Arras Minerals Acquires Five New Mineral Exploration Licences Increasing Its Total Land Package in Northeastern Kazakhstan by 70%

VANCOUVER, British Columbia, July 27, 2022 (GLOBE NEWSWIRE) -- Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased to announce the acquisition of five mineral exploration licences. The new licences held by the Company’s 100 % owned Kazakh Subsidiary, Ekidos Minerals LLP, cover a total of 2,122 square kilometers (“sq km”) in northeastern Kazakhstan focussed on the Bozshakol-Chingiz and Baidaulet-Akbastau metallogenic belts.

Highlights:

• A total of five new mineral exploration licenses (namely, “Maisor”, “Aktasty”, “Elemes”, “Norgubek”, and “Akkuduk”) totaling 2,122 sq km have been granted by the Ministry of Industry and Innovational Development, Government of Kazakhstan, increasing the Company’s total land package in northeastern Kazakhstan by 70% to 3,028 sq km. All licenses are located within a 120 km radius of Arras' operational base in the city of Ekibastuz, Pavlodar facilitating cost-effective exploration.
• Arras is now the largest license holder in the highly prospective Bozshakol-Chingiz metallogenic belt, and the third largest in the Republic of Kazakhstan, after Fortescue Metals Group and Rio Tinto.

• The Bozshakol-Chingiz and Baidaulet-Akbastau metallogenic belts host the producing Bozshakol porphyry copper-gold mine and Maikain volcanic-hosted massive sulfide (“VHMS”) mine, respectively, as well as Arras’ Beskauga porphyry-epithermal copper-gold project where an initial 10,000-meter drill program (permitted for 30,000m) is currently underway.
• Compilation, digitization, and interpretation of Soviet-era geological and geophysical datasets for the new licenses has identified multiple targets for porphyry, epithermal, VHMS, and orogenic gold mineralization.
• Historical, non-NI 43-101 compliant drill intercepts support the significant exploration potential, including:
  • “Berezski East” – porphyry target (Elemes licence)
    • 105 meters grading 1.17 g/t gold (“Au”) and 0.2 % copper (“Cu”)
    • 93 meters grading 0.51 g/t Au and 0.12 % Cu
    • 68.4 meters grading 0.95 g/t Au and 0.18 % Cu
  • “Quartzite Goka” – intermediate sulfidation epithermal target (Elemes Licence)
    • 143 meters grading 0.71 g/t Au and 0.42 % Cu
    • 72 meters grading 1.06 g/t Au and 0.38 % Cu
    • 84 meters grading 0.78 g/t Au and 0.34 % Cu
  • “Amankol” – epithermal target (Akkuduk Licence)
    • 14.5 meters grading 0.89 % Cu (no Au assays reported)
    • 8 meters grading 1.42 % Cu (no Au assays reported)
    • 10 meters grading 1.79 % Cu (no Au assays reported)
  • “Akkuduk-Norgubek” porphyry-epithermal target (Norgubek Licence)
    • 30.5 meters grading 1.65 g/t Au and 0.18 % Cu
    • 40.5 meters grading 1.07 g/t Au (no Cu assays reported)
    • 30.2 meters grading 1.19 g/t Au (no Cu assays reported)