ARSMF - Ares Strategic Mining Completes Two District Scale Geophysical Surveys at its Utah Fluorspar Project
(TheNewswire)
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Ares completes detailed airborne radiometric and magnetic surveys atthe Spor Mountain Project
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Excellent data set reveals 33 new anomalies for explorations duringfuture operations
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Drill program plans expanded with aim to provide tertiary miningtargets.
Vancouver, B.C. - TheNewswire- June 1 st , 2022 — AresStrategic Mining Inc. (the “Company”) (CSE:ARS) (OTC:ARSMF)(FRA:N8I1), is pleased to announce that the Company has completedairborne radiometric and magnetic geophysical surveys and a gravitysurvey over the entire Spor Mountain range (the “Project”), nearDelta, Utah. Results of the surveys have provided the Company with asignificant increase in the number of potential fluorspar targetsacross the entire district. Wright Geophysics processed all the rawdata for both the airborne and gravity surveys and completed detailedprocessing and interpretation working in conjunction with Aresexploration staff. Work is underway to assimilate this new data withongoing geological mapping and sampling work for target prioritizationfor drilling.
Ares Strategic Mining has completed a comprehensivehelicopter supported radiometric and magnetic survey on the Project inthe Spor Mountain Range in western Utah. Precision GeoSurveys flew1,244 line km over an area of 22.5 km 2 (Figure1). The survey was flown on a line spacing of20 m, with 200 m tie lines, at 22.5 m above topography providing theCompany with a data set of excellent quality. Flight lines flown areshown on Figure 2.
James Walker, President, and CEO of the Company said,“Outside of Ares’ permitted mining area, the geologicalindications have always given the company cause to believe that theSpor Mountain contains much greater fluorspar potential. The Companymassively expanded its mining claims last year after the significantfindings during geological surveys and mapping, locating verypromising indications of large-scale fluorspar mineralization, whichare now being geologically proven. Ares is currently concentrating itsefforts on installing its processing plant and initiating productionbut will continue its ongoing exploration work to untap theproject’s full potential. With rising fluorspar prices, support fromthe government, and owning the only permitted fluorspar mine in theU.S., the company is well positioned for the future.”
Figure 1. Precision Geophysics Helicopter withgeophysical survey equipment flying at the Lost Sheep Project.
Figure 2. Detailed helicopter flight lines.
The company has also completed a gravity survey overthe eastern portions of its Lost Sheep Property (Figure 3). Thegravity survey was done by Magee Geophysics of Elko, NV. Its purposewas to determine the depth of alluvial cover over prospectivePaleozoic carbonate host rock immediately adjacent to the largesthistoric deposits in the belt. Shallowly buried fluorite bodieswould not have been tested for by previous miners in thedistrict.
The Completed Gravity Survey Included the FollowingWork:
• Ground gravity survey conducted overalluvium and along Paleozoic Tertiary contact on east side ofproperty
• East range front seen as best potentialfor discovery of large
• Gravity reveals depth of bedrock -incovered areas
• Stations on 100 m square grid withinAres claim block
• Stations at 1 km spacing on surroundingpublic roads
• 659 stations totaI
Radiometric Survey Results
The radiometric survey measured radiation from uranium,potassium, and thorium separately. Traces of uranium are associatedwith the fluorite mineralization and has been used successfully in thepast to locate fluorite pipes. Potassium is associated withintrusive rocks, so the best anomalies had uranium, with low levels ofpotassium. Thirty-three 33 previously unrecognized anomalies wereidentified on the claims controlled by Ares Mining (Figure. 3).Historically mined pipes also stood out in this survey. These newanomalies are in addition to the areas previously announced by Ares(https://www.aresmining.com/post/ares-reports-large-geophysics-anomalies-at-its-mine-indicating-potential-additional-fluorspar-pipes).
Figure 3. Radiometric survey anomalies covering theSpor Mountain Range.
Results of the Gravity Survey
The largest of the historically mined Fluorspardeposits occurred on the eastern edge of the Spor Mountains. A shortdistance further to the east, Basin and Range faulting down droppedthe favorable stratigraphy, and it is covered by Eocene Lake BottomSediments. The gravity survey identified some shallowly buriedplatforms of Paleozoic Sediments that are targets for similardeposits.
Derivatives of the gravity survey identified faults andlithologic contacts that are covered as well. These areas wereidentified as potential target areas for drilling beneath the shallowoverlying sediments. Radiometric anomalies and gravity data will becollated, accessed and will be field checked by geologist and includedin the Company’s overall target evaluation process. Top prioritytargets will be tested by drilling later this year. This newgeophysical data provides information on potential targets not visiblefrom surface mapping and also provide greater insight into thesubsurface geology of the Lost Sheep property.
In 2018 the U.S. government classified fluorspar as aCritical Mineral, “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.
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.
Lost Sheep 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,approximately 214 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 extensivehigh-grade fluorspar with 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.
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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