ARSMF - Ares Strategic Mining Completes LiDAR Modelling and Commences NI 43-101 Technical Report on its 100% owned Canadian Fluorspar Project
(TheNewswire)
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Two historic resource estimates (*) of 3.5 million tonsof 32% CaF (1975) and 2.6 million tons of 30%CaF 2 (1981).
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High-quality fluorspar, assays confirm no sulfides ofdeleterious elements.
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Historic mineral resources delineated within severaldisconnected zones, all open in several directions and at depth.
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Historic database acquired with project purchase.
Vancouver, B.C. - TheNewswire - January 13th,2022 — Ares Strategic Mining Inc. (“Ares” or the “Company”)(CSE:ARS) (CNSX:ARS.CN) (OTC:ARSMF) (FRA:N8I1),is pleased to announce that it has received all deliverables from aLaser Imaging, Detection and Ranging ("LiDAR") survey flownin October 2021 over its 100% owned Liard Fluorspar Project located inBritish Columbia (see https://www.aresmining.com/liard-property-british-columbia for project location and technical information). The Company has nowreceived and processed all received data into 3D models of theproperty, which can be used for project planning, prospect targeting,and future construction modelling.
Ares has commissioned Toby Hughes P.Geo., to complete a National Instrument 43-101 report for its Canadian Fluorsparproject in British Columbia, which will be used to further advance thedevelopment of the project.
In addition to the NI 43-101 technical report, the goal of this year'sexploration work is to evaluate all historical data and to interpretthe structural framework of this Mississippi Valley type style ofmineralization to vector in on the most prospective areas for drillingin 2022. LiDAR is a valuable tool for helping to accurately locate allthe historic work under now a thick vegetation coverage and toidentify the most promising target areas on the property. It will aswell increase the efficiency and productivity of the follow-up fieldprograms. The Company sent geologists to site in December 2021 tocollect fluorspar samples for assaying and evaluation, all samplesconfirmed there were no sulfides of deleterious elements present inthe fluorspar which could impede or complicate development.
Figure 1 - Orthophoto and terrain Digital ElevationModel (DEM) covering the Liard Fluorite Project and indication ofhistoric (MinFile) fluorspar showings (purple dots).
Data from the LiDAR survey will be used in conjunction with additionalhistoric exploration information to identify high-priority targets forfollow-up. Results of this work will be used to accomplish thefollowing:
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Produce a high-resolution digital elevation model,
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Identify geological outcrops in areas of extensive cover,
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Identify the potential geological and structural framework, andmineralization patterns
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Assist with the design of soil geochemistry surveys,
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Compile, review and repositioning of all historical data available asrequired
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Design and execute a regional airborne radiometric survey to identifymore fluorspar occurrences not exposed or near surface,
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Develop a field program consisting of prospecting, mapping, andsampling work over areas of interest identified from the airbornesurvey data and the historical database.
Figure 2 - TAM and Coral historic showings (trenches,access trails and drill pads) as seen through the tree canopy coverageafter applying LiDAR technology. The historic trenches and drillcollar locations can be now more accurately repositioned than beforewith the previous methods applied before even the use of GPS devices.
The results of the preliminary 2021 field work site visit include somerock sampling for assays oriented at deleterious elements as well astrace elements that can be used for airborne radiometric surveys todetect near surface to outcropping fluorite occurrences in denselyforested zones. The preliminary results are satisfactory indicatingthe no presence of sulfides, and Si, Ba, Sr as accessory majorelements (quartz, barite, baritocelestite and witherite) accompanyingthe fluorite. These initial results will also be used to developpriority targets for the Company's inaugural drill program, commencingin 2022.
James Walker, President and CEO of the Companycommented, “The upgraded LiDAR technology we employed for thissurvey has given us greater detailed information than we expected. Thegreat results will make target identification and designing projectprograms much simpler for our geologists and engineers as we progress.Combining the historic resource, known surface showings, identifiedgeological features, and the 3D models, we can create detailedexploration programs with high degrees of confidence. We expect toreadily confirm the historically demonstratedstrengths of the project as we continue to develop this promisingprospect”.
Historic Resource Estimates (*).
Figure 3 – Historic Resource SummaryStatements*
(*) There is no information as to the methods used, keyassumptions, parameters, and category of the estimates. The currentQualified Person for Ares has not done sufficient work to classify thehistoric estimate as current mineral resources or reserves; and Aresis not treating the historic mineral resource estimate as current.Based on an evaluation of the drill-spacing and the nature of thedeposit, the confidence level of the historic resource estimate wouldlikely be in the inferred category by today’s NI 43-101standards.
The Company would also like to announce that it hassuccessfully completed its Private Placement, amended from itsannouncement on January 7 th , 2022, for gross aggregate proceeds ofapproximately $803,652 by the issuance of 1,891,673 Shares at a priceof $0.38 per Share. The proceeds of the Private Placement are expectedto be used to fund the Company’s Utah fluorspar project and forgeneral working capital. All Shares issued in connection with thePrivate Placement are subject to a statutory hold period expiring onthe date that is four months and one day after the date ofissue.
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 the Company ashe is a director and shareholder.
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 byphone at 604-345-1576 or by email at jwalker@aresmining.com
DISCLOSURE AND FORWARD-LOOKINGSTATEMENTS:
Companies typically rely oncomprehensive feasibility reports on mineral reserve estimates toreduce the risks and uncertainties associated with a productiondecision. Historically, situations where the issuer decides to put amineral project into production without first establishing mineralreserves supported by a technical report and completing a feasibilitystudy have a higher risk of economic or technical failure, though someindustrial mineral ventures are relatively simple operations with lowlevels of investment and risk, where the operating entity hasdetermined that a formal prefeasibility or feasibility study inconformance with NI 43-101 and 43-101 CP is not required for aproduction decision. Based on historical engineering work, geologicalreports, historical production data and current engineering workcompleted or in the process by Ares, the Company intends to moveforward with the development of its Utah asset.
Certain information in this newsrelease may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often identified by terms such as “will”,“may”, “should”, “anticipate”, “expects” and similarexpressions. All statements other than statements of historical factincluded in this news release are forward-looking statements thatinvolve risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially from those anticipated in suchstatements. Important factors that could cause actual results todiffer materially from the Company’s expectations include thefailure to satisfy the conditions of the relevant securitiesexchange(s) and other risks detailed from time to time in the filingsmade by the Company with securities regulations. The reader iscautioned that assumptions used in the preparation of anyforward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, many of which are beyond the controlof the Company. The reader is cautioned not to place undue reliance onany forward-looking information. Such information, although consideredreasonable by management at the time of preparation, may prove to beincorrect and actual results may differ materially from thoseanticipated. Forward-looking statements contained in this news releaseare expressly qualified by this cautionary statement. Theforward-looking statements contained in this news release are made asof the date of this news release and the Company disclaims anyintention or obligation to update or revise such information, exceptas required by applicable law.
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