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Ares completes detailed airborne radiometric and magnetic surveys at the Spor Mountain ProjectExcellent data set reveals 33 new anomalies for explorations during future operations
Drill program plans expanded with aim to provide tertiary mining targets.
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Figure 1. Precision Geophysics Helicopter with geophysical survey equipment flying at the
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Figure 2. Detailed helicopter flight lines.
The company has also completed a gravity survey over the eastern portions of its Lost Sheep Property (Figure 3). The gravity survey was done by Magee Geophysics of
The Completed Gravity Survey Included the Following Work:
• Ground gravity survey conducted over alluvium and along Paleozoic Tertiary contact on east side of property
• East range front seen as best potential for discovery of large
• Gravity reveals depth of bedrock -in covered areas
• Stations on 100 m square grid within
• Stations at 1 km spacing on surrounding public roads
• 659 stations totaI
Radiometric Survey Results
The radiometric survey measured radiation from uranium, potassium, and thorium separately. Traces of uranium are associated with the fluorite mineralization and has been used successfully in the past to locate fluorite pipes. Potassium is associated with intrusive rocks, so the best anomalies had uranium, with low levels of potassium. Thirty-three 33 previously unrecognized anomalies were identified on the claims controlled by Ares Mining (Figure. 3). Historically mined pipes also stood out in this survey. These new anomalies are in addition to the areas previously announced by
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Figure 3. Radiometric survey anomalies covering the
Results of the
The largest of the historically mined Fluorspar deposits occurred on the eastern edge of the
Derivatives of the gravity survey identified faults and lithologic contacts that are covered as well. These areas were identified as potential target areas for drilling beneath the shallow overlying sediments. Radiometric anomalies and gravity data will be collated, accessed and will be field checked by geologist and included in the Company’s overall target evaluation process. Top priority targets will be tested by drilling later this year. This new geophysical data provides information on potential targets not visible from surface mapping and also provide greater insight into the subsurface geology of the Lost Sheep property.
In 2018 the
100% owned – 5,982 acres – 353 Claims
Located in the
Spor Mountain area,Juab County, Utah , approximately 214 km south-west ofSalt 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
Renewed by
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chief Executive Officer and President
For further information, please contact
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
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.
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