ARSMF - Ares Strategic Mining Completes Multi Year Drilling Program Planning for Utah Fluorspar Project
(TheNewswire)
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A multi-month exploration project identifies over 160 drill targets.
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Fluorspar anomaly pattern identified and mapped across 13km of Ares’claims.
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Fluorspar pipe clusters discovered which indicate strong open pitpotential.
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Company will commission radiometric airborne survey to add definitionto discovered trends.
Vancouver, B.C. - TheNewswire- January 21 st , 2022 — AresStrategic Mining Inc. (the “Company”) (CSE:ARS) (CNSX:ARS.CN) (OTC:ARSMF) (FRA: N8I1), is pleased to announce that the Ares geological team hascompleted a generative drill target program to provide the Companywith multiple exploration targets for testing in the coming years. Theprogram is the first phase of a multi-year development plan that willrun concurrently with the anticipated mining operation, and which isdesigned to identify the sites for its subsequent operations.
Figure 1 delineates the areas exhibiting fluorspar surface showings,and breccias indicating near-surface targets, in conjunction withstructures bearing geological evidence for additional fluorsparmineralization. When compiled, this amalgamated informationdemonstrates a consistent trend across the whole Spor Mountain Range,all of which fall into Ares’ claim areas. Certain areas haveexhibited high numbers of pipes clustered within tight spacings,providing evidence for larger fluorspar mineralized zones, possiblyconnecting at shallow depth, with strong open-pit potential. The tighttarget spacings across the Spor Mountain Range length indicate that anairborne radiometric survey can now be justified across the entireSpor Mountain area, which is expected to add definition and unveil newpossible mineralized zones, adding continuity between the alreadymapped fluorspar outcrops and past producing mines.
Figure 1 – Identified fluorspar target zones.
Figure 2 shows the current drill targets which were selected andprioritized from the recently completed large-scale mappingexploration work across the Spor Mountain Range. More targets areexpected to be added to the list as detailed work progresses. Thepermitted Lost Sheep mine to the north of the Spor Mountain Range isexpected to be the Company’s first operation, followed by the BellHill site at the South, which encompasses a large number of surfaceshowings, which the company has begun permitting for development.
Figure 2 – Prioritized Drill Targets Based on Surface Showings andGeological Features
James Walker, President and CEO of the Company said, “The SporMountain is famous for its unusual and exotic accessory mineralassociations part of its geological formations that we’re graduallydiscovering as we untap more about the project’s potential. We’relooking forward to developing these targets and add definition to ourdiscoveries, anticipating some news in the future. The area isattracting a lot of attention from local operations, who areinterested in both the minerals present at site, fluorspar and otherrare minerals, so we are fortunate to have staked the district andtied up the potential. The Ares geological team have done someexcellent mapping and target identification over the recent months,and have provided us with many years of fluorspar targets, which wewill develop alongside our anticipated operation.”
Spor Mountain Fluorspar Project – Delta, Utah
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100% owned – 5,982 acres – 353 Claims
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Located in the Spor Mountain area, Juab County, Utah, approximately214 km south-west of Salt Lake City.
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Fully Permitted – including mining permits.
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NI 43-101 Technical Report identified extensive high-grade fluorsparwith low levels of impurities.
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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.
Raul Sanabria, P.Geo., is a qualified person as defined by NI 43-101and has reviewed and approved the technical contents of this newsrelease. Mr. Sanabria is not independent to the Company as he is aDirector and shareholder.
The Company would also like to correct its Jan 13th Press Releasedetailing its Private Placement announcement. The Company announcedclosing aggregate proceeds of approximately $803,652 by the issuanceof 1,891,673 Shares at a price of $0.38 perShare in error. The Company’s Private Placement actually closedaggregate proceeds of approximately $803,652 by the issuance of2,114,873 Shares at a price of $0.38 per Share.
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 by phone at604-345-1576 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 andrisk, where the operating entity has determined that a formalprefeasibility or feasibility study in conformance with NI 43-101 and43-101 CP is not required for a production decision. 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 its Utahasset.
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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