VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Arras Minerals Corp. (TSX-V:ARK)(OTCQB:ARRKF) ("Arras" or "Arras Minerals" or "the Company") is pleased to announce additional drill results from its initial drill program on its Elemes project in Northeast Kazakhstan. Drilling has intersected wide zones of near surface gold mineralization at the Berezski East Target, and several gold-bearing veins at the K-Ozek Target adjacent to the porphyry-style copper-gold mineralization intersected at the Bereszki Central Target reported by the company in its news release on January 15, 2025.
The Elemes project is in the Bozshakol-Chingiz Magmatic arc and is 61 kilometres Southeast of Kaz Mineral's Bozshakol Copper Mine ("Bozshakol"). The Bozshakol mine commenced operations in 2016 and in FY2023 produced 105,000t copper "Cu" & 115,000 oz gold "Au" per annum at US$0.95/lb Cu (net) cash costs. Reported reserves are 1.003Bt @ 0.33% Cu & 0.13 g/t Au.
Highlights
EL24004: 304.8 m of mineralization grading 0.54g/t gold-equivalent ("AuEq") (0.45 g/t
Au, 0.07 % Cu starting from 1.2m depth; including:194.8 m grading 0.69 g/t AuEq (0.59 g/t Au, 0.08% Cu) starting at 1.2m
138.8 m grading 0.89 g/t AuEq (0.78 g/t Au, 0.09% Cu) starting at 1.2m
86.8m grading 1.10 g/t AuEq (0.92 g/t Au, 0.10% Cu) starting at 1.2m
37.8m grading 1.50 g/t AuEq (1.35 g/t Au, 0.13% Cu) starting at 1.2m
Deeper zone returned 50m @ 0.45 g/t AuEq (0.36 g/t Au, 0.08% Cu) from 210m depth.
EL24008: returned 128 m ofmineralizationgrading 0.10g/t AuEq (0.06 g/t Au, 0.03 % Cu) starting at 182 m.
Including: 12 m grading 0.20 g/t AuEq (0.14 g/t Au, 0.04% Cu) starting at 232 m
& 8 m grading 0.19 g/t AuEq (0.12 g/t Au, 0.05% Cu) starting at 232 m.
EL24009: 2 m of mineralization grading 1.55 g/t AuEq (1.51 g/t Au, 0.02 % Cu) starting from 99 m.
Tim Barry, CEO of Arras Minerals noted, "We're very excited with these new results from Elemes, particularly with drillhole EL24004 intersecting a thick zone of continuous gold mineralization starting from surface. Most notably, it encountered 194.8 meters grading 0.69 g/t AuEq, including a higher-grade interval of 37.8 meters grading 1.50 g/t AuEq. This mineralization is hosted in altered and locally brecciated propylitic altered diorites containing 1-3% pyrite and pervasive quartz magnetite veining. This hole has significantly advanced our understanding on the controls on gold mineralization at Berezski East and suggests that it may host a significant open pitable gold deposit. We're also very pleased with hole EL24009 that explored the K-Ozek target and intersected several gold-bearing quartz veins suggesting that this target has excellent potential to host multiple high-grade low sulphidation epithermal veins."
Figure 1. Arras Minerals Elemes Project & additional project portfolio located in Pavlodar, Kazakhstan
Figure 2. Molybdenum "Mo" soil anomaly map highlighting the locations of drill holes completed by Arras in 2024. The map also shows the location of the K-Ozek trenches, with results previously announced by Arras in July 2023. The geological section line between drill holes EL24001 and EL24004 shown in this news release, is also displayed as the dashed line A-A'.
|
|
Figure 3. Arsenic and Copper soil anomaly map highlighting the locations of drill holes completed by Arras in 2024. The map also shows the location of the Soviet-era K-Ozek trenches, with results previously announced by Arras in July 2023. The geological section line between drill holes EL24001 and EL24004 shown in this news release, is also displayed as the dashed line A-A'.
