ARSMF - Ares Strategic Mining Expands its US Fluorspar Portfolio
(TheNewswire)
Signs Agreement to Develop theCampbell Croster Fluorspar Project in Kentucky
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Historic Resource of over 600,000 tons of high-qualityfluorspar mineralisation.
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Historic resource contained within one singlecontiguous fluorspar vein.
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Historic adit design acquired with project purchase.
Vancouver, B.C. - TheNewswire - January 11 th , 2022 — AresStrategic Mining Inc. (“Ares” or the “Company”) (CSE:ARS) (CNSX:ARS.CN) (OTC:ARSMF)(FRA:N8I1), is pleased to announce that the Company has acquiredexclusive right and access to develop the Campbell-Croster project, analready large historically delineated fluorspar project in Kentucky,US.
The Company has been examining fluorspar prospectsthroughout the United States to expand its long-term operation andproduction potential within the country. The Campbell-Croster Kentuckyfluorspar project possessing both historic drilling and a historicmineral resource estimate has presented the company with its bestopportunity within the US since it began its research.
A historic mineral resource estimate* performed byBoyce Moodie III in 1974 for Cerro Spar Corporation on theCampbell-Croster project following its drill program, reportedindicated resources of 645,117 tons of fluorspar, grading at anaverage of 37.38% CaF 2 andinferred resources of 160,724 tons averaging 35.97% CaF 2 for a total of 805,841 tons. Withinthat estimate, there are 30,545 tons averaging 51.87% CaF 2 described as possible ore in Block H. Figure 1 shows a historic engineering drawing demonstrating thelocation of the contiguous fluorspar vein relative to surface, and thepreviously proposed mine shaft system designed for the fluorspar vein.
Figure 1 – Historic proposeddevelopment over one of the sections part of the historic fluorsparresource estimate. From Cerro Spar Corporation (1974).
Following the Company’s production launch in Utah,Ares intends to twin some of the historic holes and update thehistoric resource to bring to current status for NI 43-101 reportingguidelines. Additionally, modern geophysics will be employed toidentify likely further fluorspar bearing structures for additionaldrill targets.
The Company has inherited a wealth of information onthe Campbell-Croster project, including engineering strategies forexcavation and mining, see Figure 2. The Company intends to build onall the historic work undertaken previously, to accelerate thedevelopment of its secondary US project.
Figure 2 – Historic EngineeringDevelopment Plans on the Campbell-Croster project.
As part of the Company’s acquisition, Ares hasacquired the prospects and project for an initial payment ofUS$25,000, and an agreement to pay the previous owners a productionroyalty of $1 per ton of minerals mined from the Historic Resource,and upon exhaustion of the delineated historic resource estimate, a 5%NSR on further extracted minerals from the property.
James Walker, President and CEO of the Companycommented, “The Campbell-Croster project was a great find anda major step towards increasing our long-term capacity and potentialwithin the United States. We already own the only permitted fluorsparmine in the USA, which we are currently developing for greaterproduction, and once operational we will begin exploration anddevelopment work on our new Kentucky project. With the historicinformation inherited we are confident of developing this projectquickly and establishing a dual operation within the US. With thisacquisition, Ares is mitigating against strained global supply chainsto position itself as the most feasible and simple choice for USmanufacturers requiring our industrial mineral. Fluorspar is a very indemand industrial mineral the world is struggling to adequatelyacquire, and we are making sure we can supply that need.”
*The key assumptions, parameters, and methods used toprepare this historical resource estimate are not available. Thecompany has not reviewed or validated the historic data and cautionshould be taken as a qualified person has not done sufficient work toclassify these historical resource estimates as a current mineralresource and Ares is not treating them as a current mineralresources.
Lost Sheep Fluorspar Project – Delta, Utah
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•• 100% owned – 5,982 acres – 353Claims
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•• Located in the Spor Mountain area, JuabCounty, Utah, approximately 214 km south-west of Salt Lake City.
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•• Fully Permitted – including miningpermits.
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•• NI 43-101 Technical Report identifiedextensive high-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.
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 future events could differmaterially from those anticipated in such statements. Importantfactors that could cause actual results to differ materially from theCompany’s expectations include the failure to satisfy the conditionsof the relevant securities exchange(s) and other risks detailed fromtime to time in the filings made by the Company with securitiesregulations. The reader is cautioned that assumptions used in thepreparation of any forward-looking information may prove to beincorrect. Events or circumstances may cause actual results to differmaterially from those predicted, as a result of numerous known andunknown risks, uncertainties, and other factors, many of which arebeyond the control of the Company. The reader is cautioned not toplace undue reliance on any forward-looking information. Suchinformation, although considered reasonable by management at the timeof preparation, may prove to be incorrect and actual results maydiffer materially from those anticipated. Forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement. The forward-looking statements contained in thisnews release are made as of the date of this news release and theCompany disclaims any intention or obligation to update or revise suchinformation, except as required by applicable law.
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