Mr. Tim Barry reports

ARRAS MINERALS REPORTS 62M @ 1.53 % CUEQ RE-ASSAYS IN HISTORICAL DRILLHOLES ON A NEW COPPER-GOLD PORPHYRY TARGET

Arras Minerals Corp. has released the results from the reanalysis of samples from three historic diamond drill holes from the Quartzite Gorka project located within the company's Elemes exploration licence in northeastern Kazakhstan. The Elemes licence is not included in the Teck-Arras strategic exploration alliance announced on Dec. 7, 2023.

Highlights from the reassay include:

• Q11 -- 127 metres of mineralization grading 0.66 per cent copper equivalent or 0.80 gram per tonne gold equivalent (0.61 g/t gold, 0.25 per cent copper, 3.6 g/t silver and 90.4 parts per million molybdenum) starting at 41 m from surface:
  • Including 62 m grading 1.53 per cent CuEq or 1.87 g/t AuEq (1.04 g/t Au, 0.43 per cent Cu, 4.8 g/t Ag and 156.3 ppm Mo) from 41 m depth down hole.
• Q10 -- 132.6 m grading 0.80 per cent CuEq or 0.96 g/t AuEq (0.39 per cent Cu, 0.52 g/t Au, 4.1 g/t Ag and 59.5 ppm Mo) from 140.7 m depth:
  • Including 57.1 m grading 1 per cent CuEq or 1.20 g/t AuEq (0.85 g/t Au, 0.45 per cent Cu, 4.8 g/t Ag and 51.0 ppm Mo) from 188.7 m depth down hole.
• Q4 -- 68.2 m of mineralization grading 0.48 per cent CuEq or 0.58 g/t AuEq (0.41 g/t Au, 0.23 per cent Cu, 4.5 g/t Ag and 3.7 ppm Mo) starting at 19.8 m from surface:
  • Including 14 m grading 0.69 per cent CuEq or 0.84 g/t AuEq (0.84 g/t Au, 0.16 per cent Cu, 7.7 g/t Ag and 3.6 ppm Mo) from 73.2 m depth down hole.

The mineralization is interpreted as a breccia-hosted, intermediate-sulphidation epithermal system that forms part of a far larger porphyry-epithermal system within the Elemes licence. The Elemes licence also hosts the Berezki copper-gold and Karagandy-Ozek gold prospects, all of which were part of the key focus for the 2023 summer field program with more than 30,000 soil samples taken which are now being analyzed.

Once analysis of the full 2023 summer field program has been completed, the company plans to develop an extensive exploration strategy. This strategy will encompass additional geological mapping and KGK drilling to investigate the geological features concealed beneath younger cover sequences. Any identified targets will then be subject to the company's initial drilling campaign.

Tim Barry, chief executive officer, commented: "The results come from the Elemes licence and represent an entirely new mineralizing system which sits approximately 80 kilometres to the west of our Beskauga project which presently has a[n] NI 43-101 compliant resource of 111.2 million tonnes grading 0.39 per cent copper and 0.49 g/t gold in the indicated category, and 92.6 million tonnes grading 0.24 per cent copper and 0.50 g/t gold in the inferred category. These results from the Quartzite Gorka project further reinforces our strategy of building a belt-scale portfolio of high-quality assets in the highly prospective Bozshakol-Chingiz metallogenic belt."

A summary of the results announced in this news release is outlined in the attached table.

The Quartzite Gorka project is located within the 425-square-kilometre Elemes mineral exploration licence. Elemes benefits from excellent modern infrastructure and ease of accessibility, being located only 20 kilometres from Arras's operational base in the city of Ekibastuz, northeastern Kazakhstan. A paved highway runs through the licence, and within three km of the Quartzite Gorka project. Power lines of 1,100 volt-amps, heavy rail and the Irtysh-Karaganda irrigation canal all lie within a 15 km radius of the project.

Quartzite Gorka was drilled between 2007 and 2010 by the previous operators. Thirty shallow drill holes for a total of 7,550 metres have been historically drilled at the project, to a maximum depth of 301 metres with an average depth of 252 metres per hole. Fourteen historical drill core and all available coarse rejects have been acquired by Arras and are stored at the company's core storage facility in Ekibastuz. All available drill cores have been relogged in detail by Arras employees for lithology, structure, alteration, mineralization and petrophysical properties.

