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Summary: Arras Minerals' 2022 Regional Exploration Successes from Maiden Fieldwork Program

Arras Minerals Corp. (“Arras” or “the Company”) is pleased to provide a summary on the Company’s 2022 regional exploration successes from the maiden fieldwork program completed in November 2022.

Tim Barry, CEO of Arras, commenting on the 2022 regional field programs, stated, “We are very pleased with our first full year of fieldwork on our regional licences. The program has significantly increased our geological understanding of our regional projects. Although assays are pending, early indications point to robust base & precious metals targets emerging at multiple prospects across our regional licences. Geochemical and TerraSpec SWIR/NIR spectroscopy data, expected over the coming months, will allow us to further refine targets ahead of a more focussed field program expected to commence in May this year.”

Highlights of the 2022 Exploration Field Program:

  • The first phase of field exploration on the Company’s regional exploration licenses was completed in November 2022 with data-analysis and target interpretation currently ongoing. These programs were undertaken between May and November 2022 and represent the first fieldwork in many of these areas in more than 30 years.   
  • Activities included field reconnaissance, rock and soil sampling, KGK drilling, geological mapping, alteration mapping (using TerraSpec SWIR/NIR spectroscopy), and the evaluation of prospective diamond drilling sites for the 2023 field season.
    • A total of 16,000 soil samples and 400 rock samples were collected across the regional licenses.
    • All soil samples are currently being analyzed by portable X-ray fluorescence spectrometry (“pXRF”). Selected soil samples will be or have already been sent to ALS Geochemistry (Kazakhstan and Ireland) and Intertek Genalysis (Australia) for geochemical analysis.
    • Resampling of Soviet-era exploration trenches was completed in some areas with assays pending.
    • A KGK (top of bedrock) drilling program comprising of more than 350 holes totaling approximately 6,000 metres was completed in several locations. Assays are pending.
  • Airborne Magnetic Geophysics program totaling just over 110,000 line kilometers was completed and will aid considerably in targeting the Company’s 2023 field program initiatives.

Plans for 2023: Arras has planned a comprehensive exploration program on its regional licenses for 2023. The program will build on the work completed in 2022 and will involve additional and infill soil grids over promising areas, follow-up ground geophysics such as induced polarization ("IP"), ground and airborne magnetic surveys, trenching, and KGK scout drilling. The Company is expected to complete this work by the end of the summer and have several targets ready for follow-up drilling.

Arras is taking a systematic and data-driven approach to the exploration of its regional licenses to ensure it quickly identifies high-quality targets.

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.


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