Ares Strategic Mining Inc. Announces New Fluorspar Discoveries on Its Permitted Mining Area
Ares Strategic Mining Inc. Announces New Fluorspar
Discoveries on Its Permitted Mining Area
• Ares identifies larger zones of fluorspar mineralization connected to its preliminary mining target.
• The delineation program to define mineworks installations has consistently hit high -grade
fluorspar mineralization attached to its mining targets.
• The new discovery informs an expanded mining plan with greater potential life for each mining
target.
• Mineralization boundaries remain open, with more mineralization discoveries possible.
Vancouver, B.C. February 22nd, 2024 — Ares Strategic Mining Inc. (“Ares” or the “Company”) (TSXV: ARS)
(OTC:ARSMF) (FRA: N8I1), is pleased to announce the discovery of new and additional fluorspar
mineralization at the Lost Sheep permitted mining site located at its Spor Mountain fluorspar project.
Ares is currently undertaking core diamond drilling to delineate the placement and design of installations
to facilitate mining operations scheduled for later in 2024. As drilling has proceeded, drill holes have
reached depths not previously investigated, new high-grade fluorspar mineralization has been discovered
connected to the initial mining targets Ares has selected for its preliminary production plans, expanding
the potential of these targets.
Figure. 1 - Fluorspar Mineralization has appeared at lower depths than has previously been drilled.
Fig 2. – Provo Mining continues to expand the mine site and ready the location to provide feed to the new Ares
processing plants.
Drilling is currently progressing, with further delineation drilling planned within this zone. The Company
will progress to delineate secondary targets and confirm further mineralization, while investigating for
similarly deeper mineralization below previously delineated fluorspar pipes.
James Walker, President and CEO of the Company said, “The high-grade results from the current drill
program are a great bonus and serve to provide additional confidence in the upcoming operation currently
under construction. Additionally, the discoveries give us a great insight into the geology and layout of the
subsurface fluorspar mineralization and direct the Company towards locations where high-grade fluorspar
is likely located. Ares can now consider expanding its proposed production capacity. The Company and its
staff are excited at the tangible near-term and long-term prospects, and are looking forward to
commencing operations and being the only domestic supplier of metspar and acidspar in the U.S.”
In 2018 the U.S. government classified fluorspar as a Critical Mineral, “deemed critical to U.S. national
security and the economy.” Fluorspar remains the only non -metallic Critical Mineral, which is 100%
imported in the entire country. Fluorspar’s classif ication as a Critical Mineral in the United States
translates to a faster permitting period, enabling mining operations to initiate more quickly than
operations for conventional minerals.
Lost Sheep Fluorspar Project – Delta, Utah
• 100% owned – 5,982 acres – 299 Claims.
• Located in the Spor Mountain area, Juab County, Utah, approximately 214 km south-west of
Salt Lake City.
• Fully Permitted – including mining permits.
• NI 43-101 Technical Report identified extensive high-grade fluorspar with low levels of
impurities.
• Mining plan approved by BLM1
First approved by Rex Rowley – Area Manager, Bureau of Land Management – 24th August 1992.
1 Renewed by Mike Gates – Minerals Program Manager, Bureau of Land Management – 12th December 2016.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARES STRATEGIC MINING INC.
James Walker
Chief Executive Officer and President
For further information, please contact James Walker by email at [email protected]
DISCLOSURE AND FORWARD-LOOKING STATEMENTS:
Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the
risks and uncertainties associated with a production decision. Historically, situations where the issuer
decides to put a mineral project into production without first establishing mineral reserves supported by a
technical report and completing a feasibility study have a higher risk of economic or technical failure,
though some industrial mineral ventures are relatively simple operations with low levels of investment and
risk, where the operating entity has determined that a formal prefeasibility or feasibility study in
conformance with NI 43-101 and 43-101 CP is not required for a production decision. Based on historical
engineering work, geological reports, historical production data and current engineering work completed
or in the process by Ares, the Company intends to move forward with the development of its Utah asset.
Certain information in this news release may contain forward-looking statements that involve substantial
known and unknown risks and uncertainties. Forward-looking statements are often identified by terms
such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than
statements of historical fact included in this news release are forward-looking statements that involve risks
and uncertainties. There can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company’s expectations include the
failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to
time in the filings made by the Company with securities regulations. The reader is cautioned that
assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events
or circumstances may cause actual results to differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the
Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the time of preparation, may prove to be
incorrect and actual results may differ materially from those anticipated. Forward-looking statements
contained in this news release are expressly qualified by this cautionary statement. The forward-looking
statements contained in this news release are made as of the date of this news release and the Company
disclaims any intention or obligation to update or revise such information, except as required by applicable
law.