Drillholes ON a New Copper-GOLD Porphyry Target
ARRAS MINERALS REPORTS 62M @ 1.53 % CuEq RE-ASSAYS IN HISTORICAL
DRILLHOLES ON A NEW COPPER-GOLD PORPHYRY TARGET
January 8, 2024 TSX-V: ARK
Vancouver, British Columbia – Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased
to announce the results from the re-analysis of samples from three historic diamond drill holes from the
Quartzite Gorka project (“Quartzite Gorka” or the “Project”) located within the Company’s Elemes
exploration licence (“Elemes” or the “Licence”) in northeastern Kazakhstan. The Elemes licence is not
included in the Teck-Arras Strategic Exploration Alliance announced on December 7, 2023.
Highlights from the Re-Assay include:
Q11 - 127.0m of mineralization grading 0.66 % CuEq or 0.80 g/t AuEq (0.61 g/t Au, 0.25 % Cu, 3.6
g/t Ag and 90.4 ppm Mo) starting at 41.0 m from surface.
o Including 62.0m grading 1.53 % CuEq or 1.87 g/t AuEq (1.04 g/t Au, 0.43 % Cu, 4.8 g/t Ag
and 156.3 ppm Mo) from 41.0 m depth down-hole.
Q10 - 132.6m grading 0.80% Cu Eq or 0.96 g/t Au Eq (0.39% Cu, 0.52 g/t Au, 4.1 g/t Ag, 59.5 ppm
Mo) from 140.7m depth.
o Including 57.1m grading 1.00 % CuEq or 1.20 g/t AuEq (0.85 g/t Au, 0.45 % Cu, 4.8 g/t Ag
and 51.0 ppm Mo) from 188.7 m depth down-hole.
Q4 - 68.2m of mineralization grading 0.48 % CuEq or 0.58 g/t AuEq (0.41 g/t Au, 0.23 % Cu, 4.5
g/t Ag and 3.7 ppm Mo) starting at 19.8 m from surface.
o Including 14.0m grading 0.69 % CuEq or 0.84 g/t AuEq (0.84 g/t Au, 0.16 % Cu, 7.7 g/t Ag
and 3.6 ppm Mo) from 73.2 m depth down-hole.
The mineralization is interpreted as a breccia-hosted intermediate sulfidation epithermal system that
forms part of a far larger porphyry-epithermal system within the Elemes licence. The Elemes license also
hosts the Berezki copper-gold and Karagandy-Ozek gold prospects all of which were part of the key focus
for the 2023 summer field program with more than 30,000 soil samples taken which are now being
analyzed.
Once analysis of the full 2023 summer field program has been completed, the Company plans to develop
an extensive exploration strategy. This strategy will encompass additional geological mapping and KGK
drilling to investigate the geological features concealed beneath younger cover sequences. Any identified
targets will then be subject to the company's initial drilling campaign.
Tim Barry, CEO, commented, “The results come from the Elemes Licence and represent an entirely new
mineralizing system which sits approximately 80 kilometers to the west of our Beskauga Project which
presently has a NI43-101 compliant resource of 111.2 million tonnes grading 0.39% copper, and 0.49g/t
gold in the indicated category, and 92.6 million tonnes grading 0.24% copper, and 0.50g/t gold in the
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inferred category. These results from the Quartzite Gorka project further reinforces our strategy of building
a belt scale portfolio of high-quality assets in the highly prospective Bozshakol-Chingiz metallogenic belt.”
A summary of the results announced in this news release is outlined in the table below.
