ARK Arras Minerals Corp

Arras Minerals Corp. (TSX-V: ARK) (“Arras” or “the Company”) is pleased to announce the successful completion of a 92,400 line-kilometer high-resolution airborne magnetics survey. The Company now has contiguous airborne magnetic data covering the entirety of its exploration licences that cover a total of 3,028 square kilometers in northeastern Kazakhstan.

Highlights:

• Completion of a regional-scale, high-resolution airborne magnetics survey totaling 92,400 line-kilometers.

• Post-survey processing of the survey data and 3D inversion over selected areas completed. The final data products have now been received.

• Initial interpretation has identified multiple targets for porphyry, epithermal, volcanic-hosted massive sulfide (“VHMS”), and orogenic gold mineralization. Detailed structural interpretation is ongoing.

Commenting on the completion of the survey, Tim Barry, CEO of Arras stated, “This is one of the largest airborne geophysical surveys flown in Kazakhstan in recent years. Despite being positioned in a productive copper-gold belt, the survey represents the first time that many of our exploration licence areas have been flown by geophysics in over 60 years. Acquisition of the new airborne magnetics dataset is a major first step in understanding the geology and mineral potential of our licences, many of which are covered by 20 - 40 meters of unconsolidated overburden. 3D inversion and initial analysis of the resulting data have already yielded several compelling targets, especially for porphyry and epithermal mineralization that will be investigated by our field crews this summer. An exciting pipeline of new copper-gold prospects is sure to develop as a result of this survey.”

Airborne Magnetic Survey Summary:

Data acquisition was conducted during Q4-2021 and Q1-2022 by “SPC GEOKEN LLP”, one of the leading geophysical service companies in the Republic of Kazakhstan. The 71,400 line-kilometer high-resolution airborne magnetics survey covers the Company’s Maisor, Aktasty, Elemes, Norgubek, and Akkuduk exploration licenses (see Figure 1). This builds upon an earlier 21,000 line-kilometer airborne magnetic survey over the Company’s Beskauga, Stepnoe, and Ekidos exploration licenses completed by the same contractor in H12021. Arras now has over 3,028 square kilometers of contiguous magnetics survey data for the area.

The survey was flown by two Antonov An-2 aircraft (Figure 2) at 70 m ground clearance with a line spacing of 100 m and tie-lines of 1,000 m. Flight lines were oriented east-west. Independent quality control throughout the survey period was carried out by Francis Moul P.Geo., a Principal Geophysicist at Condor North Consulting, ULC., Vancouver (“Condor”). Condor was also commissioned to carry out post-survey processing of the survey data and 3D inversion over selected areas. The final data products have now been received and management is now conducting a detailed analysis to refine exploration targets.

Figure 1. Airborne magnetics surveys covering Arras’ mineral exploration licences in northeastern Kazakhstan. The earlier 21,000 line-kilometer Phase I survey (blue) covered the Beskauga, Stepnoe and Ekidos licences, and the 71,400 line-kilometer Phase II survey announced here (orange) covered the Maisor, Aktasty, Elemes, Norgubek, and Akkuduk licences. Also shown is the location of Arras’ exploration office in the city of Ekibastuz.

Figure 2. One of the two Antonov An-2 aircraft used for the airborne magnetics survey

Qualified Person:

The technical disclosure included in this news release has been reviewed and approved by Joshua Hughes, the Vice President Exploration, and a full-time employee of Arras Minerals Corp., who is also a Member and Chartered Professional Geologist (MAusIMM CP(Geo)) of the Australasian Institute of Mining and Metallurgy, a Fellow of the Society of Economic Geologists (FSEG) and a Fellow of the Geological Society of London (FGS). Mr Hughes is a "Qualified Person" for the purposes of National Instrument 43-101.

On behalf of the Board of Directors "Tim Barry"

Tim Barry, MAusIMM (CP(Geo))Chief Executive Officer and Director

INVESTOR RELATIONS: +1 604 687 5800 info@arrasminerals.com

About Arras Minerals Corp.

Arras Minerals Corp. is British Columbia incorporated public company trading on the TSX-V exchange under the symbol “ARK.” The Company is advancing a portfolio of copper and gold assets in Northeastern Kazakhstan, including the Option Agreement on the Beskauga copper and gold project.

Further information can be found on the Company’s website https://www.arrasminerals.com or follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals

Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras’ future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding the use of net proceeds from the recent private placement, plans and expectations of the drill program Arras is in the process of undertaking, including the expansion of the Mineral Resource, and other aspects of the Mineral Resource estimates for the Beskauga project. These statements are based on current expectations, estimates, forecasts, and projections about Arras’ exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras’ management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management’s control, including undertaking further exploration activities, the results of such exploration activities and that such results support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption “Risk Factors” in the Non-Offering Prospectus filed on the Company’s profile on SEDAR on May 31, 2022 and in the Company’s Annual Report on Form 20-F for the fiscal year ended October 31, 2021 filed with the U.S. Securities and Exchange Commission filed on February 17, 2022 available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/3db1a71c-f8d4-41a2-a00f-24c7908ecb6c

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