ARK Arras Minerals Corp

Arras Minerals Corp. (TSX.V: ARK) (“Arras”, or the “Company”) is pleased to announce assay results from holes Bg22014, Bg22015, & Bg22017 from the ongoing drill program at the Beskauga copper-gold deposit and surrounding area (“Beskauga” or the “Project”).

Highlights Include:

• Bg22015: 778.2m of mineralization grading 0.40% copper-equivalent (“CuEq”) (0.31 g/t gold (“Au”), 0.13 % copper (“Cu”), 0.94 g/t silver (“Ag”) starting at 40.8m.
  • Including: 95.2 m grading 0.61 % CuEq (0.47 g/t Au, 0.20% Cu, 1.27 g/t Ag) starting at 268.0m depth down-hole.
  • Including: 322.4 m grading 0.51 % CuEq (0.40 g/t Au, 0.16% Cu, 1.15 g/t Ag) from 446.0m depth down-hole.
• Bg22014: 335.6m of mineralization grading 0.24 grams per ton (“g/t”) gold-equivalent (“AuEq”) (0.16 g/t Au, 0.05 % Cu, 0.39 g/t Ag, starting at 44.0 m to the end of the drill hole.
  • Including: 7.0 m grading 1.57g/t AuEq (1.47 g/t Au, 0.06% Cu, 1.75 g/t Ag) starting at 44.0m depth down-hole.
  • Including: 8.0 m grading 1.14g/t AuEq (0.56 g/t Au, 0.45% Cu, 1.12 g/t Ag) starting at 369.0 m depth down-hole.
• Bg22017: 499.8m of mineralization grading 0.22g/t AuEq (0.15 g/t Au, 0.05% Cu, 0.45 g/t Ag) starting at 32.5 m to the end of the drill hole.
  • Including: 12.0 m grading 1.65g/t AuEq (1.27 g/t Au, 0.21% Cu, 3.28 g/t Ag and 204.63 ppm Mo) starting at 376.0m depth down-hole.
  • Including: 7.7 m grading 1.14g/t AuEq (0.94 g/t Au, 0.09% Cu, 2.34 g/t Ag and 165.28 ppm Mo) starting at 465.3m depth down-hole.
• Consistent mineralization was seen for the entire length of hole Bg22015 (1,109.8m) and further defines a high-grade core to the Beskauga deposit within a lower grade halo.
• Holes Bg22014 & Bg22017 were drilled 3.2km to the south of the main Beskauga deposit and show widespread low-grade gold and copper mineralization and suggest another mineralizing system close-by. Very high molybdenum results were intercepted towards the bottom of hole Bg22017.

Tim Barry, CEO of Arras, commenting on these latest results stated, “Our drilling on the Beskauga Project has continued to produce long intercepts of continuous copper-gold mineralization starting at a depth of 40 meters below the surface. Our recent drilling has demonstrated the continuity of the mineralization to over one kilometer of vertical depth and has defined a high-grade zone that dips to the SSW. Mineralization remains open both laterally and at depth and suggests that the Beskauga ore body is much larger than has been recognized in the NI43-101 report.”

Mr. Barry continued, “Apart from the Beskauga deposit, Arras has begun exploration on the Beskauga South area, located about 3.2 kilometers to the south of the main deposit. Although the mineralizing system at Beskauga South is not yet well understood, the presence of broad zones of low-grade gold mineralization punctuated by high-grade zones suggests there is potential for a bulk mineable target.”

A summary of the results announced in this news release is outlined in the table below.

Table 1. Summary table for drill holes Bg22014, Bg22015 and Bg22017

Notes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Beskauga were calculated using the following formula: CuEq % = Copper (%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107) + (Molybdenum (ppm) x 3.3333). Gold Equivalent (“AuEq”) grades reported for the drill holes at Beskauga were calculated using the following formula: AuEq g/t = Gold (g/t) + (Copper (%) x 1.2100) + (Silver (g/t) x 0.0129) + (Molybdenum (ppm) x 4.0334). Assumptions used for the copper and gold equivalent calculations were metal prices of US$3.00/lb. Copper, US$1,700/oz Gold, US$22/oz Silver, US$10/lb. Molybdenum, and metallurgical recoveries were assumed to be 100%.