Darren Klinck, President of Arras Minerals commented, "Results from the Elemes Phase 1 drill program continue to deliver positive results with the most recent hole EL24004 at Berezski East demonstrating broad zones of gold mineralization. This is encouraging and highlights the significant potential for both copper and gold that exists at Elemes."
Table 1. Summary results from holes EL24004, EL24008 and EL24009
Hole ID | Intersection | Interval | Au | Cu | Ag | Mo | CuEq | AuEq | |
From (m) | To (m) | (m) | (g/t) | (%) | (g/t) | ppm | (%) | (g/t) | |
EL24004 | 1.20 | 306.00 | 304.80 | 0.46 | 0.07 | 0.4 | 3 | 0.49 | 0.54 |
Including | 1.20 | 196.00 | 194.80 | 0.59 | 0.08 | 0.4 | 3 | 0.63 | 0.69 |
That Includes | 1.20 | 140.00 | 138.8 | 0.78 | 0.09 | 0.4 | 3 | 0.81 | 0.89 |
And Includes | 1.20 | 106.00 | 104.80 | 0.92 | 0.09 | 0.3 | 3 | 0.94 | 1.02 |
And Includes | 1.20 | 88.00 | 86.80 | 0.99 | 0.10 | 0.3 | 3 | 1.01 | 1.10 |
And Includes | 1.20 | 39.00 | 37.80 | 1.35 | 0.13 | 0.3 | 4 | 1.37 | 1.50 |
And Includes | 210.00 | 260.00 | 50.00 | 0.36 | 0.08 | 0.3 | 3 | 0.41 | 0.45 |
EL24008 | 182.00 | 310.00 | 128.00 | 0.06 | 0.03 | 0.4 | 3 | 0.09 | 0.09 |
Including | 232.00 | 244.00 | 12.00 | 0.14 | 0.04 | 0.7 | 5 | 0.18 | 0.14 |
EL24009 | 60.00 | 64.00 | 4.00 | 0.17 | 0.01 | 0.2 | 4 | 0.17 | 0.17 |
& | 97.00 | 101.00 | 4.00 | 0.83 | 0.01 | 0.5 | 3 | 0.78 | 0.85 |
Including | 99.00 | 101.00 | 2.00 | 1.50 | 0.02 | 1.4 | 4 | 1.42 | 1.51 |
Notes: Copper Equivalent ("CuEq") grades reported for the drill holes at Elemes were calculated using the following formula: CuEq % = Copper (%) + (Gold (g/t) x 0.9167) + (Silver (g/t) x 0.0100) + (Molybdenum (ppm) x 4.2857).AuEq grades reported for the drill holes at Elemes were calculated using the following formula: AuEq g/t = Gold (g/t) + (Copper (%) x 1.090858) + (Silver (g/t) x 0.0109) + (Molybdenum (ppm) x 4.6751). Assumptions used for the copper and gold equivalent calculations were metal prices of US$3.50/lb. Copper, US$2,200/oz Gold, US$24/oz Silver, US$15/lb. Molybdenum, and metallurgical recoveries were assumed to be 100%.
Table 2. Drill-hole locations
Hole_lD | Coordinates (UTM) | Azi | Dip | Hole depth (m) | ||
Easting | Northing | RL | ||||
EL24004 | 506963 | 5712788 | 227 | 083 | -64 | 450.0 |
EL24008 | 507427 | 5714317 | 235 | 285 | -72 | 323.4 |
EL24009 | 508124 | 5715387 | 235 | 295 | -45 | 175.0 |
Drill-Hole Summaries
Drill hole EL24004 was designed to test a small Cu in soil anomaly, and to provide additional information on the exploration target identified from historic drilling. The hole was drilled to 450m depth. The hole was collared in strongly argillic altered Diorites and at 30m depth passed into propylitic altered diorites. Mineralization is represented predominantly by veins of quartz and quartz-pyrite occasionally carrying chalcopyrite. Pyrite and chalcopyrite dissemination is in traces if any. Magnetite and quartz-magnetite veins and veinlets are prevailing almost through the entire drill hole.