The mineralization seen at Quartzite Gorka is interpreted as a breccia-hosted, intermediate-sulphidation epithermal system that forms part of a much larger porphyry-epithermal system within the Elemes licence that includes the Berezki Central, Berezki East and Karagandy-Ozek prospects. The Elemes licence is located within the Bozshakol-Chingiz metallogenic belt that also hosts the company's flagship Beskauga copper-gold-silver project approximately 80 km to the east, and KAZ Minerals' Bozshakol porphyry copper-gold mine (one of the largest copper resources in Kazakhstan) approximately 60 km to the northwest.

The reanalysis demonstrated the high-grade nature of the mineralization. Individual assays returned up to 11.2 g/t Au, 4.92 per cent Cu, 0.48 per cent lead, 2.61 per cent zinc, 0.16 per cent antimony, 29.1 g/t Ag and 1,232 ppm Mo, respectively. Mineralization comprises quartz-pyrite-chalcopyrite plus or minus tourmaline, anhydrite, carbonate, K-feldspar, hematite, sphalerite, galena, tetrahedrite, bornite, molybdenite as a cement within the hydrothermal breccia and as quartz veins. Occasionally the cement lacks quartz and comprises massive sulphide only. Alteration of the clasts within the breccia is variable and comprises strongly silicified, phyllic (quartz-pyrite plus or minus sericite, chlorite), argillic (kaolinite-dickite-illite) and potassic (K-feldspar-magnetite-secondary biotite) altered host diorite. Some clasts are rimmed by massive pyrite. The clasts contain rare porphyry-style quartz-chalcopyrite veins. The host diorite intrusion is fine-grained, equigranular and typically highly magnetic. The breccia bodies are enveloped by potassic (K-feldspar-magnetite-secondary biotite) alteration before transitioning to propylitic (chlorite-hematite-carbonate plus or minus epidote) alteration. Rare quartz-chalcopyrite veins plus or minus K-feldspar halos and disseminated chalcopyrite-pyrite occur in the host diorite.

Relogging, assay, quality assurance/quality control procedures

All available drill cores have been relogged in detail by Arras employees for lithology, structure, alteration and mineralization. In addition, Arras also measured several petrophysical properties on the drill core, including density, magnetic susceptibility, conductivity, resistivity and induced polarization. High-resolution photographs of all drill core were captured using Seequent's Imago cloud-based image management software. The core was also analyzed for alteration minerals using TerraSpec short-wave infrared/near-infrared spectroscopy, with interpretation pending.

The reassayed coarse rejects from Quartzite Gorka were prepared in the Arras in-house sample preparation laboratory in Ekibastuz by Arras employees. As the coarse rejects had been in dry storage since 2007/2008, they were first rehomogenized by passing through a roller crusher (equivalent to 85 per cent passing below minus 75 microns). A 30-gram aliquot was then analyzed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish (SAEL method: Au-AA25). A second pulp split was analyzed for 46 elements by a combination of inductively coupled plasma mass spectrometry (ICP-MS) and inductively coupled plasma atomic emission spectroscopy (ICP-AES) after four-acid digestion on a one-gram aliquot (SAEL method: MA/UT). All samples exceeding 1 per cent copper and/or zinc were reanalyzed using four-acid digest ICP-MS ore-grade methods. SAEL laboratory is accredited to ISO 17025:2005 UKAS reference No. 4028 and have internal QA/QC programs for monitoring accuracy and precision. Internal QA/QC samples were inserted by the analytical laboratory and reviewed by the company prior to release. No material QA/QC issues have been identified. SAEL is entirely independent of the company.

Qualified person

The scientific and technical disclosure for the Quartzite Gorka project included in this news release has been prepared under supervision of and approved Mr. Barry, chief executive officer and director of Arras Minerals, who is also a member and chartered professional geologist (MAusIMM CP (geo)) of the Australasian Institute of Mining and Metallurgy. Mr. Barry has sufficient experience, relevant to the styles of mineralization and type of deposits under consideration and to the activity that he is undertaking, to qualify as a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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). Arras and Teck Resources entered into a strategic exploration alliance covering a portion of the company's regional licence package in December, 2023, in which Teck will sole-finance an initial $5-million (U.S.) generative exploration phase. The company's shares are listed on the TSX Venture Exchange under the trading symbol ARK.

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