Results of Bg22014, Bg22015 and Bg22017:

Bg22014: was drilled just north of the Beskauga South target, located approximately 3.2 kilometers south of the Beskauga Main deposit. The aim of the drill hole was to test the major NE-SW trending structure that links Beskauga South to Beskauga Main and to test for the first time a large IP anomaly along this part of the structure that coincides with strong Au-Cu-Bi anomalies identified in KGK drilling.

The drill hole intersected andesite basalts and tuffs cut by multiple intrusions of porphyritic quartz monzonite. The andesite basalts are weakly propylitic altered (chlorite, smectite, magnetite, and epidote), while the porphyritic quartz monzonite shows weak potassic alteration (K-feldspar, magnetite, epidote, and rarely biotite). The best mineralized intercepts are hosted in the porphyritic quartz monzonite intrusions and are related to weak quartz-pyrite veining with occasional zones of chalcopyrite magnetite. The same style of veining can be seen sporadically in andesite basalts but with much weaker intensity.

Bg22015: was collared 90.0 m to the NW from Arras drill hole Bg21006 (689.2m @ 0.76 % CuEq, including 120.9m @ 2.35% CuEq), and drilled at angle of 85 degrees toward the northeast with final depth of 1,109.8m. The purpose of the hole was to test a deep Audio-magentotelluric “AMT” anomaly which started at a depth from 725m It also aimed to further test mineralization intersected at 595m in depth by drill hole Bg21002 (431m @ 0.68% CuEq).

The drill hole started in moderately, to very strong, argillic altered diorite. The argillic alteration consists of intense illite-smectite with local kaolinite, before transitioning to very weak illite-smectite alteration. Preserved remnants of sodic (albite-hematite) alteration starting appeared below depth of 675.0m. Diorite is cut by three post mineral argillic altered dykes of porphyritic diorite with average thickness of 35.0m at depths of 363.0m, 420.0m and 620.0m and lastly with 22.0m thick barren basalt dyke at 768.4m depth. Mineralization occurs as quartz-tennantite-chalcopyrite-pyrite stockwork, and sheeted veining followed by tennantite stringers and weak dissemination of copper sulphides close around the veins. The presence of bornite is scarce while molybdenite is found in quartz veins beyond depth of 841.0 m.

Bg22017: was collared in fence 450m to the east from hole Bg22014, to test a magnetic anomaly supported by anomalous gold up to 6 g/t in historical KGK drill holes. After 32.5m of overburden the drill hole intersected a small interval of porphyritic quartz monzonite before continuing through andesite basalts and their associated tuffs. From 109.0m the quartz monzonite continued to the end of drill hole, interspersed with several small intervals of andesite basalt between depths of 301.0m and 331.0m. Andesite basalts are weakly propylitic (chlorite, smectite, magnetite) altered while quartz monzonite is altered by weak potassic (K-feldspar, magnetite and rare biotite) alteration. Mineralization is related with quartz-pyrite veining that has weak presence of chalcopyrite and rarely magnetite.

Figure 1. Location of the holes completed to date as part of Arras’ planned 30,000-metre drill program on the Beskauga Main deposit and wider area. The surface projection of the block model from the current NI-43-101 Mineral Resource Estimate is shown for copper. The inset map in Figure 2 below shows the location of Beskauga Main relative to Beskauga South.

Figure 2. Location of the holes completed to date at the Beskauga South area, located approximately 3.2 kilometres SSW from the Beskauga Main deposit, and outside of the current NI-43-101 Mineral Resource Estimate. The inset map shows the location of Beskauga South relative to Beskauga Main.

Figure 3. Cross-section showing drill holes Bg22015 in relation to historical drill hole Bg-094. Also shown are grade contours based on the Beskauga block model for copper (only) developed for the purposes of the current Mineral Resource Estimate for Beskauga (for further details, please see Arras’ press release on June 20, 2022). CuEq grades of key intercepts in Bg22015 and historical holes are shown. The cross-section demonstrates the steep dipping high-grade copper-gold-silver trend observed through Arras’ exploration to date. This trend is observed beginning at the paleo-bedrock surface (41 m in depth) and averages between 200-300 m wide and to be consistently mineralized down to at least 1000 meters.

