ARSMF - Ares Strategic Mining Accelerates Exploration Work at the Bell Hill Site
(TheNewswire)
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- Multiple fluorspar showings located at surface, Ares advances totrenching.
- Trenching work will inform the drill program and mine planning onthe Bell Hill site.
- The work will seek to determine upper pipe dimensions and grade forthe fluorspar showings.
- Recent mapping work at Bell Hill confirms fluorspar at anomaly sitesidentified by geophysics.
- Permitting and approval for trenching and drilling work obtained.
Vancouver, B.C. - TheNewswire - June 25 th , 2021 — Ares StrategicMining Inc. (“Ares” or the “Company”) (TSXV:ARS) (OTC:ARSMF)(FRA:N8I1), is pleased to announce advancement to the next phase ofexploration at the Company’s second anticipated mining site.
While continuing its development on its industrial site, rail spurs,mining site, and while waiting on plant deliveries, Ares has continuedits exploration work at Bell Hill, a second potential mine site. Areshas expanded its geological team to undertake detailed mapping andsampling of the entire Spor Mountain range and refine targetdefinitions in advance of drilling efforts intended to delineateadditional mineral resources. This exploration work was accelerated onthe Bell Hill claims so a mine plan for the area can be establishedsooner. Figure 1 demonstrates the anticipated trenching designed bythe geology team.
Fig.1 - Proposed trenches and road access (dashed lines) at Bell Hill,June 15, 2021
The Company has also received permits and permission from the UtahDepartment of Natural Resources to start trenching and drilling workon the Bell Hill area, the Company’s anticipated secondary futuremine site and high-priority target. Bell Hill is host of the recentlyidentified large geophysical anomalies (See company’s Press ReleaseMay 10 th , 2021), whichindicates the geophysical anomalies correlate at depth with fluorsparbreccia pipes observed at surface.
In 2018 the U.S. government classified fluorspar as a CriticalMineral, “deemed critical to U.S. national security and theeconomy”. Fluorspar remains the only non-metallic Critical Mineralwhich is 100% imported in the entire country. Fluorspar’sclassification as a Critical Mineral in the United States translatesto a faster permitting period, enabling mining operations to initiatemore quickly than operations for conventional minerals.
James Walker, President and CEO of the Company said,“The recent geological work done on the Bell Hill has been hugelyencouraging, advancing quickly from mapping, to successfullyidentifying multiple fluorspar showings at surface, to identifyinglarge geophysical anomalies at these sites using geophysics, andquickly advancing to trenching. Being a Critical Mineral, and the onlypermitted fluorspar mine in the country, has meant faster approval andpermitting permission for work at new sites, which is incrediblyadvantageous for the Company, and for our future operations on theSpor Mountain. We intend to continue to accelerate development of theBell Hill area, especially after all the positive results so farobtained.”
Raul Sanabria, P.Geo., is a qualified person as definedby NI 43-101 and has reviewed and approved the technical contents ofthis news release. Mr. Sanabria is not independent to theCompany as he is a Director and shareholder.
Disclosure: Companies typically rely on comprehensive feasibilityreports on mineral reserve estimates to reduce the risks anduncertainties associated with a production decision. Some industrialmineral ventures are relatively simple operations with low levels ofinvestment and risk, where the operating entity has determined that aformal prefeasibility or feasibility study in conformance with NI43-101 and 43-101 CP is not required for a production decision. TheCompany has not completed a feasibility study on, nor has the Companycompleted a mineral reserve or resource estimate at the Lost SheepMine and as such the financial and technical viability of the projectis at higher risk than if this work had been completed. Based onhistorical engineering work, geological reports, historical productiondata and current engineering work completed or in the process by Ares,the Company intends to move forward with the development of thisasset. The Company further cautions that it is not basing anyproduction decision on a feasibility study of mineral reservesdemonstrating economic and technical viability, and therefore there isa much greater risk of failure associated with its productiondecision. In addition, readers are cautioned that inferred mineralresources are considered too speculative geologically to have economicconsiderations applied to them that would enable them to becategorized as mineral reserves. The development of a mining operationtypically involves large capital expenditures and a high degree ofrisk and uncertainty. To reduce this risk and uncertainty, the issuertypically makes its production decision based on a comprehensivefeasibility study of established mineral reserves. The Company hasdecided to proceed without established mineral reserves, basingdecision on past production and internal projections.
Lost Sheep Fluorspar Project – Delta, Utah
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- 100% owned – 2,100 acres – 118 Claims
- Located in the Spor Mountain area, Juab County, Utah, approximately214 km south-west of Salt Lake City.
- Fully Permitted – including mining permits.
- NI 43-101 Technical Report identified extensive high-grade fluorsparwith low levels of impurities.
- Mining plan approved by BLM 1
First approved by Rex Rowley – Area Manager, Bureauof Land Management – 24th August 1992.
Renewed by Paul B. Baker – Minerals ProgramManager, Bureau of Land Management – 12th December 2016.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARES STRATEGIC MINING INC.
James Walker
Chief Executive Officer and President
For further information, please contact James Walker byemail at jwalker@aresmining.com
Neither the TSX Venture Exchange norits Regulation Service Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. No stock exchange, securitiescommission or other regulatory authority has approved or disapprovedthe information contained herein.
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