Hole_lD Azi Dip Hole depth (m)
Intersection Interval Au Cu Ag Mo Cu Eq Au Eq
From (m) To(m) (m) (g/t) (%) (g/t) (ppm) (%) (g/t)
Q4
090 -70 250.0 19.8 250.0 230.2 0.18 0.09 1.9 2.8 0.20 0.24
Including 19.8 88.0 68.2 0.41 0.23 4.5 3.7 0.48 0.58
Including 73.2 87.2 14.0 0.84 0.16 7.7 3.6 0.69 0.84
Q10
050 -70 279.5 0.0 279.5 279.5 0.31 0.20 2.3 30.0 0.40 0.48
Including 140.7 273.3 132.6 0.62 0.39 4.1 59.5 0.80 0.96
Including 188.7 245.8 57.1 0.85 0.45 4.8 51.0 1.00 1.20
And including 261.0 266.0 5.0 0.62 1.49 5.0 232.2 1.82 2.19
Q11
050 -70 291 0.0 291.0 291.0 0.29 0.13 2.0 40.5 0.32 0.39
Including 41.0 168.0 127.0 0.61 0.25 3.6 90.4 0.66 0.80
Including 41.0 103.0 62.0 1.04 0.43 4.8 156.3 1.53 1.87
Table 1. Summary table for historical drill holes Q04, Q10 and Q11 from the Quartzite Gorka Project, Elemes Licence
Notes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Quartzite Gorka were calculated using the following formula: CuEq % =
Copper (%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107) + (Molybdenum (ppm) x 6.0000). Gold Equivalent (“AuEq”) grades reported for the drill
holes at Quartzite Gorka 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$3.00/lb. Copper,
US$1,700/oz Gold, US$22/oz Silver, US$18/lb. Molybdenum, and metallurgical recoveries were assumed to be 90% for Cu and Au and 50% for Ag
and Mo. Intervals are core-length weighted and original core recovery is estimated to be > 90 %.
The Quartzite Gorka project: is located within the 425 square kilometre Elemes mineral exploration
licence. Elemes benefits from excellent modern infrastructure and ease of accessibility, being located only
20 kilometres (“km”) from Arras’ operational base in the city of Ekibastuz, northeastern Kazakhstan. A
paved highway runs through the licence, and within 3 km of the Quartzite Gorka project. 1100 KVA power
lines, heavy rail, and the Irtysh–Karaganda irrigation canal all lie within a 15 km radius of the project.
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Figure 1. Arras Minerals License Package (Pavlodar, Kazakhstan)
Quartzite Gorka was drilled between 2007 and 2010 by the previous operators. 30 shallow drillholes for
a total of 7,550 metres have been historically drilled at the project, to a maximum depth of 301 metres
with an average depth of 252 metres per hole. 14 historical drill core (Figure 2) and all available coarse
rejects have been acquired by Arras and are stored at the Company’s core storage facility in Ekibastuz. All
available drillcores have been re-logged in detail by Arras employees for lithology, structure, alteration,
mineralization and petrophysical properties.
The mineralization seen at Quartzite Gorka is interpreted as a breccia-hosted intermediate sulfidation
epithermal system that forms part of a much larger porphyry-epithermal system within the Elemes licence
that includes the Berezki Central, Berezki East and Karagandy-Ozek prospects. The Elemes licence is
located within the Bozshakol-Chingiz metallogenic belt that also hosts the Company’s flagship Beskauga
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.
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The re-analysis demonstrated the high-grade nature of the mineralization. Individual assays returned up
to 11.2 g/t Au, 4.92 % Cu, 0.48 % Pb, 2.61 % Zn, 0.16 % Sb, 29.1 g/t Ag, and 1,232 ppm Mo, respectively.
