At Berezski Central Target - Elemes Project, Kazakhstan
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ARRAS MINERALS DRILLS 261 METRES @ 0.64% CUEQ IN FIRST HOLES
AT BEREZSKI CENTRAL TARGET - ELEMES PROJECT, KAZAKHSTAN
January 15, 2024 TSX-V: ARK / OTCQB: ARRKF
Vancouver, British Columbia – Arras Minerals Corp. (TSX-V: ARK, OTCQB: ARRKF) (“Arras” or “Arras
Minerals” or “the Company”) is pleased to provide initial results for the first 3 drillholes from the initial
drill program on its Elemes project in Northeast Kazakhstan. All three holes were drilled at the Bereszki
Central target and all holes intersected porphyry-style copper-gold mineralization starting from the
surface. The Berezski Central target is located on the south part of the >8km long soil copper,
molybdenum, arsenic anomaly centered on a zone of extensive intermediate argillic alteration hosted in
altered diorites and andesites.
The Elemes project is located 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 Cu & 115,000 oz 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
EL24001: 261 m of mineralization grading 0.64% copper-equivalent (“CuEq”) (0.39 g/t gold
(“Au”), 0.24 % copper (“Cu”) starting from the 22 m.
o Including: 69 m grading 0.85% CuEq (0.39g/t Au, 0.42% Cu) starting at 22 m & 48 m grading
1.00 % CuEq (0.77g/t Au, 0.25% Cu) starting at 157 m
o Drill-hole ended in mineralization
EL24002: returned 102 m of mineralization grading 0.45g/t gold-equivalent (“AuEq”) (0.31 g/t
gold(“Au”), 0.11 % copper (“Cu”)) starting at 2 m.
o Including: 34 m grading 0.60 g/t AuEq (0.32g/t Au, 0.13% Cu) starting at 2 m.
EL24003: 264 m of mineralization grading 0.30g/t gold-equivalent (“AuEq”) (0.17 g/t
gold(“Au”), 0.09 % copper (“Cu”)) starting from 41 m.
o Including: 30 m grading 0.46g/t AuEq (0.25g/t Au, 0.16% Cu) starting at 263 m.
Tim Barry, CEO of Arras Minerals noted, “We’re excited by these initial holes at the Berezski Central target
at Elemes. The drill holes are mineralized over their entire lengths, and logging indicates mineralization is
predominantly hosted in argillic and phyllic altered diorites, suggesting that these holes have drilled the
large pyrite halo peripheral to the core of a large porphyry system. Starting at approximately 50-100m
depth, we are also starting to intersect A-, B- and D-type veins, which are generally found to increase
towards the center of porphyry copper deposit.“
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Figure 1. Arras Minerals Elemes Project & additional project portfolio located in Pavlodar, Kazakhstan
Darren Klinck, President of Arras Minerals commented, “ Results from the first 3 holes at Berezski Central
are a great indication for the potential that exists at the Elemes Project. Kazakhstan is one of the lowest
cost jurisdictions globally for mining. Head-grades of approximately 0.5% CuEq at nearby large-scale
operations underpin strong profitability and some of the lowest operating cash costs in the world. This is
the first of seven separate target areas being tested up to a depth of approximately 550 m across the 8.8
km Berezski soil anomaly. We will be expecting to release additional results from this program throughout
Q1 2025 as they become available.”
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Table 1. Summary table for drill-holes EL24001, EL24002 and EL24003
Notes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Elemes were calculated using the following formula: CuEq % = Copper
(%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107) + (Molybdenum (ppm) x 3.3333). Gold Equivalent (“AuEq”) grades reported for the drill holes
at Elemes were calculated using the following formula: AuEq g/t = Gold (g/t) + (Copper (%) x 1.2100) + (Silver (g/t) x 0.0129) + (Molybdenum
(ppm) x 4.0334). 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. Location of the drill holes
Drill-Hole Summaries
EL24001 was designed to test the core of the soil Mo-Cu-As anomalies, with a coincident moderate
magnetic and chargeability lows. It was completed at 476.5m depth. The hole started in strong argillic
altered andesite tuffs before passing into strongly silicified and faulted diorites at 90.0m depth.
Mineralization is represented by quartz - pyrite ± chalcopyrite veins and disseminated pyrite. Molybdenite
and supergene enrichment (chalcocite) is observed occasionally in the first 35 m of the drill-hole. The drill-
hole ended in mineralization.
