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Arras Minerals' Shares Fall 22% as Teck Resources Offloads Equity Stake

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Arras Minerals (ARK.V) down 22% on last look, Tuesday said Teck Resources (TECK-B.TO) has sold its entire 8.3% equity stake in the company.

An unidentified mining company acquired Teck's position, a statement said. The new shareholder, which acquired the 11.9-million Arras shares, was granted certain rights to maintain its pro rata ownership in future equity financings.

Arras also said recent drill results from the Berezski North target at the Elemes Project in Kazakhstan continue to return broad intervals of copper-gold mineralization.

Drill highlights include 568.9 meters grading 0.33% copper equivalent (CuEq) and 399.7 meters grading 0.26% CuEq.

Four diamond drill rigs continue to operate at Elemes. Two rigs are drilling at Berezski North, one at Berezski East and one at Berezski Central. Arras has completed 24,000 meters in 35 drill holes at Elemes so far this year.

Arras Minerals shares were last seen down C$0.36 to C$1.24 on the TSX Venture Exchange.

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