Mineralization comprises of quartz-pyrite-chalcopyrite ± tourmaline, anhydrite, carbonate, k-feldspar,
hematite, sphalerite, galena, tetrahedrite, bornite, molybdenite as a cement within the hydrothermal
breccia and as quartz veins (Figure 2). Occasionally the cement lacks quartz and comprises of massive
sulfide only. Alteration of the clasts within the breccia is variable and comprises of strongly silicified,
phyllic (quartz-pyrite ± sericite, chlorite), argillic (kaolinite-dickite-illite) and potassic (k-feldspar-
magnetite-secondary biotite) altered host diorite. Some clasts are rimmed by massive pyrite. The clasts
contain rare porphyry-style quartz-chalcopyrite veins. The host diorite intrusion is fine-grained,
equigranular and typically highly magnetic. The breccia bodies are enveloped by potassic (k-feldspar-
magnetite-secondary biotite) alteration before transitioning to propylitic (chlorite-hematite-carbonate ±
epidote) alteration. Rare quartz-chalcopyrite veins ± k-feldspar halos and disseminated chalcopyrite-
pyrite occur in the host diorite.
Figure 2. Location of the three holes re-assayed by Arras at the Quartzite Gorka project, Elemes licence. Collars for all
historical drilling are shown and approximate outline of the sub-cropping breccia bodies.
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Figure 3. Photos of the re-logging of diamond drill core from Quartzite Gorka, including re-assayed holes Q4, Q10 and Q11
showing the typical styles of veining, mineralization and alteration observed at this prospect. Intercepts exceeding 1 % CuEq
highlighted in red. Abbreviations used in the descriptions: HyBX – hydrothermal breccia, Di – diorite, hem – hematite, qtz –
quartz, tour – tourmaline, cpy – chalcopyrite, py – pyrite, ttr – tetrahedrite, bn – bornite, sph – sphalerite, gal – galena, epi -
epidote. Note historical intercepts for non-re-assayed holes are non-NI 43-101 compliant and were only analyzed for Cu, Au and
Ag.
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Re-logging, Assay, QAQC Procedures: All available drillcores have been re-logged in detail by Arras
employees for lithology, structure, alteration and mineralization. In addition, Arras also measured several
petrophysical properties on the drillcore including density, magnetic susceptibility, conductivity, resistivity
and induced polarization. High resolution photographs of all drillcore were captured using Seequent’s
Imago cloud-based image management software. The core was also analyzed for alteration minerals using
TerraSpec SWIR/NIR spectroscopy, with interpretation pending.
The re-assayed coarse rejects from Quartzite Gorka were prepared in Arras in-house sample preparation
laboratory in Ekibastuz by Arras employees. As the coarse rejects had been in dry storage since 2007/08,
they were first re-homogenized by passing through a roller crusher (<2 mm), before being split using a
riffle splitter. An approximately one-kilogram split was then pulverized using cup vibration mills to below
75-microns. The pulp was then split again, with 250 g shipped to Stewart Assay and Environmental
Laboratories LLC (“SAEL”), located in Kara-Balta in Kyrgyzstan, for geochemical analysis. Prior to analysis,
SAEL undertook Quality Assurance and Quality Control (QA/QC) on selected pulps, ensuring ≥85 % passing
below -75-microns. A 30 g aliquot was then analyzed for gold content by fire assay with an Atomic
Absorption Spectroscopy (AAS) finish (SAEL method: Au-AA25™). A second pulp split was analyzed for 46
elements by a combination of Inductively Coupled Plasma Mass Spectrometry (ICP-MS) and Inductively
Coupled Plasma Atomic Emission Spectrometry (ICP-AES) after four-acid digestion on a 1.0 g aliquot (SAEL
method: MA/UT™). All samples exceeding 1% copper and/or zinc were re-analyzed using 4-acid digest
ICP-MS ore grade methods. SAEL laboratory is accredited to ISO 17025:2005 UKAS ref 4028 and have
internal QA/QC programs for monitoring accuracy and precision. Internal QA/QC samples were inserted
by the analytical laboratory and reviewed by the Company prior to release. No material QA/QC issues
have been identified. SAEL is entirely independent of the Company.
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
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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
gold (behind Rio Tinto and Fortescue Metals Group). Arras and Teck Resources entered into a Strategic
Exploration Alliance covering a portion of the Company’s regional license package in December 2023 in
which Teck will sole fund an initial US$5 million generative exploration phase. 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.
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