Vancouver, British Columbia – Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased to provide an update on the ongoing exploration program across 1,736 sq km of licenses that form the Arras-Teck Resources Limited (“Teck”) Strategic Exploration Alliance. Highlights from the 2024 Exploration Program
Tim Barry, CEO commented, “The 2024 work program conducted under the Arras-Teck Strategic Alliance was one of the largest exploration programs in Kazakhstan this year, building substantially on our work in 2023. This year’s activities have marked a major step forward in defining high-quality drill targets on these projects. Through a combination of soil sampling, geophysics, and KGK drilling to the top of bedrock, we’ve amassed an extensive regional data set which has identified a series of new untested anomalies across the Arras-Teck Exploration Alliance area.”
Mr. Barry added, “It’s exciting to witness the significant progress made by the Arras-Teck Exploration Alliance in understanding this prospective and under-explored belt. We anticipate commencing drill-testing of several high-priority copper targets, currently undrilled and under shallow cover, in the first half of 2025.” |
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Figure 1. Arras’s License Package showing Arras-Teck Strategic Alliance Areas as “Package A” and “Package B” as well as the Elemes and Beskauga Projects and the Tay Project which are 100% owned by Arras.
The license packages are situated in the Bozshakol-Chingis magmatic arc, an accretionary arc primarily composed of volcanic rocks, volcaniclastics, older plutons, and a Cambrian-age nickel-rich ophiolite belt. This region has been intruded by mid-Ordovician intrusions, several of which host economically significant Cu-Au porphyry mineralization. Package A is located 56km to the northwest of the town of Ekibastuz and surrounds KAZ Minerals’ Bozshakol Cu-Au mine1 and covers the trend which has the potential continuation of mineralization.
This area has received limited historic exploration due to unconsolidated cover masking bedrock geology. The property consists of seven exploration licenses and covers 1,397 square kilometers. The geology consists of the Middle Cambrian Bozshakol Complex and Lower-Middle Cambrian Bozshakol Group volcanics, and along the southeastern margin of the property occurs a large sedimentary basin of Devonian-Carboniferous-aged rocks. The property covers several interesting exploration targets and mineralization styles, including porphyry copper-gold deposits, Volcanic-Hosted Massive sulphide deposits (VHMS), and orogenic gold deposits.
Principal Targets defined to date include: |
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Figure 2. Package A License and exploration targets
Package B is located approximately 90km to the southeast of the town of Ekibastuz. The Package consists of two claim packages, Akkuduk and Norgubek.
The geology at Akkuduk consists of Devonian and Silurian-aged porphyritic andesites and basalts emplaced into tuffaceous sediments and conglomerates. Into which, several diorites and granodiorite intrusions have been emplaced. At Norgubek, the geology consists of Ordovician, Carboniferous, and Devonian volcanic, volcaniclastic, and sedimentary rocks into which several dioritic intrusions have been emplaced. The property is cut by three large, northwest-southeast striking regional faults, which have brought together several different litho-tectonic terranes, each host a distinct style of mineralization, including:
The following Principal Targets have been defined: |
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Figure 3. Akkuduk License and exploration targets |
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Figure 4. Norgubek License and exploration targets
New High Priority Drill Targets being Finalized The 2024 exploration program by the Arras-Teck Strategic Alliance, combined with Arras’s independent work across its own project portfolio, marks the most extensive greenfield exploration effort focused on copper-gold in Kazakhstan this year. Building on the geochemical and geophysical datasets from fieldwork conducted in 2023, this year’s exploration programs are significantly advancing our understanding of the terranes in the Bozshakol-Chingiz Magmatic Arc. These datasets are now producing priority targets, which will be finalized and ranked for drill-testing next year. Over the next 2-3 months, analysis of the various data subsets will continue, with plans underway to prioritize and prepare for a robust drilling campaign commencing in the first half of 2025.
References 1Bozshakol Mine Reserves – Kaz Minerals 2020 annual report – https://www.kazminerals.com/ 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
INVESTOR RELATIONS: +1 604 687 5800 Further information can be found on:
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). 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 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’ 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 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. |
