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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Arras Minerals Reports 633m @ 1.02% CuEq, Including 187m @ 2.34% CuEq From Reassays of ...

October 7, 2021 GMT

VANCOUVER, British Columbia, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Arras Minerals Corp. (“Arras”) is pleased to announce the results of the remaining 5 of 12 holes reassayed from the historical drilling at the Beskauga project located in northeastern Kazakhstan. The reassay work outlined in this news release has been conducted under the Option to Purchase agreement announced by Silver Bull Resources on January 26, 2021, with Copperbelt AG (“Copperbelt”), a public, non-listed mineral exploration company registered in Zug, Switzerland.

Highlights from the reassayed holes announced in this news release include:

  • Hole Bg-63 – 633 meters of mineralization grading 1.02% CuEq (0.73g/t gold, 0.39% copper, and 1.95g/t Ag) including 187 meters grading 2.34% CuEq (1.66g/t gold, 0.92% copper, and 4.52g/t silver) from 43 meters – ends in mineralization.
  • Hole Bg-97 – 294 meters of mineralization grading 0.54% CuEq (0.4g/t gold, 0.21% copper, and 0.62g/t Ag) – ends in mineralization.
  • Hole Bg-79 – 47.5 meters of mineralization grading 0.57% CuEq (0.4g/t gold, 0.23% copper, and 1.78g/t Ag) AND 150.1 meters of mineralization grading 0.46% CuEq (0.27g/t gold, 0.22% copper, and 1.89g/t Ag) AND 76.3 meters of mineralization grading 0.51% CuEq (0.3g/t gold, 0.25% copper, and 0.68g/t Ag) from 44.2 meters – ends in mineralization.

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A summary of the results released in this news release is outlined in the table below

Table 1. Summary table of holes of the remaining 5 holes from Arras reassay program

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Hole IDTotalDepthFromtoIntervalAu g/tCu %Ag g/tCuEqComments
Bg63

694.3436766330.730.391.951.02 Ends in mineralization grading 0.28g/t Au, 1.0g/t Ag, 0.1% Cu

Includes2904771871.660.924.522.34
Bg73

510

441631190.320.241.660.52  

193.6449.7256.10.280.211.500.46
Bg79



369.5



44.291.747.50.400.231.780.57 Ends in mineralization grading 0.6g/t Au, 2.7g/t Ag, 0.4% Cu



99.4249.5150.10.270.221.890.46
293.2369.576.30.300.250.680.51
Bg81

496.7

42.8106.463.60.200.191.100.37  

125.8302176.20.390.311.780.66
Bg97

516

74.1205130.90.290.170.590.42 Ends in mineralization grading 0.54g/t Au, 2.7g/t Ag, 0.50% Cu

2225162940.400.210.620.54

Assumptions used in USD for the copper equivalent calculation were metal prices of $3.00/lb. Copper, $1,700/oz Gold, $22/oz Silver, and recovery is assumed to be 100%. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.012).

The primary objective of the reassaying program was to validate and increase the confidence in 45,059 meters of historical drilling completed between 2007 to 2017 on the Beskauga deposit and surrounding area, as well as provide the geochemical tools to map alteration and lithology across the deposit. The locations of the holes chosen for reassay were selected based on providing a comprehensive picture across the current deposit and to test and better understand the edges of the high-grade zones within the deposit.

A location map of the historical holes reassayed is shown below: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/bcb82265-86d2-4211-b6c5-8b828ef3e480

Tim Barry, CEO of Arras states, “Hole Bg-63 provides a snapshot of the exceptional and continuous high-grade zone we see at Beskauga grading 2.34% CuEq over 187 meters, and within a much larger intercept of 633 meters grading 1.02% CuEq. The data obtained from this reassay program has provided our team with valuable insight into the geology and alteration as well as the controls of mineralization we see at Beskauga. We now have a 30,000 meter drill program underway to test the extensions to the known mineralization and are using a variety of tools to help us vector in on the core of the system.”

