Arras Minerals Initiates Vector Array Induced Polarization Survey on Its Bozshakol Group Mineral Licenses, Kazakhstan

VANCOUVER, October 16, 2024 - Arras Minerals Corp. (TSXV:ARK) ("Arras" or "the Company") is pleased to announce that its has commenced two Vector Array Induced Polarization ("VIP") surveys, covering a total of 178 square kilometers over the Aktasty and Maisor exploration targets defined by recent soil sampling programs. These targets are located within its Bozshakol Group of licenses that form part of the Arras-Teck Resources Ltd. ("Teck") Strategic Exploration Alliance announced on December 7, 2023, surrounding the operating Bozshakol Mine, operated by Kaz Minerals (P&P reserves 1.003BT @ 0.34% Cu, 0.13 g/t Au)¹.

Highlights from the VIP Survey Program

• 178 square kilometer total program split into 2 areas:

  • 71 square kilometers on the Aktasty Target

  • 107 square kilometers survey on the Maisor Target

• Two geophysical teams working concurrently to complete the programs promptly

The reconnaissance VIP surveys are being used to cover large tracts of ground relatively quickly compared to other induced polarization ("IP") techniques. The VIP will provide chargeability and resistivity data to approximately 300 meters depth, when integrated with Heli-TEM, top of bedrock KGK drilling and limited surface geological data, to assist the Company in the definition of future drill targets. At present, Aurora Limited ("Aurora") have provided two teams to conduct the Aktasty and Maisor surveys concurrently, and the surveys are expected to be completed within the next 45 days.

Tim Barry, CEO of Arras Minerals, commented, "We have engaged the local service provider, Aurora, to conduct the first modern IP survey on our Aktasty and Maisor licenses. Fieldwork to date on these licenses has revealed exposures of porphyritic rocks with strong phyllic alteration through 'windows' of the quaternary sediments that cover much of the eastern side of these licenses. The package we have seen thus far is typical for what you might expect in a porphyry environment and hints at mineralizing systems in the region that maybe buried by the shallow sediment cover."

Figure 1. Map of Bozshakol Group of concessions Bozshakol Mine, proposed VIP survey areas and, historic Soviet IP anomalies.

Teck Package A, Bozshakol Project: The Bozshakol project is located 56km to the northwest of the town of Ekibastuz and surrounds and covers the potential continuation of mineralization of KAZ Minerals' Bozshakol Cu-Au mine.

This area has received limited historic exploration due to unconsolidated cover masking bedrock geology. The property consists of seven exploration licenses and covers 1,397 square kilometers.

The property is in the Bozshakol-Chingis magmatic arc which is an accretionary arc composed mainly of volcanics, volcaniclastics, older plutons and a nickel rich ophiolite belt of Cambrian age that have been intruded by mid-Ordovician aged intrusions, several of which host economic Cu-Au porphyry mineralization. This package is regionally folded and refolded.

Vector Array Background Information

The Vector Array Induced Polarization ("VIP") surveys are being conducted by Aurora Limited, a leading geological exploration service company providing high-quality, professional and innovative geological services to the mineral exploration industry in Kazakhstan and Central Asia.

VIP was developed by Kennecott in the 1970s, in response to exploring beneath cover in well-explored porphyry terrains in North and South America, as it was recognized that large porphyry deposits have large Induced Polarization footprints.

At Maisor and Aktasty, Aurora is using an offset one-kilometer grid, utilizing a perpendicular pair of receiver dipoles that are positioned on alternating one-kilometer squares. The plot points for resistivity and IP for this array would be located at each receiver site.

Figure 3: VIP survey pattern showing transmitter and Receiver stations. Stations are 1km apart.

With this checkerboard pattern, all receiver sites are located within 3 kilometers of each transmitter electrode setup, and a large area (>100km²) can be covered by just 120 vector IP sites.

The VIP technique is excellent for reconnaissance surveys, where the purpose is to detect anomalous IP sources at low cost (e.g. looking for large porphyry-like bodies under cover). The VIP technique is most cost effective when used to detect anomalous IP anomalies (e.g. disseminated sulphides) that can be later detailed with higher resolution geophysical techniques (Pole-Dipole or Dipole-Dipole).

References

¹Bozshakol Mine Reserves - Kaz Minerals 2020 annual report -
https://www.kazminerals.com/media/22038/kaz-minerals-annual-report-2020.pdf

Summary on VIP geophysical technique

https://zonge.com.au/wp-content/uploads/2020/07/vector_ip.pdf

Qualified Person: The scientific and technical disclosure for this news release has been prepared under supervision of and approved by Matthew Booth, Vice President of Exploration, of Arras Minerals Corp., a Qualified Person for the purposes of NI 43-101. Mr. Booth has over 19 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).

On behalf of the Board of Directors

"Tim Barry"

Tim Barry, MAusIMM CP(Geo)
Chief Executive Officer and Director

INVESTOR RELATIONS:
+1 604 687 5800
info@arrasminerals.com

Further information can be found on:

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About Arras Minerals Corp.

Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Option Agreement on the Beskauga copper and gold project. The Company has established the third-largest license package in the country prospective for copper and gold (behind Rio Tinto and Fortescue). In December 2023, the Company entered into a strategic alliance with Teck Resources Limited ("Teck") in which Teck will sole fund a US$5 million generative exploration program over a portion of the Arras license package in 2024-2025 focusing on critical minerals. The Company's shares are listed on the TSX-V under the trading symbol "ARK" and on the OTCQB under the trading symbol "ARRKF".

Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press release uses the terms "measured resources", "indicated resources", and "inferred resources" which are defined in, and required to be disclosed by, NI 43-101. The Company advises U.S. investors that these terms are not recognized by the SEC. The estimation of measured, indicated and inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that measured and indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies.

Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.

Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras' future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding plans and expectations of the exploration program Arras is in the process of undertaking, including the expansion of the Mineral Resource, and other aspects of the Mineral Resource estimates for the Beskauga project. These statements are based on current expectations, estimates, forecasts, and projections about Arras' exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras' management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management's control, including undertaking further exploration activities, the results of such exploration activities and that such results support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in the Management Discussion and Analysis filed on the Company's profile on SEDAR on February 28, 2024 and in the Company's Annual Report on Form 20-F for the fiscal year ended October 31, 2023 filed with the U.S. Securities and Exchange Commission filed on February 28, 2024 available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

SOURCE: Arras Minerals Corp.