Figure 4. Cross-section showing drill holes Bg22014 and Bg22017 with generalized interpretation of intersected rock units. Key intercepts of AuEq grades in Bg22014, Bg22017 are shown.

About the Beskauga Deposit: The Beskauga deposit is a gold-copper-silver deposit with an “Indicated” Mineral Resource of 111.2 million tonnes grading 0.49 g/t gold, 0.30% copper, and 1.3 g/t silver for 1.75 million ounces of contained gold, 333.6 thousand tonnes of contained copper, and 4.79 million ounces of contained silver and an “Inferred” Mineral Resource of 92.6 million tonnes grading 0.50 g/t gold, 0.24% copper and 1.1 g/t silver for 1.49 million ounces of contained gold, 222.2 thousand tonnes of contained copper, and 3.39 million ounces of contained silver. The constraining open pit was optimized and calculated using a Gross Metal Value (“GMV”) cut-off of $20/tonne based on a price of $1,750/oz for gold, $3.50/lb for copper, $22/oz for silver, and with an average recovery of 85% for copper and 74.5% for gold and 50.0% for silver.

Assay and QAQC Procedures: The drill core is cut in half lengthwise with one half (same half, consistently) collected for analysis, and one half preserved as a record. Bagged samples are sealed to ensure integrity during transport.

All sample preparation and geochemical analysis are undertaken by ALS Global at its laboratories in Karaganda (Kazakhstan) and Loughrea (Republic of Ireland), respectively.

A 30 g split of the pulp is analyzed for gold content by fire assay with an Atomic Absorption Spectroscopy (AAS) finish (ALS method: Au-AA25™) at ALS Karaganda. A second pulp split is then air freighted to ALS Loughrea and analyzed for 48 elements by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) after four-acid digestion on a 0.25 g aliquot (ALS method: ME-MS61™). Any samples exceeding 1% copper are re-analyzed using a 4-acid digest ICP-MS ore grade method (ALS method: Cu-OG62™).

Arras Minerals operates according to its rigorous internal Quality Assurance and Quality Control (QA/QC) protocols, which are consistent with industry best practices. This includes the insertion of certified standards, blanks, and field duplicates comprising of quarter drill core into the sample stream at an insertion rate of 2.5%, 2.5%, and 5%, respectively, which is deemed appropriate for this stage of exploration. The blanks and standards are Certified Reference Materials (CRM’s) supplied by Ore Research and Exploration, Australia.

Internal QA/QC samples are also inserted by the analytical laboratories and reviewed by the Company prior to release.

Qualified Person: The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist MAusIMM CP(Geo), and a qualified person for the purposes of National Instrument 43-101.

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 the Company’s website https://www.arrasminerals.com or follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals

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 (behind Rio Tinto and Fortescue Metals Group) prospective for copper and gold in the country. The Company’s shares are listed on the TSX-V under the trading symbol “ARK”.

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 mineable, 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 the use of net proceeds from the recent private placement, plans and expectations of the drill 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 24, 2023 and in the Company’s Annual Report on Form 20-F for the fiscal year ended October 31, 2022 filed with the U.S. Securities and Exchange Commission filed on February 24, 2023 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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f441116d-88e1-4c0d-afcb-beb743e8a603

https://www.globenewswire.com/NewsRoom/AttachmentNg/8ecc6364-3ce4-4207-ad62-3e534a270756

https://www.globenewswire.com/NewsRoom/AttachmentNg/c40008a9-a72c-47c0-afac-c4c425f6a1d0

https://www.globenewswire.com/NewsRoom/AttachmentNg/c322abcc-ab52-4634-8e05-a0bf8f92e552

https://www.globenewswire.com/NewsRoom/AttachmentNg/b0692b3f-afdf-4c9b-8129-de05ac01a565