Arras Minerals to Mobilize Second Drill Rig to Elemes Project, Provides Exploration Update, and Announces Termination of Beskauga Option Agreement
ca.finance.yahoo.com
Arras Minerals Corp.
Tue, June 10, 2025 at 3:00 a.m. PDT 5 min read
ARRKF
+4.02%
VANCOUVER, BC / ACCESS Newswire / June 10, 2025 Arras Minerals Corp. (TSXV:ARK)(OTCQB:ARRKF) ("Arras" or "Arras Minerals" or "the Company") is pleased to announce the mobilizing of a second drill rig to its Phase 2 drill program at the Elemes Project. The drill rig is expected to arrive and commence activity later this month. This follows the successful completion of both a ground magnetic survey and a vector-induced polarization (IP) survey over the Berezski and Aimandai targets.
Exploration activities are also progressing rapidly on the Arras-Teck Strategic Alliance properties. Notably, the Company has completed an 80-line kilometre pole-dipole IP survey across key targets and has commenced a 5,000-meter drill program focused on high-priority zones.
Highlights Include:
- Completed a 1,000 line-kilometre ground magnetic survey and a 65 square-kilometre Vector IP survey over the Berezski and Aimandai targets at the Elemes Project.
- Commenced the Phase 2 drill program at the Berezski Target, following up on significant intercepts including:
- 547 meters @ 0.70% CuEq on the Berezski North Area (Hole EL24005)
- 261 meters @ 0.64% CuEq on the Berezski Central Area (Hole EL24001)
- A second drill rig is expected to arrive at the Berezski Target over the next 3-4 weeks to accelerate the Phase 2 Elemes drill program.
Tim Barry, CEO of Arras Minerals commented, "We're pleased to report strong early momentum in our 2025 field program, with the successful completion of both ground magnetic and Vector IP surveys over the Berezski and Aimandai targets which are already sharpening our drill targeting efforts. With the Phase 2 drill program now underway at Berezski, building on last year's significant copper-gold intercepts, and a second rig arriving in the next few weeks, we're well-positioned to accelerate exploration through the summer. It's an exciting start to what we expect will be a transformational year for Arras."
Elemes Project: The completion of the ground magnetic survey and Vector IP survey over the Berezski and Aimandai Targets has significantly enhanced the geological understanding and drill targeting across key prospects within the Elemes Project. These surveys have helped refine and prioritize drill-ready targets for the Phase 2 drill program.
Berezski Target: The ground magnetic survey has provided improved definition of structural trends and potential mineralized zones by association, especially at the Berezski Central and Berezski North Targets, which were only partially tested during the 2024 drill program. Follow-up drilling is now underway, focusing on better understanding the controls and extent of the copper-gold mineralization. Additional high-priority targets along the trend recently identified will also be drill-tested later in the year.
To complement the drill program, the Company also plans to complete a magnetotellurics (MT) and gravity survey commencing later this month across the Berezski Target to investigate opportunities for potential deeper mineralized systems.
Aimandai Target: The ground magnetic and Vector IP surveys at the Aimandai Target have now been successfully completed, providing valuable structural and geophysical data to refine exploration targeting. Preliminary results from the Vector IP survey have highlighted prospective zones that will be followed up with a focused Pole-Dipole IP survey to further delineate high-priority drill targets.
Drill prioritization is underway, with drilling expected to commence in the second half of 2025 based on the integrated interpretation of these completed datasets.
Figure 1. Arras's License Package showing Arras-Teck Strategic Alliance Areas as "Package A" and "Package B" as well as the remaining 100% owned Arras licenses.
Figure 2. Arras Elemes Project showing soil Copper trends, principal exploration targets and completed ground mag survey lines
Figure 3. Arras Elemes Project showing soil Copper trends, with the first four planned drillholes in the Berezski trend and the planned pole-dipole IP lines over the Aimandai Target. Beskauga Option Agreement Termination: Arras has elected not to proceed with the US$15 million option payment to Copperbelt AG for the acquisition of the Beskauga Project and has formally terminated the option agreement. Attempts to secure a partnership agreement with a third party, as well as parallel discussions with Copperbelt AG to explore alternative arrangements, did not result in a viable path forward.
The decision not to exercise the Beskauga Option reflects Arras's strategic view that the capital would be more effectively allocated toward advancing new exploration opportunities and unlocking value across the Company's 3,300 square kilometre land package in Kazakhstan.
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 20 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
info@arrasminerals.com
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 Elemes copper-gold porphyry 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. 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 27, 2025 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.
SOURCE: Arras Minerals Corp.
View the original press release on ACCESS Newswire |
