Mr. Tim Barry reports

ARRAS MINERALS INTERCEPTS 603.7M @ 0.40% CUEQ, INCLUDING 317.6M @ 0.55% CUEQ ON THE BESKAUGA LICENCE, NORTHEASTERN KAZAKHSTAN

Arras Minerals Corp. has released assay results from holes Bg22021, Bg22022, Bg22016, Bg22018 and Bg22019 from the continuing drill program at the Beskauga copper-gold deposit and surrounding area.

Highlights include:

• Bg22021: 603.7 metres of mineralization grading 0.40 per cent copper equivalent (CuEq) (0.24 gram per tonne (g/t) gold (Au), 0.19 per cent copper (Cu) and 0.86 g/t silver (Ag)) starting at 136 m, including:
  • 317.6 m grading 0.55 per cent CuEq (0.35 g/t Au, 0.25 per cent Cu and 1.05 g/t Ag) starting at 351 m depth downhole.
• 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 g/t gold equivalent (AuEq) (0.12 g/t gold, 0.01 per cent copper and 0.1 g/t silver) starting at 31.1 m to the end of the drill hole, including:
  • 65 m grading 0.44 g/t AuEq (0.41 g/t Au, 0.02 per cent Cu and 0.2 g/t Ag) starting at 105 m depth downhole; and
  • 34 m grading 0.3 g/t AuEq (0.28 g/t Au, 0.01 per cent Cu and 0.13 g/t Ag) starting at 243 m depth downhole.

Tim Barry, chief executive officer, 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 m at 1.01 per cent copper equivalent and another zone of 18 m at 1.41 per cent 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."

Bg22021: The 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 bull's-eyes) at Beskauga main Cu-Au deposit. The drill hole also targeted deeper extension of mineralization based on the defined steep southwest 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 composed of quartz-tennantite-chalcopyrite veins and weak tennantite-chalcopyrite dissemination within broad vein halos. Bornite is rarely observed. Diorite is cut by two postmineral porphyritic diorite dikes at 193.5 m to 245 m and 325 m to 330.7 m. At 344.1 m, after diorite, the 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 postmineral porphyritic diorite dikes. After monzodiorite, from 668.8 m, the drill hole ended in weakly potassic (K-feldspar, magnetite, biotite)-altered microdiorite. Microdiorite mineralization is composed of weak quartz-chalcopyrite-pyrite veins and weak presence of chalcopyrite-only veinlets.

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

The drill hole intersected quartz monzonite with moderate argillic (illite-smectite) alteration in the first 379 m from where alteration gradually changed to weak potassic (K-feldspar, magnetite, epidote) alteration and continues until the end of the drill hole. Quartz monzonite is cut by porphyritic quartz monzonite at 135 m to 150.3 m. Unmineralized basaltic andesite is intersected at 311.6 m to 355.8 m. 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 m to the end of the drill hole.

Bg22019: The hole designed as a 200 m step back to the southwest from drill hole Bg22016, with the 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 farther 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: The drill hole was drilled at angle of 65 degrees toward the northeast to test anomalous KGK copper values going up to 0.47 per cent and 0.15 g/t Au, and to test demagnetized zone surrounding several discreet magnetic highs.

With the first 154 m, the drill hole intersected weak potassic (magnetite-biotite-epidote-chlorite)-altered monzonite cut by several less-than-one-metre thick apophyses of diorite. Monzonite weak mineralization is driven by weak veining of quartz-pyrite-chalcopyrite veins. From 154 m, the drill hole continued through propylitic (epidote-magnetite-smectite)-altered diorite with the sporadic presence of quartz-pyrite veins without significant mineralization. The drill hole terminated at a depth of 357.1 m.

Bg22016: The hole was drilled approximately one kilometre west of the Beskauga Main deposit with the aim to test magnetic low and chargeability high anomalies, and anomalous As (arsenic), Cu, Au, Bi (bismuth) and Mo (molybdenum) values in historical KGK drilling.

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

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 licence package in the country prospective for copper and gold (behind Rio Tinto and Fortescue Metals Group).

We seek Safe Harbor.