Figure 2.  https://www.globenewswire.com/NewsRoom/AttachmentNg/e84922cd-78bb-48f6-86b4-0928fc96e46a

Figure 3.  https://www.globenewswire.com/NewsRoom/AttachmentNg/12d6ab28-e53d-4b70-9335-eef9d166f163

About the Beskauga Deposit: The Beskauga deposit is a gold-copper-silver deposit with a NI 43-101 compliant “Indicated” Mineral Resource of 207 million tonnes grading 0.35 g/t gold, 0.23% copper and 1.09 g/t silver for 2.33 million ounces of contained gold, 476.1 thousand tonnes of contained copper, and 7.25 million ounces of contained silver and an “Inferred” Mineral Resource of 147 million tonnes grading 0.33 g/t gold, 0.15% copper and 1.02 g/t silver for 1.56 million ounces of contained gold, 220.5 thousand tonnes of contained copper, and 4.82 million ounces of contained silver.

The constraining pit was optimised and calculated using a NSR cut-off based on a price of: $1,500/oz for gold, $2.80/lb for copper, $17.25/oz for silver, and with an average recovery of 81.7% for copper and 51.8% for both gold and silver.

Table 2. Pit-constrained Mineral Resource estimate for the Beskauga copper-gold project

CATEGORYTONNAGE (MT)CU %AU G/TAG G/TAU (MOZ)CU (KT)AG (MOZ) 
 
Indicated2070.230.351.092.33476.17.25 
Inferred1470.150.331.021.56220.54.82 

Notes:

  • An NSR $/t cut-off of $5.70/t was used, and the NSR formula is: NSR $/t = (38.137+11.612 x Cu%) x Cu% + (19.18 + 12.322 x Au g/t) x Au g/t + (0.07 + 0.0517 x Ag g/t) x Ag g/t
  • The NSR formula incorporates variable recovery formulae. Average copper recovery was 81.7% copper and 51.8% for both gold and silver.
  • Metal prices considered were $2.80/lb copper, $1,500/oz gold and $17.25/oz silver.
  • The Resource is stated within a pit shell that considers a 1.25 factor above the metal prices.
  • Mineral Resources are estimated and reported in accordance with the Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted May 10, 2014, , as required under NI 43-101.
  • The Mineral Resource is not believed to be materially affected by any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors
  • These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
  • The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  • Serikjan Urbisinov, B.Sc., MAIG, prepared, or supervised the preparation of, the mineral resource estimate. Mr. Urbisinov is an Independent Qualified Person in accordance with NI 43-101.
  • Effective date of the report was January 28, 2021.

For a full summary of the Beskauga resource please visit the following link:

https://silverbullresources.com/site/assets/files/5975/csa-beskauga-ni-43-101-final.pdf

Sample Analysis: All samples have been analyzed at Stewart Assay and Environmental Laboratories LLC located in Kyrgyz Republic. Samples are first tested with the “MA/UT” procedure which analyzes for 46 elements using a 4 acid digestion. Gold was analyzed using the Au-AA25 fire assay method. Stewart Assay and Environmental Laboratories LLC is independent of the company

A rigorous procedure is in place regarding sample collection, chain of custody and data entry. Standards and blanks, as well as duplicate samples are routinely inserted into sample analysis to ensure integrity of the assay process.

The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist (CPAusIMM), and a qualified person for the purposes of National Instrument 43-101.

On behalf of the Board of Directors
“Tim Barry”

Tim Barry, CPAusIMM
Chief Executive Officer and Director

INVESTOR RELATIONS:
+1 604 687 5800
info@silverbullresources.com

About Arras Minerals Corp.

Arras is British Columbia incorporated private company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Option Agreement on the Beskauga copper and gold project.

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 the expected timing, mechanics, income tax consequences, benefits 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 such factors as whether the results of exploration activities and whether the results continue to 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 Form 20-F filed with the SEC on September 1, 2021 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.