ARSMF - Ares Strategic Mining Reports Large Geophysics Anomalies at its Lost Sheep mine Indicating Potential Additional Fluorspar Mineralized Zones
(TheNewswire)
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- 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 - April 12 th , 2021 — Ares StrategicMining Inc. (“Ares” or the “Company”) (TSXV:ARS) (OTC:ARSMF)(FRA:N8I1), is pleased to announce, that following modelling workusing recent drilling and assaying data, geophysical IP surveys wereconducted around the permitted mine area, correlating geophysicalanomalies with both known fluorspar mineralization and identifying newanomalies with similar geophysical signatures as known existingfluorspar pipes.
The IP survey on the permitted mining area consisted of 6 lines, eachof them 800m long, with dipoles located 25m apart (See Figure 1). Thelines were designed to run over known fluorspar locations to identifyand define their geophysical signatures, which could then be used toidentify new potential targets. Parallel lines were planned away fromthose to test for potential blind targets. Two orthogonal lines werealso planned as tie lines for structure and stratigraphic correlation.
James Walker, President and CEO stated: “Discovering theseadditional breccia pipes so close to the existing mining targets,gives our planned initial mining operation a huge increase inpotential. The identified anomalous zones are close enough to theplanned mining operation to be incorporated into the preliminary mineplan, allowing for a single adit with many branches which are capableof being mined concurrently. Additionally, we have now identified amethodology we can apply throughout the entire Spor mountain range toidentify new targets for drilling and future operations. Thenon-contiguous, non-metallic, sub-surface fluorspar mineralization,have remained undiscoverable throughout the Spor Mountain’s centuryof operation. Ares now has the means to consistently identify newpotential targets, even without obvious geological and visualindications. It is a very promising and exciting find for ourCompany.”
Figure 1. Location of IP section lines, and position ofthe newly located breccia pipes (red circled areas)
Lines 3 and 5 show clear anomalies that can be correlated withintrusive breccias pipes breaking through the limestone host rocks.
The anomaly in Line 3 (Figures 1, 2, 3 and 4) is 50m long in a ENE-WSWdirection and open to a depth of approximately 50m from surface. Theanomaly is located right between the known Blowout / Badger Hole knownfluorspar pipes and the LGP / Purple Pit fluorspar pipes, suggestingthe continuation of an almost linear trend.
Line 5 shows three anomalies (Figures 1, 5, 6 and 7), the smallerclearly related to the down dip projection of the known Blowout Mine(possibly indicating additional non-mined fluorspar mineralization).Under the Badger Hole a thin elongated anomaly may indicate thepresence of a narrow pipe, as indicated also by the nature and extentof historic workings. A larger more elongated anomaly extending atdepth and to the north at moderate angle to an inferred depth between75 and 100m is known to correlate at surface where volcanic intrusivebreccia and fluorite are also reported and mapped.
Figure 2. IP section 3 indicating the presence of adisruption of the limestone package likely related with an intrusivebreccia pipe (red circled area).
Figure 3. Isometric view of IP section 3 on top of DEMmodel indicating the presence of the IP anomaly likely related with anintrusive breccia pipe (red circled area) and surrounding knownbreccia pipes.
Figure 4. Isometric view of IP section 3 looking NEfrom below indicating the presence of the IP anomaly likely relatedwith an intrusive breccia pipe (red circled area) and surroundingknown breccia pipes.
Figure 5. IP section 5 indicating the presence ofdisruptions of the limestone package likely related with intrusivebreccia pipes (red circled areas).
Figure 6. View of IP section 5 looking East from belowindicating the presence of the IP anomalies likely related withintrusive breccia pipes (red circled areas) and surrounding knownfluorspar bearing breccia pipes. The correlation of the anomalousareas under the Blowout and Badger Hole pits is very evident.
Figure 7. Isometric view of IP section 3 looking NWfrom below indicating the presence of the IP anomalies likely relatedwith intrusive breccia bodies (red circled areas) and surroundingknown fluorspar bearing breccia pipes, including the wireframes forthe known LGP-Purple Pits and drill hole traces for reference.
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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