- Ares Mining (TSXV:ARS) has completed a stage one drilling program at its Lost Sheep Mine in Utah
- The company was attempting to delineate the proportions of a fluorspar pipe on the property
- The company has determined the pipe is roughly 60 metres long, 30 metres wide and has tested it to a depth of 80 metres, but believes it could extend deeper
- Fluorspar is the commercial name for fluoride, a US critical mineral that is currently 100 per cent imported from other countries
- Ares Mining (ARS) is in the grey and is trading at C$0.095 per share
Ares Strategic Mining (TSXV:ARS) has wrapped up a phase one drill program at the Lost Sheep Mine in Utah.
Drilling zeroed in on the Giant Little Pit zone on the site, which contains a fluorspar pipe.
Fluorspar is a critical mineral and the commercial term for the mineral fluorite, which only occurs naturally in small, highly concentrated pockets known as pipes.
The mineral was listed as a critical mineral by the US last year, through a government initiate to highlight minerals that require supply chains protection.
The drill program outlined the dimensions of the pipe, which is approximately 60 metres long and 30 metres wide and has been tested to a depth of 80 metres. The company believes, however, the pipe could extend even deeper.
The 12-hole program drilled for a total of 900 metres and Ares intends to use the drill results in partnership with its LiDAR results for mining design and operations planning.
CEO of Ares, James Walker said he was incredibly grateful to staff and contractors who had managed to continue drilling work on the site over the past three months, despite the challenges posed by the coronavirus outbreak.
“The company has continued working without cessation to complete its drill program and remain on target to begin mining this year.
“With the acquired drilling data, the company is now preparing its production plans in combination with the processing work currently underway, to produce acid spar grade fluorspar for American industry, which is currently 100 per cent imported from outside the US.
“We strongly believe in this project and its success and completing the drilling despite the obstacles has helped to significantly advance our ambitions,” he said.
Ares Mining (TSXV:ARS) is in the grey and is trading at C$0.095 per share at 12:01 pm EDT.