ARSMF - Ares Strategic Mining completes Geophysics Survey at the Bell Hill Site and Discovers Large Anomalies Corresponding with Fluorspar Surface Showings
(TheNewswire)
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- Ares’ planned second mine site demonstrates large mineralized pipeshaped anomalies.
- Geologically predicted fluorspar mineralized zones correspond tolarge IP anomalies.
- IP anomalies clustered in between known fluorspar mineralization.
- Confirmed fluorspar mineralization at the surface of the discoveredIP anomalies.
- Potential fluorspar mineralization sited on area already permittedfor mining.
Vancouver, B.C. - TheNewswire - May 10 th , 2021 — Ares StrategicMining Inc. (“Ares” or the “Company”) (TSXV:ARS) (OTC:ARSMF)(FRA:N8I1), is pleased to announce 8,000m of geophysical IP surveyswere conducted on the Bell Hill historic mine area, correlatinggeophysical anomalies with both known fluorspar mineralization, andidentifying new anomalies with similar geophysical signatures to knownexisting fluorspar pipes.
The IP survey on the permitted mining area consisted of 10 lines, eachof them 800m long, with dipoles located 25m apart (See Figure 1). Thelines were designed to run over known fluorspar zones to identify anddefine their geophysical signatures, which could then be used toidentify new potential targets immediately below surface. Sevenparallel lines spaced about 50m between each other were planned onhistorically known mineralized zones. Some of these zones showfluorspar mineralization at surface and had not been previously mined.The IP survey was designed to test for geophysical signaturesimmediately below these zones to test for continuity, and alsocorrelating other anomalous zones with potential blind targets. Threeorthogonal lines were also planned as tie lines for structure andstratigraphic correlation.
James Walker, President and CEO stated: “These anomaly discoveriesare the largest ever obtained across the entire Spor Mountain area.The combination of clustered anomalies, the size of the anomalies, howthey combine with fluorspar showings at surface, and their correlationwith geologically predicted fluorspar mineralization, all evidence apotentially larger mining operation than anticipated at the LostSheep. Assayed grades at the Bell Hill have also demonstratedhigh-grade fluorspar without impurities such as sulfides or arsenic,making this fluorspar some of the highest and cleanest grade in theworld. The Company will further delineate these anomalies withdrilling, to confirm fluorspar and boundaries, to create a mine planfor an operation to run alongside the Lost Sheep mining operation. All this is a very promising and exciting find for our Company.”
Figure 1. Isometric view looking north with location ofIP section lines, and position of the newly located targets at theBell Hill area
Figure 2 – Bell Hill Location
Lines 7, 12 and 14 show clear anomalies that can be correlated withfluorspar breccias pipes breaking through the limestone host rock,particularly when coincident fluorspar mineralization has beenidentified at surface in them (See figs 3, 4 and 5).
Fig.3. Line 14 (Resistivity Ohm-m).
Line 14 indicates the presence of a very discrete anomaly reaching thesurface with approximate dimensions of 40m wide and near 100m ofvertical depth, very similar to the size of historic Bell Hill Pit 1orebody or Purple Pit, currently being delineated. The anomaly is ontrend with Bell Hill Pits 1 and 2, suggesting it may be part of thesame feeding intrusive.
Fig.4. Line 12 (Resistivity Ohm-m).
Line 12 shows a discrete anomaly immediately north of the known Pit 2mineralized breccia pipe, indicating it may well be the continuationof that pipe towards the north and to about 75m at depth.
Fig.5. Line 7 (Resistivity Ohm-m).
Line 7 is orthogonal to lines 12 and 14. The IP line runs on top ofthree known fluorspar occurrences, two of them historic (FluorsparVeinlet, Trench 1) and one found after ground prospecting of a featureidentified from Lidar and satellite imagery. There are a series ofanomalies related to the down dip projection of the known showingsreaching a depth of approximately 50m. There is also a very discreteanomaly starting 60m below surface and extending for at least 75mbelow that depth that may indicate the presence of a breccia pipe as ablind target.
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 – 108 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 Mark Bolin byphone at 604-781-0535 or by email at mbolin@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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