Highlights:
- Hole Bg21006 returned a significant intersection of 689.2 metres (“m”) of mineralization grading 0.76 % copper-equivalent (“CuEq”) or 0.92 gram per tonne (“g/t”) gold-equivalent (“AuEq”) (0.60 g/t gold (“Au”), 0.24 % copper (“Cu”), 1.4 g/t silver (“Ag”) and 12.8 ppm molybdenum (“Mo”)) starting at 43.0 m from surface to end of hole.
- Including 120.9 m grading 2.35 % CuEq or 2.84 g/t AuEq (1.95 g/t Au, 0.69 % Cu, 3.8 g/t Ag and 15.7 ppm Mo) from 348.9 m depth down-hole.
- Including an exceptionally high-grade interception of 17 m grading 7.48 % CuEq or 9.05 g/t AuEq (6.77 g/t Au, 1.78 % Cu, 8.8 g/t Ag and 24.5 ppm Mo) from 446.0 m depth down-hole.
- And including 99.9 m grading 1.11 % CuEq or 1.34 g/t AuEq (0.85 g/t Au, 0.38 % Cu, 1.9 g/t Ag and 25.8 ppm Mo) from 493.1 m depth down-hole.
- Hole Bg21005 tested, for the first time, an approximately 400 x 500 meter circular magnetic high immediately west of the Beskauga deposit. The hole returned 903.6 m of mineralization grading 0.16% CuEq or 0.20 g/t AuEq (0.16 g/t Au, 0.09 % Cu, 1.2 g/t Ag, and 43.5 ppm Mo) starting at 49 m from surface and hosted within a strongly potassic-altered monzodiorite.
Diamond drilling is ongoing at Beskauga with further assay results expected in the coming months. The Company has recently changed drilling contractors to have the option to drill deeper, as required.
A summary of the results announced in this news release is outlined in the table below.
Table 1. Summary table for holes Bg21005 and Bg21006.
Notes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Beskauga were calculated using the following formula: CuEq % = Copper (%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107) + (Molybdenum (ppm) x 3.3333). Gold Equivalent (“AuEq”) grades reported for the drill holes at Beskauga were calculated using the following formula: AuEq g/t = Gold (g/t) + (Copper (%) x 1.2100) + (Silver (g/t) x 0.0129) + (Molybdenum (ppm) x 4.0334). Assumptions used for the copper and gold equivalent calculations were metal prices of
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b49793e-bdd8-4d61-8d14-62a01f1d34d3
Drill Program
In
In addition to testing the extents of the Beskauga deposit, the drill program is also targeting a series of previously undrilled targets in the wider area. These wider targets are supported by both ground and recently flown airborne geophysics, as well as in-situ geochemistry, derived using “KGK” drilling (a drilling method akin to 'wet' reverse circulation drilling, that recovers a 1 to 3 m core sample from the top of the underlying bedrock which is used by Arras to efficiently map lithology, alteration, and geochemistry across the property beneath overburden).
For both the diamond and KGK drilling, Arras has been using the local company “Tsentrgeolsemka LLP”. Arras has recently changed drilling contractors to “GRK Iskander Ltd” and mobilized a diamond drill rig with the capacity to drill deeper holes, if required, as well as improved core orientation through triple tube core barrel drilling.
Results of Bg21005 and Bg21006
Bg21005: (see Figure 1) was designed to test, for the first time, an approximately 400 x 500 metre “bulls-eye” circular magnetic high immediately west of the Beskauga deposit and surrounded by a >500-meter zone of demagnetization. The hole was collared outside Arras’ current Mineral Resource Estimate (see Figure 1) and drilled at an angle of -70 o towards the south to a final depth of 952.6 metres. The hole intersected a highly magnetic, potassic altered intrusive body of monzodiorite that is inferred to dip steeply towards the south. Alteration comprises k-feldspar, secondary (“shreddy”) biotite, magnetite, Mg-rich chlorite, and epidote, with minor argillic overprint comprising phengitic illite and smectite localized around faults and fractures (confirmed by Arras using TerraSpec SWIR/NIR spectroscopy). Mineralization occurs as vein and fracture-controlled zones of magnetite, chalcopyrite, pyrite, bornite, and molybdenite. Generally, the intrusion is weakly mineralized but high tenor veins up to 1.27 g/t Au, 1.62 % Cu and 27 g/t Ag do occur. Compared to the diorite that hosts the bulk of the known mineralization at Beskauga, the monzonite hosts significantly higher Mo grades, up to 2290 ppm Mo. Two minor dykes comprising weakly mineralized potassic-altered xenolithic porphyritic diorite and fresh post-mineral andesite were intersected at depths of 793.2 to 809.4 and 886.3 to 891.1 metres, respectively.
