meters have been drilled at the project, to a maximum depth of 372.5 meters with an average depth of 299.7 meters per hole. Mineralization remains open in several directions and at depth. Fourteen historical drill core and all available coarse rejects have been acquired by Arras and are now stored at the Company’s core storage facility in Ekibastuz. All available drill-core have been re-logged in detail by Arras employees for lithology, structure, alteration, and mineralization.

Figure 2. Location of the three holes re-assayed by Arras at the Berezski East project, Elemes Project. Collars for all historical drilling are shown.

The mineralization seen at Berezski East is interpreted to be part of a gold-rich porphyry copper-gold system, which forms part of a far larger porphyry-epithermal system within the Elemes License. Identified prospects to date include: Berezski East, Berezski Central, Quartzite Gorka, and Karagandy-Ozek, the locations of which are shown in the map below.

Figure 3. The Location of the Berezski East target in relation to the Quartzite Gorka and Karagandy-Ozek targets previously announced by Arras Minerals. Intense alteration and widespread surface mineralization across a 5-kilometer strike is indicating a big, largely untested porphyry system in the Elemes Licence area.

Re-analysis of the core: The re-analysis of coarse rejects from Berezski East demonstrates the high-grade nature of the mineralization. Individual assays returned up to 18.0 g/t Au, 1.01 % Cu and 47.7 g/t Ag, respectively. The gold-rich mineralization comprises of sheeted and/or stockwork veining of quartz-magnetite “A” veins with minor chalcopyrite-bornite ± k-feldspar halos; magnetite-only “M” veins; and quartz-chalcopyrite veins. Locally disseminated patches of chalcopyrite, bornite and pyrite occur. Anhydrite veins and late epidote-carbonate veins are also observed. The host diorite intrusion of Ordovician age is fine-grained, equigranular and typically highly magnetic. Strong potassic (k-feldspar-quartz-magnetite-secondary biotite) alteration of the host diorite has been variably overprinted by intermediate argillic (illite-chlorite) alteration. A shallow weathering crust comprises of intense kaolinite and iron-oxide alteration with minor supergene copper mineralization.

A high-resolution airborne magnetic survey over the Elemes property by Arras and 3D inversion of the resulting data demonstrates that the known mineralization at Berezski East sits on the edge of a distinct magnetic high that extends to the northwest, eventually linking with the Karagandy-Ozek low sulfidation epithermal gold prospect where high gold grades were reported in Soviet-era exploration trenches. The airborne survey has significantly improved the Company’s understanding of the structural controls on the mineralization and provided several new drill targets within the immediate vicinity.

Re-logging, Assay, QAQC Procedures: All available drill core from Berezski East have been re-logged in detail by Arras employees for lithology, structure, alteration and mineralization (Figure 1). In addition, Arras also measured several petrophysical properties on the drill core including density, magnetic susceptibility, conductivity, resistivity and induced polarization. High resolution photographs of all drill core were captured using Seequent’s Imago cloud-based image management software. The core was also analyzed for alteration minerals using TerraSpec SWIR/NIR spectroscopy, with final interpretation pending.

The re-assayed coarse rejects from Berezski East were prepared in Arras’ in-house sample preparation laboratory in Ekibastuz by Arras employees. As the coarse rejects had been in dry storage since 2007/08, they were first re-homogenized by passing through a roller crusher (<2 mm), before being split using a riffle splitter. An approximately one-kilogram split was then pulverized using cup vibration mills to below 75-microns. The pulp was then split again, with 250 g shipped to Stewart Assay and Environmental Laboratories LLC (“SAEL”), located in Kara-Balta in Kyrgyzstan, for geochemical analysis. Prior to analysis, SAEL undertook Quality Assurance and Quality Control (QA/QC) on selected pulps, ensuring ≥85 % passing below -75-microns. A 30 g aliquot was then analyzed for gold content by fire assay with an Atomic Absorption Spectroscopy (AAS) finish (SAEL method: Au-AA25™). A second pulp split was analyzed for 46 elements by a combination of Inductively Coupled Plasma Mass Spectrometry (ICP-MS) and Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) after four-acid digestion on a 1.0 g aliquot (SAEL method: MA/UT™). All samples exceeding 1% copper were re-analyzed using a 4-acid digest ICP-MS ore grade method. SAEL laboratory is accredited to ISO 17025:2005 UKAS ref 4028 and have internal QA/QC programs for monitoring accuracy and precision. Internal QA/QC samples were inserted by the analytical laboratory and reviewed by the Company prior to release. No material QA/QC issues have been identified. SAEL is entirely independent of the Company.

Qualified Person: The scientific and technical disclosure included in this news release has been prepared under the supervision of and approved by Tim Barry, Chief Executive Officer, and Director of Arras Minerals Corp., who is also a Member and Chartered Professional Geologist (MAusIMM CP(Geo)) of the Australasian Institute of Mining and Metallurgy. Mr. Barry has sufficient experience, relevant to the styles of mineralization and type of deposits under consideration and to the activity that he is undertaking, to qualify as a Qualified Person (“QP”) for the purposes of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 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 or on X (formerly known as Twitter): https://twitter.com/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 prospective for copper and gold (behind Rio Tinto and Fortescue Metals Group). Arras and Teck Resources entered into a Strategic Exploration Alliance covering a portion of the Company’s regional license package in December 2023 in which Teck will sole fund an initial US$5 million generative exploration phase. 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 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 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 Management Discussion and Analysis filed on the Company’s profile on SEDAR on March 30, 2023 and in the Company’s Annual Report on Form 20-F for the fiscal year ended October 31, 2022 filed with the U.S. Securities and Exchange Commission filed on February 24, 2023 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:

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