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Ares Strategic Mining Signs Joint Venture MOU to Develop the Vanadium Ridge Project in British Columbia
(TheNewswire) - Project comes funded and with permitted and approved NOW ...
About this update from Ares Strategic Mining Inc
[{"type":"text","content":"Ares Strategic Mining Signs Joint Venture MOU to Develop the Vanadium Ridge Project in British Columbia\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n - Project comes funded and with permitted and approved\nNOW for a drill program.\n \n \n \n \n - Historic drilling and metallurgical test work already\ncompleted.\n \n \n \n \n - Vanadium bearing magnetite rich deposit, easily\nmagnetically concentrated,\n \n \n \n \n - Simple iron sources are currently much in demand.\n \n \n \n \n - Vanadium is a strategic mineral used in the\nmanufacture of large-scale storage batteries.\n \n \n \n \n \n \n Vancouver, B.C. -\n \n \n TheNewswire\n-\n \n \n November 5\n \n \n th\n \n \n , 2021 — Ares\nStrategic Mining Inc. (the “Company”) (CSE:ARS)\n \n \n (CNSX:ARS.CN)\n \n \n (OTC:ARSMF) (FRA:N8I1),\nis pleased to announce that it has signed a joint venture memorandum\nof understanding to secure a 50% interest in the Vanadium Ridge\nProject. The Company, together with Imbue Capital, came to terms,\nwhereby Ares and Imbue would each own 50% of the project, and Imbue\nCapital would bring $1.5 million in development funds, with the Cash\ncomponent being no less than $1 Million CAD, as well as bringing the\nproject to Ares with a permitted drilling program.\n \n \n \n \n The Vanadium Ridge Property (the “Property”)\nconsists of 20 mining claims, covering over 5,200 acres, situated 40\nminutes by road from Kamloops, British Columbia. The property is a\nvanadium-rich magnetite deposit, discovered by a Provincial Government\nairborne magnetic survey, which found an intense magnetic anomaly west\nof the town of Barriere. Follow up surface mapping and ground\ngeophysics resulted in well-defined magnetic anomalies with elevated\nvanadium contents exposed right at surface.\n \n \n \n \n A preliminary diamond drill program was completed in\nNovember 2009, drilling 7 holes for an aggregate of 658 meters, with\neach hole achieving between 75m – 100m depths, and identified\nmultiple massive magnetite seams and pods as well as coarse\ndisseminated magnetite mineralization. All drill holes intersected\nbroad intervals of magnetite mineralization with many terminating in\nmagnetite-rich mineralized zones. This historic drill program not only\nconfirmed significant magnetite mineralization from surface to depth,\nb...