Whilst the monzodiorite discovered in Bg21005 is strongly potassic-altered and hosts mineralization, there is lithogeochemical and structural evidence supporting the monzodiorite may not be the causative intrusion for the copper-gold mineralization at Beskauga Main. Arras considers the potassic core of the causative porphyry to be located at depth and has yet to be intersected in drilling. Arras plans to test this hypothesis through deep drilling in the coming months. Recognition of the monzodiorite as a potentially separate mineralized intrusion supports the clustering of two or more porphyry centers. In addition to ongoing petrological and lithogeochemical studies, Arras has submitted samples for Re-Os (molybdenite) and U-Pb (zircon) geochronology at
Bg21006: (see Figures 1 to 3) was collared 250 metres west of Bg21002 (for results of Bg21002, refer to Arras’ press release dated
Two unmineralized post-mineral dykes comprising argillic-altered xenolithic porphyritic diorite and fresh basalt were intersected at depths of 334 to 348.9 and 469.8 to 493.1 metres, respectively. The dykes are enveloped by the highest-grade intercepts, with assays up to 13.8 % CuEq or 16.70 g/t Au adjacent to the dykes. These dykes are therefore interpreted to have filled pre-existing E-W and NW-SE trending fault zones that earlier controlled the copper-gold mineralization. When removing the grade dilution resulting from the unmineralized dykes, it leaves a residual intercept of 651.1 metres of mineralization grading 0.80 % CuEq or 0.97 g/t AuEq within the mineralized diorite.
Figure 1. Location of the holes completed to date as part of Arras’ planned 30,000-metre drill program on the Beskauga Main deposit and wider area.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/877559c4-38bf-46fa-ab3c-91c3935e8037
Figure 2. Cross-section showing hole Bg21006 in relation to several historical holes drilled by Copperbelt. Also shown are grade contours based on the Beskauga block model for copper (only) developed for the purposes of the current Mineral Resource Estimate for Beskauga (for further details, please see Arras’ press release on
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8c9e3fb5-353a-4a2e-b85b-5a7169301778
Figure 3. Cross-section showing hole Bg21006 in relation to several historical holes drilled by Copperbelt. Also shown are grade contours based on the Beskauga block model for gold (only) developed for the purposes of the current Mineral Resource Estimate for Beskauga (for further details, please see Arras’ press release on
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02698d93-929d-4823-85df-818a342190f3
Figure 4. Photos of the diamond drill core from Bg21006 showing the typical styles of veining, mineralization and alteration observed throughout the hole.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0a0a335-a7b6-43e0-9f40-ade431af0851
Figure 5. Diamond rig drilling hole Bg21006 at Beskauga. The project benefits from flat topography and ease of accessibility. Note the 1100 KVA power line in the distance that passes through the project area.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0510ab63-f415-49c2-b7de-5d8582143183
About the Beskauga Deposit: The Beskauga deposit is a gold-copper-silver deposit with an “Indicated” Mineral Resource of 111.2 million tonnes grading 0.49 g/t gold, 0.30% copper, and 1.3 g/t silver for 1.75 million ounces of contained gold, 333.6 thousand tonnes of contained copper, and 4.79 million ounces of contained silver and an “Inferred” Mineral Resource of 92.6 million tonnes grading 0.50 g/t gold, 0.24% copper and 1.1 g/t silver for 1.49 million ounces of contained gold, 222.2 thousand tonnes of contained copper, and 3.39 million ounces of contained silver. The constraining open pit was optimized and calculated using a Gross Metal Value (“GMV”) cut-off of
Based on exploration undertaken to date, the Beskauga deposit is interpreted by Arras to represent a gold-rich porphyry copper-gold deposit that has been overprinted by high-sulfidation epithermal mineralization, either through telescoping or due to clustering of multiple porphyry centers within the Beskauga license that have superimposed alteration and mineralization upon earlier phases. Beskauga is located within the highly under-explored Bozshakol-Chingiz Volcanic Arc, which hosts KAZ Minerals’ Bozshakol porphyry Cu-Au mine only 130 km west of Beskauga. Bozshakol is one of the largest copper resources in
