A.I.S. Resources Reports Visible Gold at its Bright Project in Victoria, Australia
13 December 2022 - 12:00AM
A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company”
or “AIS”) announces that the Company intersected visible gold
(Figure 1) at the Golden Bar Prospect in the third hole of its
current 1,500 meter program to test widths, grades and association
between the Shaws, Red, Leader, Home, and Golden Bar reef systems.
Figure 1: Visible gold and sulphide intersection in
Visible Gold at Hole GBDD003The
third hole (GBDD003) intersected gold in a spurry quartz-carbonate
vein at 75.5m associated with the Golden Bar Reef (Figure 2). This
visible gold intersection was unexpected at this depth as the model
anticipated the Golden Bar reef would be encountered below the 100
meter level. The gold mineralization appears to occur through
multiple major and minor faults.
This new intersection is within a broadly
altered interval that contains arsenopyrite, sphalerite, and
pyrite. AIS drilled 2 holes at the Home and Golden Bar Reefs early
this year, recording anomalous concentration over 10,000ppm (1%)
arsenic which is known to be a pathfinder for gold. Down hole
intersections are consistent with the 3D model generated from
open-source LiDAR and historic mine plans.
Figure 2: Section across GBDD003, looking
About Golden BarA historical
account of production comes from the last records of mining
immediately above these drill intersections by way of Kenny, 19661.
Earliest records of the prospect are incomplete, with surface
mining estimated to have initiated around 1865, concluding in 1905
on mining fronts associated with the Home Reef and Shaws Reef. It
was calculated that Shaw’s Reef yielded a grade of 10.14 g/t from
487.7 tonne of ore and Home Reef yielded 22.28 g/t from 287 tonne
of ore. The weighted average from a total of 779.3 tonne of ore is
14.66 g/t, with auriferous pyrite contributing between 1.2-1.5
g/t2. LiDAR analysis demonstrates that at surface the Home Reef was
mined up to 120m in length, while the Shaws Reef was mined up to
80m in length.
AIS is seeking to demonstrate that wide
continuous mineralization occurs within the boundaries of
mineralized reefs and is persistent over strike.
Figure 3: Regional tenement and surface geology
Figure 4: Prospect map of
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 a
director of A.I.S. Resources Limited.
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 a 20% joint venture
interest with Spey Resources Corp. in the Incahuasi lithium brine
project in Argentina. AIS has further options to acquire four
lithium concessions in the Pocitos Salar and one lithium concession
in the Cauchari Salar in Argentina. AIS has granted the option to
acquire the Pocitos 1 and 2 licences to Spey Resources by June 30,
2023. If exercised AIS will retain a 7.5% royalty. AIS has granted
an option to acquire an 80% interest in the Pocitos 7 and 9
licences to C29 Resources by June 30, 2023.
On Behalf of the Board of Directors,A.I.S.
Resources LimitedMartyn ElementPresident, CEO, Chairman
Corporate ContactFor further information, please
contact:Martyn 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 Geological Survey of Victoria Bulletin No.44,
pp.39-40. 2 Ibid
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