ARK Arras Minerals Corp

Arras Minerals Corp. (TSX.V: ARK) (“Arras”, or the “Company”) is pleased to announce assay results from holes Bg22021, Bg22022, Bg22016, Bg22018 and Bg22019 from the ongoing drill program at the Beskauga copper-gold deposit and surrounding area (“Beskauga” or the “Project”).

Highlights Include:

• Bg22021: 603.7 m of mineralization grading 0.40% copper-equivalent (“CuEq”) (0.24 g/t gold (“Au”), 0.19 % copper (“Cu”), 0.86 g/t silver (“Ag”)) starting at 136.0 m.

• Including: 317.6 m grading 0.55 % CuEq (0.35 g/t Au, 0.25% Cu, 1.05 g/t Ag) starting at 351.0 m depth down-hole.
• Consistent mineralization was seen for the entire length of hole Bg22021 (739.7 m) and further defines a high-grade core to the Beskauga deposit within a lower grade halo.

• Bg22022: 546.9 m of mineralization grading 0.14 gram per ton (“g/t”) gold-equivalent (“AuEq”) (0.12 g/t gold (“Au”), 0.01 % copper (“Cu”), 0.1 g/t silver (“Ag”)) starting at 31.1 m to the end of the drill hole.

• Including: 65.0 m grading 0.44g/t AuEq (0.41 g/t Au, 0.02% Cu, 0.2 g/t Ag) starting at 105.0 m depth down-hole.
• Including: 34.0 m grading 0.30g/t AuEq (0.28 g/t Au, 0.01% Cu, 0.13 g/t Ag) starting at 243.0 m depth down-hole.

Mr. Tim Barry, CEO commented, “Drilling at Beskauga continues to deliver near-surface, broad intervals of significant copper-gold mineralization. Hole Bg22021 also included two zones of high-grade mineralization including 26 meters at @ 1.01% copper equivalent and another zone of 18 meters at 1.41% copper equivalent. These grades are indicative of high-grade zones found throughout the deposit which we continue to review as we explore for the core of this very extensive system.”

Table 1. Summary table for drill holes for this news release is shown below

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%.

Bg22021: drill hole was designed as an infill in an untested zone between Arras drill holes Bg21008 and Bg21004 and further tested the eastern boundary of the potassic-altered monzodiorite intrusion (magnetic bullseyes) at Beskauga main Cu-Au deposit. Drill hole also targeted deeper extension of mineralization based on the defined steep SW plunge of Beskauga Main Cu-Au mineralization.

The drill hole started in weak to moderate argillic (Illite-smectite) altered diorite. Diorite Cu-Au mineralization is comprised from quartz-tennantite-chalcopyrite veins and weak tennantite-chalcopyrite dissemination within broad veins halo. Bornite is rarely observed. Diorite is cut by two post mineral porphyritic diorite dykes at 193.5-245.0m and 325.0-330.7m. At 344.1 m after diorite drill hole continued in potassic (biotite, K-Feldspar, magnetite) altered monzodiorite. Monzodiorite mineralization is seen in quartz-pyrite-chalcopyrite veins with weak and rare presence of bornite and molybdenite, and very rarely covellite and tennantite closely related with weak and local - structurally controlled epithermal overprint. Monzodiorite is cut by couple of post mineral porphyritic diorite dykes. After monzodiorite from 668.8 m drill hole ended in weakly potassic (K-Feldspar, magnetite, biotite) altered microdiorite. Microdiorite mineralization is comprised by weak quartz-chalcopyrite-pyrite veins and weak presence of chalcopyrite only veinlets.

Bg22022: drill hole was collared as a step back hole on fence of holes Bg22011 and Bg22013 (see Arras' press release on March 6 2023) 200 m SW of Bg22013. Tested the continuity and geometry of the strong Au mineralization in these earlier holes and potential of NW-SE striking magnetic low corridor.

Drill hole intersected quartz monzonite with moderate Argillic (illite-smectite) alteration in first 379.0 m from where alteration gradually changed to weak potassic (K-Feldspar, magnetite, epidote) alteration and continues till the end of the drill hole. Quartz monzonite is cut by porphyritic quartz monzonite at 135.0-150.3 m. Unmineralized basaltic andesite is intersected at 311.6-355.8m. Intersected mineralization is mainly related to the quartz-pyrite veins with sporadic mainly weak presence of chalcopyrite, and infrequent quartz-magnetite veins with first appearance starting from 390.0m to the end of the drill hole.

Bg22019: Hole designed as 200 m step back to the SW from drilled hole Bg22016 with aim to test continuation of phyllic altered Diorite hosting Quartz-Pyrite veining intersected in hole Bg22016. Testing strong magnetic low anomaly corresponding with interpreted phyllic magnetite destructive alteration starting from top to the bottom of proposed hole and testing chargeability high anomaly.

The drill hole intersected diorite with strong phyllic (sericite-pyrite) alteration up to 200 m depth where phyllic alteration becomes weaker further down the hole and potassic (K-Feldspar, biotite, magnetite) alteration remnants start prevailing. Weak random Au and Cu mineralization is related mainly with quartz-pyrite (D type) veins having sporadic weak presence of chalcopyrite within the first 300 m of drill hole.

Bg22018: drill hole was drilled at angle of 65 degrees toward northeast to test anomalous KGK copper values going up to 0.47 % and 0.15 g/t Au, and to test demagnetized zone surrounding several discreet mag highs.

With first 154.0 m drill hole intersected weak potassic (magnetite-biotite-epidote-chlorite) altered monzonite cut by several less than 1.0 m thick apophyses of diorite. Monzonite weak mineralization is driven by weak veining of quartz-pyrite-chalcopyrite veins. From 154.0 m drill hole continued through propylitic (epidote-magnetite-smectite) altered diorite with sporadic presence of quartz-pyrite veins without significant mineralization. The drill hole is terminated at depth of 357.1m.

Bg22016: was drilled approximately 1 km west of the Beskauga Main deposit with aim to test magnetic low and chargeability high anomalies, and anomalous As, Cu, Au, Bi and Mo values in historical KGK drilling.

The drill hole started in diorite with moderate phyllic (sericite-pyrite) alteration up to depth of 163.2m down the hole. Diorite is hosting moderately intense quartz-pyrite (D type) veins with typical sericite halo and carrying weak and on spots Au mineralization. After diorite from 163.2m drill hole continued through in lithic tuff that is moderately argillic (kaolinite-illite) altered but hosting no veining and mineralization. Drill hole is terminated at 247.4 m depth.   

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 Bg22021 in relation to historical drill hole Bg-084, Bg-097 and Bg-101. 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 Bg22021 in relation to historical drill hole Bg-084, Bg-097 and Bg-101. Also shown are grade contours based on the Beskauga block model for gold (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). AuEq grades of key intercepts in Bg22012 and historical holes are shown. The cross-section demonstrates the steep, southwest 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), to average between 200-300 m wide and to be consistently mineralized down to at least 1000 meters.

Figure 5. Cross-section showing drill holes Bg22022 in relation with previously drilled Bg22011 and Bg22013 and historical holes drilled by Copperbelt. AuEq grades of key intercepts in Bg22022, Bg22011, Bg22013 and historical holes are shown. The cross-section demonstrates structurally controlled mineralization largely focused in the contacts between steep, southwest dipping quartz monzonite intrusion and surrounding porphyritic quartz monzonite and andesite basalts.

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 prospective for copper and gold (behind Rio Tinto and Fortescue Metals Group). 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 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 March 30, 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.

A table accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/091d2b40-3ec8-412d-b7c5-d4244f4b5bec

Figures accompanying this announcement are available at

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