Ares Strategic Mining makes new fluorspar discovery at Lost Sheep Mine

Ares Strategic Mining Inc. [ARS-TSXV; ARSMF-OTC; N811-FSE] has completed its delineation drilling at the Lost Sheep Mine, successfully locating a large discovery of additional fluorspar within its permitted mining area and expanding its primary mining operation for 2021.

Located 214 km southwest of Salt Lake City, Utah, the Lost Sheep Mine is the only permitted and producing fluorspar mine in the United States.

A total of 10 reverse circulation drill holes, covering approximately 875 metres, have been drilled between the company’s two large mining pits. Fluorspar mineralization was consistent throughout the area, connecting the company’s delineated primary mining target and a known pipe within the permitted mining area.

Drilling was directed under the shallower part of a historic mine, and large areas of fluorspar mineralization were located at depth, providing an additional 50 metres and 60 metres as indicated by the drill hole intersects. These fluorspar pipes remain open at depth.

James Walker, President and CEO, stated: “Finding such large fluorspar mineralization zones just next to the area we had planned for our initial mining operation has completely changed and expanded our mining plans. Our engineers have decided to increase the capacity of the plant from 250 to 500 tons per day, and mine more through open-pit mining than underground, significantly lowering the mining cost for each ton of excavated fluorspar. The discovery translates to an accelerated ramp up in production plans that were planned to begin towards the end of 2021, but which can be moved forward by six months.”

The company will now test other prospective targets adjacent to the current operation (250 and 350 metres away) and within the permitted area before the snow and winter arrives.