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- Ares discovers large high-grade fluorspar mineralization, at least 60 m down plunge, averaging over 80% pure fluorspar, and is still open at depth.
- Greater mineralized fluorspar widths and consistent grades compared with first drill program.
- Large fluorspar mineralized zones found at surface, averaging over 50% fluorspar.
- High-grade veins found between fluorspar pipes.
- Every drill hole intersected fluorspar during this exploration program.
- Ares can now complete its mine plan and engineering work to progress into the construction phase of the project.
A total of 10 reverse circulation drill holes, drilling approximately 875 meters, were collared between the two known fluorspar deposits on the Company’s permitted mining area. Fluorspar mineralization was consistent throughout the entire area, connecting the large fluorspar deposits examined during two previous drill programs in 2020. Drilling was directed under the shallower part of the
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Figure 1. Drill hole plan section outlining the distribution of fluorspar mineralization.
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Figure 2. Drill hole section 1 (LS-20-27 and LS-20-28) outlining the distribution of fluorspar mineralization.
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Figure 3. Drill hole section 2 (LS-20-24 and LS-20-25) outlining the distribution of fluorspar mineralization.
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Figure 4. Drill hole section 3 (LS-20-23 and LS-20-26) outlining the distribution of fluorspar mineralization.
Drill Holes LS-20-27 and LS-20-28 intersected a very shallow zone of fluorspar mineralization at surface, that extends 20m x 10m in plan view and 30m down dip (See figure 2).
------------------------------------------------------- |Section 1|Hole ID |From (m)|To (m)|Length (m)|CaF2(%)| |-----------------------------------------------------| | |LS-20-27|6.10 |32.00 |25.90 |51.42 | |-----------------------------------------------------| | |LS-20-28|9.14 |21.33 |12.19 |45.46 | |-----------------------------------------------------| | |and |33.52 |39.62 |6.1 |53.28 | -------------------------------------------------------
Hole LS-20-27 averaged 25.91 m of 51.42% CaF2 over an interval from 6.1 to 32.0 meters down hole. Hole LS-20-28 averaged 12.19 m of 45.46% CaF2 over an interval from 9.14 to 21.33 m down hole and 6.1 m of 63.27% CaF2 from 33.52 to 39.62 m down hole.
Drill holes LS-20-24 and LS-20-25 (Section 2) test the down dip projection of the fluorspar mineralization left at the bottom of the
------------------------------------------------------- |Section 2|Hole ID |From (m)|To (m)|Length (m)|CaF2(%)| |-----------------------------------------------------| | |LS-20-25|28.96 |35.05 |6.09 |38.60 | |-----------------------------------------------------| | |and |59.44 |68.58 |9.14 |59.33 | |-----------------------------------------------------| | |and |74.67 |77.72 |3.05 |43.90 | |-----------------------------------------------------| | |LS-20-24|62.48 |67.06 |4.58 |36.50 | |-----------------------------------------------------| | |And |77.72 |97.54 |19.82 |43.77 | -------------------------------------------------------
In this section the main pipe appears to split into two zones, indicating a smaller pod to the west of the main pipe that intersected 3.05 m of 43.9% CaF2 from 74.67 to 77.72m. Drill hole LS-20-25 also intersected fluorspar mineralization in the main pipe that returned 59.33% CaF2 over 9.14 m from 59.44 to 68.58 m down hole,including a high grade zone at 60.96 to 65.53 m down hole (4.57 m of 84.33% CaF2). Drill hole LS-20-24 undercut LS-20-25 and intersected the main mineralized below the
Drill holes LS-20-23 and LS-20-26 (Section 3) also show over a 50 meters extension of fluorspar mineralization from the
------------------------------------------------------- |Section 3|Hole ID |From (m)|To (m)|Length (m)|CaF2(%)| |-----------------------------------------------------| | |LS-20-26|41.15 |57.91 |16.76 |45.40 | |-----------------------------------------------------| | |incl |53.34 |57.91 |4.57 |81.00 | |-----------------------------------------------------| | |LS-20-23|41.15 |57.91 |16.75 |45.41 | |-----------------------------------------------------| | |Incl |53.34 |57.91 |4.57 |73.83 | -------------------------------------------------------
Fluorspar mineralization is very homogeneous in both the upper intersect in hole LS-20-26 from 41.15 to 57.91 m down hole averaging 45.40% CaF2 over 16.76 m(including 4.57 m of 81% CaF2). Drill hole LS-20-23 undercut the previous hole and intersected strong fluorspar mineralization from 53.34 to 77.72 m down hole averaging 24.77% CaF2 over 24.4 m,including a high-grade interval of 4.57 m of 73.83% CaF2. The true width of the fluorspar mineralization in these areas range between 10 and 15 meters.
(*) The results reported are intersect lengths and due to the nature of the fluorspar mineralization as irregular breccia pipes they are not considered true widths at this moment.
Drill samples were sent to
Disclosure: Companies typically rely on comprehensive feasibility reports on mineral reserve estimates to reduce the risks and uncertainties associated with a production decision. Some industrial mineral ventures are relatively simple operations with low levels of investment and risk, where the operating entity has determined that a formal prefeasibility or feasibility study in conformance with NI 43-101 and 43-101 CP is not required for a production decision. The Company has not completed a feasibility study on, nor has the Company completed a mineral reserve or resource estimate at the
- 100% owned – 2,100 acres – 108 Claims
- Located in the
Spor Mountain area,Juab County, Utah , approximately 214 km south-west ofSalt Lake City .- Fully Permitted – including mining permits.
- NI 43-101 Technical Report identified extensive high-grade fluorspar with low levels of impurities.
- Mining plan approved by BLM1
First approved by
Renewed by
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chief Executive Officer and President
For further information, please contact
Neither the
1
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