Contrary to many porphyry copper deposits being developed in other jurisdictions globally, the Beskauga project, located only 350 metres above sea-level, benefits from excellent modern infrastructure and accessibility. The region is mining-friendly and hosts several large-scale mining operations. Arras’ operations are based out of the nearby mining town of Ekibastuz, which services the largest coal mine in
Assay and QAQC Procedures: Diamond drill core was sampled in 1-metre intervals (except were shortened by geological contacts) using a rock saw. Core diameter is a mix of HQ and NQ depending on the depth of the drill hole. Samples were cut and sampled at Arras’ operational base in the town of Ekibastuz,
After drying and fine crushing, a 250 g split was pulverized to 85 % passing a -75-micron screen. A 30 g split of the pulp was analyzed for gold using fire assay and Atomic Absorption Spectroscopy (AAS) finish (ALS method: Au-AA25™) at ALS Karaganda. A second pulp split was then air freighted to ALS Loughrea and analyzed for 48 elements by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) after 4-acid digestion on a 0.25 g aliquot (ALS method: ME-MS61™). Samples exceeding 1% copper were re-analyzed using a 4-acid digest ICP-MS ore grade method (ALS method: Cu-OG62™).
Qualified Person: The scientific and technical disclosure for the
On behalf of the Board of Directors
"Tim Barry"
Chief Executive Officer and Director
INVESTOR RELATIONS:
+1 604 687 5800
info@arrasminerals.com
Further information can be found on the Company’s website https://www.arrasminerals.com or follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals
About
Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern
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
Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations, however the
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
Table 1.
Summary table for holes Bg21005 and Bg21006.
Figure 1.
Location of the holes completed to date as part of Arras’ planned 30,000-metre drill program on the Beskauga Main deposit and wider area.
Figure 2.
Cross-section showing hole Bg21006 in relation to several historical holes drilled by Copperbelt. Also shown are grade contours based on the Beskauga block model for copper (only) developed for the purposes of the current Mineral Resource Estimate for Beskauga (for further details, please see Arras’ press release on June 20, 2022 ). CuEq grades of key intercepts in Bg21006 and historical holes are shown. The cross-section demonstrates the steep, southwest dipping high-grade copper-gold-silver trend observed through Arras’ exploration to date. This trend is observed beginning at the paleo-bedrock surface (43 m in depth), to average between 200-300 m wide and to be consistently mineralized down to at least 1000 metres.
Figure 3.
Cross-section showing hole Bg21006 in relation to several historical holes drilled by Copperbelt. Also shown are grade contours based on the Beskauga block model for gold (only) developed for the purposes of the current Mineral Resource Estimate for Beskauga (for further details, please see Arras’ press release on June 20, 2022 ). AuEq grades of key intercepts in Bg21006 and historical holes are shown. The cross-section demonstrates the steep, southwest dipping high-grade copper-gold-silver trend observed through Arras’ exploration to date. This trend is observed beginning at the paleo-bedrock surface (43 m in depth), to average between 200-300 m wide and to be consistently mineralized down to at least 1000 metres.
Figure 4.
Photos of the diamond drill core from Bg21006 showing the typical styles of veining, mineralization and alteration observed throughout the hole.
Figure 5.
Diamond rig drilling hole Bg21006 at Beskauga. The project benefits from flat topography and ease of accessibility. Note the 1100 KVA power line in the distance that passes through the project area.
2022 GlobeNewswire, Inc., source