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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
