A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company”
or “AIS”) an innovative and advanced stage lithium and gold
exploration company provides an update on the development of its
projects. With the large number of activities AIS is currently
participating in, the Company is providing this summary for
“Our company focus is on discovering and adding
value to exploration projects in the lithium and gold mining
sectors,” stated Martyn Element, Chairman of AIS.
Phil Thomas, President of AIS also commented,
“With our current exploration activities at the Bright Gold Project
and ongoing development of our three lithium projects in Argentina
and three additional Australian gold projects we expect to make
several positive announcements over the next six months.”
Fig. 1 – A NI43-101 has been completed based on the
2021 drilling progress at Incahuasi Salar in
LITHIUM PROJECTS IN
ARGENTINAAIS is the lead partner driving the exploration
and development in three lithium projects in the world-renowned
Lithium Triangle in Argentina. With the current very active lithium
market the Company is looking forward the developing these
Cauchari Salar Lithium
ProjectAIS has completed a 43 page environmental impact
statement for Yareta XIII, which is located on the
southern tip of Cauchari Salar where Allkem Limited (AKE - market
cap 6.41B AUD) and Exar Inc have their large lithium project. AIS
is inviting joint venture proposals to develop the project.
Pocitos Salar Lithium ProjectIn
2018 AIS explored Pocitos 7 and Pocitos 9, completing a VES
geophysics survey, and 20 x 5m trenches that were sampled for
lithium. There are a number of other explorers drilling nearby,
including Chengxin Lithium Group Co., Ltd. a large lithium producer
(market cap 51.28B CNY). The Company is actively seeking joint
ventures proposals on both these properties.
Pocitos One Lithium
ProjectRecharge Resources optioned Pocitos One from Spey
Resources, which originally optioned the property from AIS
Resources. In 2018 significant brine flows were recorded and with
lithium assays up to 125 ppm. The brine flow rate before it was
choked was in excess of 50,000 litres a minute (investors should
note that this brine release value is not NI43-101 compliant). In
2018 the magnesium to lithium ratio was too high to process using
technologies available at the time. The new Ekosolve™ Direct
Lithium Extraction system has shown it can manage up to 50:1 or
even higher Mg:Li ratios and it recovers more than 95% of the
lithium from low concentration brines. Recharge Resources will be
drilling a production well in August, and if they exercise their
option, AIS will receive a 15% royalty and proceeds from the sale
of the 800 hectares.
Incahuasi Salar Lithium Project – 20%
InterestAIS has a 20% interest in the Incahuasi project.
The Company sold an 80% interest in Incahuasi to Tech One Lithium a
subsidiary of Spey Resources (Spey) for a payment USD$1 million
received in March 2022 and exploration expenditures totalling
USD$500,000 completed by Tech One. Spey has completed a NI43-101
written by Montgomery and Associates regarding drilling in 2021 on
Incahuasi. When Spey Resources resumes trading, the company will
drill two production wells and three exploration wells with the
view to producing a NI43-101 mineral resource estimate. Spey has an
option to acquire AIS Resources’ 20% interest for USD$6M by March
23, 2023. Spey Resources has signed a licence agreement with
GOLD PROJECTS IN AUSTRALIAAIS
has four significant advanced stage exploration projects in
Australia’s two major gold-rich regions including Victoria near the
Fosterville Gold Mine and in the Lachlan fold belt in New South
Bright Gold ProjectThis month,
AIS Resources started drilling the Bright property at the Reliance
reef/mine site. The program includes 7 drill holes in a fan pattern
from one point above the Reliance adit to intersect the reef. AIS
has contracted with the driller to drill a minimum of 1500 m and
each hole will be 50-100 m in depth depending on lithology.
The next drill program will be in the Golden Bar
area. Further work is being done on the Rose, Thistle &
Shamrock mine for drill pad locations and best approach to drill
from Landtax reef area. A detailed community engagement program is
being put in place concurrent with our exploration work.
The Bright Gold Project and
surrounds comprises many major historical workings and recorded
production of over 730,0001 oz from both alluvial and rock mining.