Drill hole EL24008 was drilled to explore a coincident geochemical (Cu/Mo soil), magnetic and IP anomalies. The hole was drilled to 323.4m depth, and intersected polymictic andesite breccia cut by several feldspar-andesite dykes. Alteration is dominated by argillic-phyllic alteration that is by depth gradually weakening and transiting to Propylitic (chlorite-hematite) alteration. Mineralization is mainly pyrite in dissemination up to 2% through entire core and 5% in the interval from 113m to 200m. Veining is weak locally moderate carbonate-pyrite and pyrite veins.
Drill hole EL24009 was designed to test an area where Arras has mapped and sampled several Au-Ag-rich low sulphidation quartz veins. The hole was drilled to 175m and was collared in argillic altered Andesite and from 21.5m continued through phyllic/argillic altered diorite with alteration getting weaker by depth with remanent Propylitic alteration. Mineralization was mainly narrow zones of veining and silicification and disseminated pyrite.
Figure 4. Plan map, showing 2024 drill-hole locations, overlain on copper soil anomaly, Elemes Project.
Figure 5. Cross-section looking NE showing key intercepts in drill-holes EL24001 and EL24004. The cross-section demonstrates a strong porphyry-epithermal style of alteration hosting consistent mineralization. 1.0 Km distance between drill holes EL24004 and EL24001
K-Ozek Trenches: The gold-silver-tellurium mineralization at K-Ozek is hosted in a zone of quartz veining (individual veins between 0.5 to 1 m width), that display typical low sulphidation textures including crustiform banding, euhedral crystal infill of vein voids, and bladed textures (quartz after calcite) (Figure 7 below). A zone of strong silicification and argillic (kaolinite-illite-quartz) alteration surrounds the quartz veins.
Table 3. Grab samples with over 5.0 g/t Au from the K-Ozek target
Figure 6. Plan map of the K-Ozek target showing location of drill-hole EL24009, mapped veins and grab sample locations.
Figure 7. Samples from the K-Ozek epithermal veins from historic soviet trenches, K-Ozek target, Elemes project.
Figure 8. Drill core photos from hole EL24004 showing lithology, vein styles and mineralization.
Elemes Project: Drilling commenced in September 2024 and the Phase 1 program was completed in late December 2024. This program of approximately 4,000 meters of diamond drilling has generally focused on priority targets at Berezski Central, Berezski East, Q-Gorka and K-Ozek targets. These targets were identified following two field seasons of comprehensive exploration work at the Elemes Project, including airborne magnetic and Pole-Dipole Induced Polarization geophysical surveys, as well as extensive soil sampling and mapping. In addition, some historical drill holes from the Berezski East and Q-Gorka targets were re-assayed with those results reported in January 2024 (see Arras new releases January 8 & 22, 2024).
QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSON
Lengths are drill intersections and not necessarily true widths. True widths cannot be calculated at this time due to the unknown geometry of the mineralization. Drill intersections have been independently selected by Arras Minerals. Drill composites have been independently calculated by Arras Minerals. The geological interpretations in this news release are solely those of the Company. The locations and distances highlighted on all maps in this news release are approximate.
Historical holes Bz6 & Bz20 shown in Figure 5 were re-assayed and reported in the Company's news release January 22, 2024. Bz5 also shown in Figure 5 was not re-assayed but is included in the figure for completeness.
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
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
follow us on X (formerly Twitter): https://twitter.com/arrasminerals
About Arras Minerals Corp.
Arras Minerals Corp. 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 Limited ("Teck") in which Teck may sole fund a US$5 million generative exploration program over a portion of the Arras Minerals license package in 2024-2025. 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 Minerals' 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 Minerals 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 Minerals' exploration projects, the industry in which Arras Minerals operates and the beliefs and assumptions of Arras Minerals' 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.
SOURCE: Arras Minerals Corp.
View the original press release on ACCESS Newswire
