A.I.S. Resources Amends Terms of Bright Gold Project Agreement
11 August 2022 - 12:00AM
A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company”
or “AIS”) announces the Company has amended the terms of its option
to acquire 100% interest in the Bright Gold Project in Australia.
The Company has acquired a 60% interest in the
Bright Gold Property for a payment AUD$150,000 cash and the
issuance of 10 million shares at CAD$0.06 per share. The Company
has the option to acquire 100% interest in the Bright Gold Project
by exercising two 20% options at a pre-determined cost based on the
indicated and measured gold mineral resources defined, to be paid
50% in cash and 50% in shares of AIS.
The Company has amended the terms of the two 20%
options as follows:
- the shares shall be issued at a
deemed price of $0.06 per share,
- the number of shares to be issued
shall not at any time exceed 9.9% of the post-issuance issued and
outstanding share capital of AIS on a diluted basis
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. Exploration licence
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.
The Company is currently 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 Company also announces that it intends,
subject to TSX Venture Exchange approval, to extend the term of
27,833,333 warrants expiring on August 18, 2022. The share purchase
warrants were issued pursuant to a private placement of 27,833,333
units accepted for filing by the TSXV on August 19, 2020.
The warrants will be extended for a period of
one year until August 18, 2023. The exercise price remains
unchanged at $0.08.
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.
Phillip Thomas, President & CEO
Corporate ContactFor further information, please
contact:Phillip Thomas, Chief Executive OfficerT: +1-323 5155
OrMartyn Element ChairmanT:
+1-604-220-6266E: email@example.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.
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
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