(via TheNewswire)
Company more than doubles land holdings in Utah Fluorspar Spor Mountain Area.
Large exploration program re-designed around newly discovered fluorspar breccias.
Radiological program across
Spor Mountain planned alongside mine construction.
The Company had previously claimed areas of visible fluorspar showings. An extensive field program including, geological mapping, geophysical interpretation and sampling resulted in a significant increase in potential targets warranting a further 3,899 acres of land being acquired. The Company now controls almost 6,000 acres across the
Click Image To View Full Size
Figure 1 – Ares previous claims (Green), and Ares newly staked claims (Blue).
BLM Mineral Claims | Ha | Acres | |
111 | 843 | 2,083 | |
Added | 242 | 1,578 | 3,899 |
Nov-21 | 353 | 2,421 | 5,982 |
Figure 2 – Table Showing Increase of Claims
The Company also announces a non-brokered private placement of up to 2,400,000 common shares (each, a “Share”) in the capital of the Company at a price of
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Exchange. None of the securities to be issued in connection with the Offering will be or have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none may be offered or sold in
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 Ares, the Company intends to move forward with the development of its
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 thecontrol 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.
1
Copyright (c) 2021 TheNewswire - All rights reserved.
Copyright (c) 2021 TheNewswire - All rights reserved., source