A.I.S. Resources’ Optionee Spey Resources Prepares for Drilling at Incahuasi Lithium Salar, Argentina
20 July 2021 - 10:00PM
A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the
“Company” or “AIS”) announces the Company’s optionee Spey
Resources Corp. (Spey) has engaged Amaru Mining Services and
preparations are being made to commence drilling at the Incahuasi
Salar, Argentina in the next three weeks. The drilling will take
place in the locations shown below:
Figure 1: Red stars show drill hole locations 1
-5 https://www.globenewswire.com/NewsRoom/AttachmentNg/c73a3793-c98f-4d5f-9d6d-33a0fafacd0c
The five drill holes at Incahuasi will cover a
depth of approximately 600m. When completed, the rig will move to
the Pocitos 1 and 2 concession on the Pocitos Salar approximately
120km away and drill three holes on the targeted aquifer locations.
A double packer device will sample the brines at depth and be
assayed. Preparations are currently being made for the camp, fuel
and roads.
Figure 2: Line 1 – 003-011 survey points with drill
locations, aquifers at depth 150m and
250m https://www.globenewswire.com/NewsRoom/AttachmentNg/135e201d-4a68-4ef0-aaa4-93d396125789
Figure 3: Drill hole in Line 3 point 020-027.
Aquifer extends from 10m to 100m, then two 50m drill holes to test
the surface sample
high. https://www.globenewswire.com/NewsRoom/AttachmentNg/dc79575f-3ac4-4c89-af06-796bce456bdb
Nader Vatanchi CEO of Spey Resources commented,
“We are making great progress at Incahuasi Salar, with geophysics
completed, the road in good condition and easy access. Amaru, our
drillers are very familiar with the salar and are completing their
preparations. Our bulk brine surface samples from Incahuasi Salar
have been sent to the University of Melbourne to be processed. The
state of the art Ekosolve™ process handles very high levels of
magnesium so we are looking forward to the results of the
processing using their laboratory scale plant and samples of
lithium carbonate. At Pocitos Salar, we have the results of surface
sampling and geophysics completed on Pocitos 2 and drilling
completed close by on Pocitos 1 by AIS Resources. The project drill
team have nearly completed all their preparations. I’m delighted
with the progress our team has made and look forward to the brine
analysis results from drilling and University of Melbourne.”
Martyn Element Chairman of AIS stated, “We are
pleased with the rapid progress Spey Resources is making in
progressing the Incahuasi and Pocitos projects.”
AIS has granted Spey the option to acquire 80%
of the Incahuasi project by making certain cash and share payments
including making $500,000 in exploration expenditures by April 21,
2022. Spey may acquire the remaining 20% by making a payment of $6
million (subject to increase by $250,000 for each fifty tonnes by
which the indicated or inferred resource exceeds 45 million tonnes
lithium metal equivalent) by March 18, 2023.
Qualified Person Phillip
Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified
Person as defined under NI 43-101 regulations, has reviewed the
technical information that forms the basis for portions of this
news release, and has approved the disclosure herein. Mr. Thomas is
independent of the Company but discloses that he is a shareholder
of SPEY.
About A.I.S. Resources Limited
A.I.S. Resources Limited is a publicly traded investment
issuer listed on the TSX Venture Exchange focused on precious and
base metals exploration. AIS’ value add strategy is to acquire
prospective exploration projects and enhance their value by better
defining the mineral resource with a view to attracting joint
venture partners and enhancing the value of our portfolio. The
Company is managed by a team of experienced geologists and
investment bankers, with a track-record of successful capital
markets achievements.
AIS owns 100% of the 28 sq km
Fosterville-Toolleen Gold Project located 12 km from Kirkland
Lake’s Fosterville gold mine (subject to completion of certain
exploration expenditures), a 60% interest in the 58 sq km New South
Wales Yalgogrin Gold Project (with the right to acquire 100%), and
100% interest in the 167 sq km Kingston Gold Project in Victoria
Australia near Stawell.
On Behalf of the Board of Directors,A.I.S. Resources Ltd.Phillip
Thomas, President & CEO
Corporate ContactFor further information,
please contact:Phillip Thomas, Chief Executive OfficerT: +1-323
5155 164E: pthomas@aisresources.comOrMartyn
Element. ChairmanT:
+1-604-220-6266E: melement@aisresources.comWebsite: www.aisresources.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
ADVISORY: This press release contains
forward-looking statements. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because the
Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made as of the date hereof and the Company
undertakes no obligations to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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