ARSMF - Ares Strategic Mining Signs Joint Venture MOU to Develop the Vanadium Ridge Project in British Columbia
(TheNewswire)
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- Project comes funded and with permitted and approvedNOW for a drill program.
- Historic drilling and metallurgical test work alreadycompleted.
- Vanadium bearing magnetite rich deposit, easilymagnetically concentrated,
- Simple iron sources are currently much in demand.
- Vanadium is a strategic mineral used in themanufacture of large-scale storage batteries.
Vancouver, B.C. - TheNewswire- November 5 th , 2021 — AresStrategic Mining Inc. (the “Company”) (CSE:ARS) (CNSX:ARS.CN) (OTC:ARSMF) (FRA:N8I1),is pleased to announce that it has signed a joint venture memorandumof understanding to secure a 50% interest in the Vanadium RidgeProject. The Company, together with Imbue Capital, came to terms,whereby Ares and Imbue would each own 50% of the project, and ImbueCapital would bring $1.5 million in development funds, with the Cashcomponent being no less than $1 Million CAD, as well as bringing theproject to Ares with a permitted drilling program.
The Vanadium Ridge Property (the “Property”)consists of 20 mining claims, covering over 5,200 acres, situated 40minutes by road from Kamloops, British Columbia. The property is avanadium-rich magnetite deposit, discovered by a Provincial Governmentairborne magnetic survey, which found an intense magnetic anomaly westof the town of Barriere. Follow up surface mapping and groundgeophysics resulted in well-defined magnetic anomalies with elevatedvanadium contents exposed right at surface.
A preliminary diamond drill program was completed inNovember 2009, drilling 7 holes for an aggregate of 658 meters, witheach hole achieving between 75m – 100m depths, and identifiedmultiple massive magnetite seams and pods as well as coarsedisseminated magnetite mineralization. All drill holes intersectedbroad intervals of magnetite mineralization with many terminating inmagnetite-rich mineralized zones. This historic drill program not onlyconfirmed significant magnetite mineralization from surface to depth,but also indicates that many other additional anomalies identified onthe property may have the same potential to host vanadium-richmagnetite mineralization.
Initial metallurgical testing of the magnetite/vanadiumsamples by ALS, Australia, produced concentrate averaging 67% iron(Fe203), 93% magnetite (Fe304), and 0.74% vanadium, indicating thepotential to produce an iron concentrate for direct shipping material.These assays also indicate that the magnetite is coarse-grained, soft,and that silica is not bound in magnetite. Crushing produces a goodliberation of silica, resulting in a high-grademagnetite concentrate, even in samples with disseminated magnetite.Initial independent analysis of the magnetite indicates the impuritiesin the concentrated are far within industry acceptance.
Figure 1 - Assays results from rock samples taken fromthe Vanadium Ridge anomaly. Assaying completed in 2009 at aspecialized iron ore division of ALS Chemex Laboratories in Perth,Australia. Selected chip samples randomly selected and may notnecessarily be representative of the mineralization hosted on theproperty.
Figure 2 - Crushed and magnetically separatedconcentrates from all composite samples average > 67% Fe (>93%Magnetite). Concentrating the mineralized material was completed in2009 using DTR (Davis Tube Recovery) by the ALS Chemex Laboratories inPerth, Australia. XRF and Magnetic susceptibility results were used todetermine the samples to be concentrated by DTR
James Walker, President and CEO of the Company said,“The project is a great find and acquisition. The project arriveswith funding, geophysics, historic mapping and drillhole data,permitted drill program, and good scope for expansion. The aerialgeophysical surveys show intense magnetic anomalies stretching over 7km, which our claims cover, giving us huge blue-sky potential. TheVanadium Ridge magnetite outcrops at surface and is well suited forquarrying and open pit mining and appears suitable for simple crushingand concentration using magnetic separation. The logistics of the property are also excellent; with nearby rail, high powertransmission lines, roads running through the property and a shippingport on the west coast of British Colombia within 300 km”.
Imbue agrees to $1.5 million, part cash and valueincluded, but not linked to equipment, goods, resources, and othervaluable contributions. With the Cash component being no less than $1Million CAD. Ares agrees to $1.5 million of itsCapital stock at a deemed share price of $0.50, upon signing aDefinitive Joint Venture agreement, for no less than 3 million shares.By committing to these conditions, both parties agree to each control50% of the rights, titles, and interest in the Property.
Vanadium Ridge Project – Barriere,British Columbia
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- 50% owned – 5,213 acres – 20 claims
- 50km north of Kamloops.
- Airborne magnetic survey detected an intense magneticanomaly. A vanadium-rich magnetite bearing large intrusion wassubsequently discovered.
- Preliminary diamond drilling discovered multiplemassive magnetite seams and pods. All drill holes intersected broadintervals of disseminated magnetite mineralization amenable forconcentration.
- Initial metallurgical testing of the magnetite /vanadium produced concentrate averaging 67% iron, 93% magnetite, and0.74% vanadium.
- Metallurgical testing indicate that the magnetite iscoarse-grained, soft, and that silica is not bound in magnetite.Crushing produces a good liberation of silica at 106 microns resultingin a high-grade magnetite concentrate even in samples withdisseminated magnetite.
- Logistics are excellent: Rail, high powertransmission lines and a highway run through the property. It islocated just over 300 km from a shipping port in Vancouver,B.C.
Disclosure: The preliminary diamond drill program,initial metallurgical testing and aerial surveys conducted on theVanadium Ridge Property are historical and they should be consideredas such as defined by NI 43-101 Standards of Disclosure for MineralProjects. Raul Sanabria, P.Geo. for Ares was the Qualified person in2009 for the previous operator that carried out the historic drillcampaign, and has extensive knowledge of the targets, style ofmineralization and interpretation of the drilling results. No ResourceEstimates are known to Ares on the property.
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 Mark Bolin byphone at 604-345-1576 or by email at jwalker@aresmining.com
FORWARD LOOKING STATEMENTS:
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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