Arras Minerals Reports First High-Grade GOLD and Silver IN Grab Samples from the Elemes License
ARRAS MINERALS REPORTS FIRST HIGH-GRADE GOLD AND SILVER IN
GRAB SAMPLES FROM THE ELEMES LICENSE
July 11, 2023 TSX-V: ARK
Vancouver, British Columbia – Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased
to announce the results of 135 grab samples taken from Soviet-era exploration trenches at the Karagandy-
Ozek project (“Karagandy-Ozek” or the “Project”) located within the Company’s Elemes exploration
licence (“Elemes” or the “Licence”) in northeastern Kazakhstan.
Highlights include:
A total of 135 grab samples, collected by Arras, have returned grades up to 29 grams per tonne
(“g/t”) gold (“Au”), 287 g/t silver (“Ag”) and 238 g/t tellurium (“Te”), with average grades of 3.5
g/t Au, 15.3 g/t Ag and 18.7 ppm Te.
The northern most trenches delineate a zone of high-grade Au mineralization of at least 650
meters that remains entirely open to the NE. The average grade for 63 grab samples collected
from the northern zone is 5.6 g/t Au, 20.4 g/t Ag and 29.5 ppm Te.
The mineralization is interpreted as a low sulfidation epithermal gold-silver deposit that forms
part of a far larger porphyry-epithermal system within the Elemes license that includes the Berezki
Central and Berezki East porphyry copper-gold prospects, and Quartzite Gorka breccia-hosted
intermediate sulfidation epithermal copper-gold-silver-lead-zinc prospect.
Located to the nearby past-producing, high-grade epithermal Au-Ag Aimandai mine.
Tim Barry, CEO, commented, “We are very pleased with our first pass sampling program of the Elemes
licence. Our mapping and sampling program suggests we have a fully intact, and largely unexplored
epithermal and porphyry system. It should be noted that the mineralization identified in the Elemes licence
is a completely different mineralizing system to the Beskauga deposit, which sits 85 kilometers to the east.
We believe we are just scratching the surface of the potential of the Bozshakol-Chingiz metallogenic arc
and our team is methodically advancing towards establishing drill targets at some of these new areas.”
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Figure 1. Arras Minerals License Package (Pavlodar, Kazakhstan)
A summary of grab samples with over 5.0 g/t gold announced in this news release is outlined in the table
below.
Table 1. Grab samples with over 5.0 g/t Au from the Karagandy-Ozek prospect.
The Karagandy Ozek Project: is located within the 425 square kilometer “Elemes” mineral exploration
license, which was acquired in 2022. Elemes benefits from excellent modern infrastructure and ease of
accessibility, being located only 20 kilometers (“km”) from Arras’ operational base in the city of Ekibastuz,
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northeastern Kazakhstan. A paved highway runs through the license, and within 1 km of the Karagandy
Ozek project. 1,100 KVA power lines, heavy rail, and the Irtysh–Karaganda irrigation canal all lie within a
20 km radius of the project. The past producing high-grade Au-Ag epithermal Aimandai mine is nearby.
The gold-silver-tellurium mineralization at Karagandy-Ozek is hosted in 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 2 below). A
zone of strong silicification and argillic (kaolinite-illite-quartz) alteration surrounds the quartz veins.
Figure 2. Samples from the Karagandy-Ozek project on Elemes license
The mineralization is interpreted as a low-sulfidation epithermal gold-silver deposit that forms part of a
far larger porphyry-epithermal system within the Elemes license. Nearby is the past-producing Aimandai
mine, a high-grade epithermal Au-Ag deposit which according to historical Soviet reports has an average
resource grade of 24.6 g/t Au and 34.7 g/t Ag with minor copper, lead and zinc.
A high-resolution airborne magnetic survey over the Elemes and 3D inversion of the resulting data
demonstrates that Karagandy-Ozek and the aforementioned associated prospects are all located within a
9km x 3.5 km aeromagnetic low feature interpreted to represent magnetite destruction associated with
hydrothermal alteration. The airborne survey has significantly improved the Company’s understanding of
the structural controls of the mineralization and provided several new drill targets within the Elemes
license.
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The Elemes license is located within the Bozshakol-Chingiz metallogenic belt that also hosts the
Company’s flagship Beskauga porphyry copper-gold-silver project approximately 80 km to the east, and
KAZ Minerals’ Bozshakol porphyry copper-gold mine (one of the largest copper resources in Kazakhstan)
approximately 60 km to the northwest.
Figure 3. Location of the Soviet-era trenches re-sampled by Arras at the Karagandy-Ozek project, Elemes license, showing
gold assays (g/t) for the grab samples.
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Figure 4. Location of the Soviet-era trenches re-sampled by Arras at the Karagandy-Ozek project, Elemes license, showing
silver assays (g/t) for the grab samples.
Figure 5. Location of the Soviet-era trenches re-sampled by Arras in the northern zone of the Karagandy-Ozek project, Elemes
license, showing gold assays (g/t) for the grab samples. Note the potential for parallel vein systems to the NW and SE, as
indicated by limited historical drilling. Mineralization remains open to the NE.
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Assay and QAQC Procedures:
Samples were bagged and sealed in the field to ensure integrity during transport. Average sample weight
was 5 to 6 kilograms. All sample preparation and geochemical analysis of the rock samples were
undertaken by ALS Global at its laboratories in Karaganda (Kazakhstan) and Loughrea (Republic of Ireland),
respectively. ALS preparation and analytical labs are accredited to ISO 17025:2005 UKAS ref 4028 and
have internal Quality Assurance and Quality Control (QA/QC) programs for monitoring accuracy and
precision. ALS Global is entirely independent of the Company. After drying samples were crushed by ALS
to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to 85 % passing
below -75-microns. A 30 g split of the pulp was analyzed for gold content by fire assay with an Atomic
Absorption Spectroscopy (AAS) finish (ALS method: Au-AA25™) at ALS Karaganda. A second pulp split was
then air freighted to ALS Loughrea and analyzed for 48 elements by Inductively Coupled Plasma Mass
Spectrometry (ICP-MS) after four-acid digestion on a 0.25 g aliquot (ALS method: ME-MS61™). Samples
exceeding 100 g/t silver were re-analyzed using a 4-acid digest ICP-MS ore grade method (ALS method:
Ag-OG62™).
Qualified Person: The scientific and technical disclosure for the Quartzite Gorka Project included in this
news release has been prepared under supervision of and approved 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
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 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
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gold (behind Rio Tinto and Fortescue Metals Group). 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.