The largest producers on the Project were the Rose, Thistle and
Shamrock mine @ 22.2g/t Au for 140,000 oz and the Oriental Mine @
28g/t for 6,194 oz. The Bright Project is in a premium location and
only 6km from E79’s Happy Valley Project. The EL006194 contains
more than 250 historical gold mines, reefs (quartz veins) and gold
occurrences dating back to the 1890’s. Historically the EL006194
yielded 341,000 oz gold at grades ranging between 7-992 3g/t,
averaging 22 g/t Au.
Fig. 2 – A.I.S. Resources preparing to commence the
July 2022 drill program on Bright Gold
Toolleen Fosterville Gold
ProjectFor the Toolleen Fosterville project, AIS has
engaged with the landowners to walk the drill hole locations in the
next few weeks. A 10-hole program is planned when the ground
becomes sufficiently dry to bring in a drill rig.
The Fosterville Toolleen Gold Project is located
12 km east of Kirkland Lake’s Fosterville gold mine – currently one
of the richest gold mines in Australia.
Kingston Gold ProjectIntensive
soil sampling has been completed as well as a detailed structural
geology review. This has changed the modelled mineralization to a
more northerly direction. Connor Coote that have a prospector’s
licence within the AIS Exploration licence area, have sunk a 50m
shaft and are preparing to start mining the lode. Any gold won
outside their prospector’s licence on our EL will result in a 15%
royalty share for AIS.
From 1900 to 1903, hard rock gold mining
occurred at the Old Kingston Mine with production estimated by the
then Mining Surveyor to be 2,762ozs of gold from 11,764 tonnes of
ore, at an average grade of 7.3g Au/t.
In January 2012 Navarre Minerals Limited which
held the concession at the time announced diamond drill results of
16.9m at 5.5g Au/t from a depth of 65.7m down-hole, including
3.1m at 29.5g Au/t. Visible gold was identified
between 65.7m and 65.9m down-hole within a quartz breccia on the
hanging wall side of a quartz lode structure.
HQ Diamond Drilling was undertaken in four holes
in March 2019 near the Old Kingston Mine site. Holes SWK001 to 4
were drilled by Starwest Drilling contractors to a depth of 70 to
80m. There was a range of results up to 24.27g/t Au.
Yalgogrin Gold ProjectThe
landowner sold the property where our EL was located, and the new
owners are pro-mining. During the fall 2021 drilling program an
intercept of 83m at 1.5gm/tonne of gold was measured. AIS currently
holds a 40% interest in Yalgogrin. AIS is evaluating its options to
JV or sell its 40% interest or acquire a 100% interest.
The Yalgogrin Gold Project is located in the
historic West Wyalong gold corridor of central NSW, Australia which
produced 445,700 oz gold mined between 1894-1921. The project had
Auger results of 12.5 gm/t and 32.3 gm/t, and 14 DDH’s with
intercepts ranging from 1.9 gm/t to 1m at 21.5 gm/t.
Technical information in this news release has
been reviewed and approved by Phillip Thomas, BSc Geol, MBM,
FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the
definitions established by the National Instrument 43-101 and is
President, CEO of A.I.S. Resources Ltd.
About A.I.S. Resources
LimitedA.I.S. Resources Limited is a publicly traded
investment issuer listed on the TSX Venture Exchange focused on
lithium, gold, 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 9.9 km from Kirkland
Lake’s Fosterville gold mine, a 60% interest in the 57 sq km Bright
Gold project (with the right to acquire 100%), a 40% interest in
the 58 sq km New South Wales Yalgogrin Gold Project, and 100%
interest in the 167 sq km Kingston Gold Project in Victoria
Australia near Stawell and Navarre. AIS has further options to
acquire three lithium concessions in the Pocitos and Cauchari
Salars in Argentina and also has 20% joint venture interest with
Spey Resources Corp. in the Incahuasi lithium brine project in
Argentina and Pocitos Salars.
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:email@example.comOrMartyn Element ChairmanT:
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._____________________
1 “Victorian gold deposits”. Philps N and Hughes
M. AGSO Journal of Australian Geology & Geophysics, 17(4),
1996. pp.2152 Ibid3 Recorded from mines of greater than 1,000
oz of production.
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