The Bright Gold Project is Strategically Adjacent to E79 Happy Valley
Historically the 57 Sq Km Exploration Licence EL006194 has yielded 341,000 oz gold averaging 22 g/t Au with 771,700 oz coming from the immediate neighbouring area.
The 57 Sq Km Bright Gold Project surrounds comprises many major historical workings and the entire area recorded production of over 730,000 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.
This major acquisition for AIS Resources is a potential game changer as it provides the company with numerous well-defined targets and the ability to use modern exploration techniques. Very little systematic exploration has been applied in this area, which historically had limited drilling below 60 metres.
The Golden Bar Prospect
More details in our Bright Gold Presentation
A maiden drilling program commenced late last year at the Golden Bar Prospect with two drill holes completed to 104 and 119 metres. AIS Resources has been extremely active logging the core at the Golden Bar Prospect from the two completed drill holes. This core has now been submitted for assay and the company awaits the results. Our geology team is currently preparing for soil sampling to provide additional data on the targets identified prior to drilling. Given E79’s success and that our project is located only 7km away, we plan to identify and target similar gold bearing structures.
Golden Bar Prospect and Pioneer Mine Photos
Pioneer Mine – Great Prospectivity and the Next Target
The northern section of the Exploration Licence evidenced considerable gold hard-rock mining activity in the quartz reefs, which was initiated in 1858. It started in the Pioneer Reef, then moved into the hills surrounding the valley. The Pioneer Mine was the most successful mine in this northern area. Large scale bucket dredging spanned the period 1900-1909, with over 40 dredges in the upper Oven River. Production declined by 1914 and completely ceased in the 1920s.
No modern mining or meaningful exploration has occurred in the Pioneer Mine area since mining ceased in the 1920s. Three-dimensional modeling from mining records in the previous year demonstrated the potential for widths of quartz reef amenable to modern mining methods.
Modelling from the plans retained at Pioneer demonstrate at least one east dipping reef bulges at the axial plane and continues to surface. Modeling also suggests that there more than one, or a series of stacked reefs in proximity of the anticline. At the intersect with the hinge this ‘bulge’ zone is up to 12m wide (Kenny, 1966) and was quoted that the grade of this zone was 12.2 g/t. While mining the lower levels of this mine the No.5 adit intersected a reef called the Black Leader which was quoted as being between 0.3-2.0m wide and grading 20 oz/t (633 g/t). This prospect is of the highest priority owing to its high grades and nested high-grade lodes. Initial planning is to test the down-plunge extension of the neck reef
AIS Resources will commence exploration drilling in this area shortly as significant unrealized mineral potential exists in the area of the Pioneer Mines.
Rose, Thistle & Shamrock Gold Mine
The Rose, Thistle and Shamrock (RTS) Gold Mine, including Landtax reef is an area of significant potential. According to official Victorian Government Mining records, over 140,000 oz of gold was produced at an average grade of 22.2 g/t between 1860 and 1934. Mining proceeded to a maximum depth of around 330m. The RTS gold mine is geologically and structurally complex resulting in the strong potential for significant economic ore. No significant exploration has been undertaken at or around the RTS mine since its closure almost 80 years ago.
Full 100% Ownership of Bright Gold Project
The Company has the option to acquire 100% by exercising two 20% options at a pre-determined cost based on the indicated and measured gold mineral resources defined. Full details of the acquisition will be set out in a separate release. AIS also announces that Stewart Govett, the Principal of the Vendor and renown, highly experienced geologist from Exact Geoscience has contracted to work with the Company. AIS Resources will benefit from his experience and detailed knowledge of the area.
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