Interval Au Cu Ag Mo CuEq AuEq
From (m) To (m) (m) (g/t) (%) (g/t) ppm (%) (g/t)
EL24001 0.00 476.50 476.50 0.25 0.17 0.7 57 0.44 0.47
Including 22.00 283.00 261.00 0.39 0.24 1.0 75 0.64 0.69
That Includes 22.00 91.00 69.00 0.39 0.42 1.6 134 0.85 0.93
And Includes 157.00 205.00 48.00 0.77 0.25 1.5 65 1.00 1.09
Including 429.00 476.50 47.50 0.18 0.16 0.4 42 0.35 0.38
EL24002 2.00 188.00 186.00 0.30 0.09 0.6 29 0.38 0.42
Including 2.00 104.00 102.00 0.31 0.11 0.6 36 0.42 0.45
That Includes 2.00 36.00 34.00 0.38 0.16 1.0 80 0.55 0.60
EL24003 41.00 305.00 264.00 0.17 0.09 0.4 44 0.27 0.30
Including 153.00 193.00 40.00 0.22 0.11 0.4 57 0.34 0.37
Including 263.00 293.00 30.00 0.25 0.16 0.6 74 0.43 0.46
IntersectionHole ID
Easting Northing RL
EL24001 506141 5713315 237 295 -60 476.5
EL24002 506165 5713390 237 295 -60 221.7
EL24003 505713 5713092 237 295 -60 350
Hole_ID
Coordinates (UTM)
Azi Dip Hole depth (m)
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EL24002 was aimed to follow-up hole EL24001 and test the extensive soil Mo anomaly. Unfortunately, the
hole was lost at 221.7m due to drill failure. The hole was collared in strongly argillic altered andesite tuff
up to 60.0m depth, before passing into medium grained diorites to the end of the drill-hole. Mineralization
consists of quartz – pyrite ± chalcopyrite veins and pyrite dissemination. Supergene enrichment chalcocite
is observed in the first 40 meters of the drill-hole, and the hole intersected several narrow hydrothermal
breccias containing clasts of quartz – pyrite - chalcopyrite veins, suggesting the drill-hole was drilled
peripheral to the core of a porphyry system.
EL24003 was drilled on the southern edge of the large Mo-Cu soil anomaly. The hole also targeted a large
IP Chargeability high and was drilled to 350m depth. The hole was collared in strongly argillic altered
andesite tuffs, before passing into diorites at 15m depth. The diorite is strongly argillic altered to 114.0m
where it transitions into phyllic dominant alteration. The Diorites hosts D-type quartz-pyrite veins with
rare quartz-pyrite-chalcopyrite veins. Disseminated pyrite is found throughout the drill-hole (up to 2%
pyrite in areas). In addition, the hole intersected several small intervals of clast supported polymictic
hydrothermal breccias.
Figure 2. Cross-section looking NW showing key intercepts in drill-holes EL24001, EL24002 and EL24003. The
cross-section demonstrates a strong porphyry-epithermal style of alteration hosting widely spread,
consistent mineralization.
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Figure 3. Berezski Target showing 8.8 km long soil copper anomalies and location of drill-holes EL24001,
EL24002 and EL24003
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EL24001_158.1m, Wavy Quartz-Pyrite-
Chalcopyrite veins
EL24001_164.7 m, Laminated smoky Quartz
vein with Chalcopyrite central suture
EL24001_176.6 m, B-type Quartz vein with
Chalcopyrite central line
EL24001_251.5 m, Patch of Chalcopyrite-
Pyrite
EL24001_399.81 m, Molybdenite-Chalcopyrite
(detail photo)
EL24001_462.8 m, Quartz-Pyrite-
Chalcopyrite-Molybdenite vein
EL24002_107.1 m, B-type Quartz vein
with Pyrite-Chalcopyrite central suture
EL24002_128.3 m, Quartz-Chalcopyrite-Pyrite
vein
EL24002_139.3 m, Sheeted Quartz-Pyrite
veinlets
EL24003_73.3 m, Pyrite vein with strong
Quartz-Sericite-Pyrite halo (D-vein)
EL24003_236.0 m Hydrothermal breccia,
monomictic, sericite-pyrite dissemination.
EL24003_264.0 m, massive Chalcopyrite
vein.
Figure 4. Photos of core from EL24001, EL24002 and EL24003 showing intercepted style of mineralization
and alteration.
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Elemes Project
Drilling commenced in September and the Phase 1 program was completed in late December. This
program of approximately 4000 metres 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).
Webinar – Thursday January 16th @ 11:00am (EST)
The Company will host a webinar to discuss the initial drill results from the Berezski Target – Elemes
Project on Thursday January 16th @11:00am (EST).
To register for the webinar, please visit: https://events.teams.microsoft.com/event/4d62360a-cf13-45c1-
9611-3e2b11e52edc@65460009-607b-4527-a5ed-e0577d0552a5
Please contact the company at [email protected] for further information. A replay of the webinar
will be made available on the Company website.
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.
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:
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the Company’s website https://www.arrasminerals.com or
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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
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.