Elemes geology map and soil Cu contour

GEOCHEMISTRY

A property-wide soil sampling program conducted by Arras in 2022 and 2023 defined two large Cu-Mo-As geochemical trends called Berezski and Aimandai.

Elemes Project and Cu soil anomalies

Elemes project – As soil anomalies

Historic Drill results

Minor drilling was conducted on the property between 2007 and 2011, Arras was able to re-assay this core and confirmed economic Cu-Au grades.

Table 1. Summary table for the re-assay of historical drill holes for Quartzite-Gorka and Berezski-East

Notes: Copper Equivalent (“CuEq”) grades reported for the drill holes at Quartzite Gorka were calculated using the following formula: CuEq % = Copper (%) + (Gold (g/t) x 0.8264) + (Silver (g/t) x 0.0107) + (Molybdenum (ppm) x 6.0000). Gold Equivalent (“AuEq”) grades reported for the drill holes at Quartzite Gorka 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$18/lb. Molybdenum, and metallurgical recoveries were assumed to be 90% for Cu and Au and 50% for Ag and Mo. Intervals are core-length weighted and original core recovery is estimated to be > 90 %.

EXPLORATION POTENTIAL

Mapping and sampling by Arras has defined multiple exploration targets at Berezski.

Berezki Center

Berezki Center is mapped as a 1.5x0.5 km area of outcropping Argillic alteration with local remnants of quartz-hematite (after pyrite) veins and veinlets. Rocks are saturated with pervasive iron oxides and hematite dissemination suggesting pyrite rich system. Argillic alteration is mixture of Kaolinite-Illite with low presence of Quartz. Oxidation zone is strongly developed on the surface leaving usually saprolite as a final product but with recognizable textures of intrusive rock.

Berezki East

The mineralization seen at Berezski East is interpreted as a gold-rich porphyry copper-gold deposit that forms part of a far larger porphyry-epithermal system. Previous operators drilled nineteen drillholes totaling 5,695 meters at Berezski East. Reanalysis conducted by Arras on (January 22, 2024 news release LINK), returned grades of:

• 108m @ 1.43 g/t Au, 0.18% Cu
• 46m @ 3.75 g.t Au, 0.37% Cu
• 94m @ 1.5 g/t Au, 0.18% Cu
  
  

Quartzite Gorka

The mineralization seen at Quartzite Gorka is interpreted as a breccia-hosted intermediate sulfidation epithermal system that is thought to form distally from a larger porphyry Cu-Au system. Quartzite Gorka was drilled between 2007 and 2010 by the previous operators, where thirty shallow drillholes for a total of 7,550 metres explored the target. Reanalysis of historic core by Arras on (January 8, 2024 news release LINK) returned grades of:

• 132.6m @ 0.83 g/t Au, 0.47% Cu
• 127.0m @ 0.67 g/t Au, 0.27% Cu
• 68.2m @ 0.55 g/t Au, 0.22% Cu

K-Ozek

Mapping and sampling has identified a series of quartz veins that display typical low sulphidation textures including crustiform banding, euhedral crystal infill of vein voids, and bladed textures (quartz after calcite). These veins are surrounded by a zone of strong silicification and argillic alteration.

Sampling of the veins by Arras minerals (July 11, 2023 news release LINK) returned grades up to 29 g/t Au, 287 g/t Ag and 238 ppm Te.