A.I.S. Resources Acquisition of Salinitas Lithium Brine Project at Salinas Grande Salar, Argentina
Vancouver, British Columbia – July 25, 2018 – A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) is pleased to announce that the Company has entered into an option agreement to acquire five lithium brine mining tenements in the Salinas Grandes Salar, Salta province Argentina (“Salitinas” or “the Project”). The 4,308 hectare land package resides in the Puna region of northwest Argentina near the border of Chile, an area renowned for its lithium- and potassium-rich brine resources. The surface elevation of the Salinas Grandes salar is approximately 3,400 metres above sea level.
Figure 1. General Location Map of Argentina’s Puna
Figure 2. Location Map of Concessions in the Salar De Salinas Grandes
Under the terms of the Option Agreement AIS has agreed to incur total expenditures of at least US$1.2 million prior to June 13, 2020. The Company can acquire an undivided 100% in the Project at any time during the Agreement by making payments totaling US$4 million. To secure the Option Agreement, AIS has agreed to pay US$250,000.
AIS has granted to MGX Minerals Inc. (MGX) an Option to acquire an 80% interest in the Project. To secure the Option, MGX has agreed to pay US$250,000 on or before July 31,2018. MGX can acquire an undivided 80% in the Project at any time during the Agreement by making payments totaling US$3.2 million. MGX has also agreed to incur total expenditures of at least US$1.2 million prior to May 31, 2020.
AIS plans in partnership with MGX to conduct a Transient Electromagnetic Method (TEM) geophysical study along with trenching, which will be followed by a drill program along the edge of the salar, to test for shallow, near surface brines and determine locations with anomalous concentrations of lithium.
Martyn Element Chairman of AIS stated. “We look forward to beginning a productive partnership with MGX in Argentina.”
Phillip Thomas, BSc, Geol, MBusM, MAIG, MAIMVA, (CMV), a qualified person as defined under National Instrument 43-101 regulations, has reviewed the technical information that forms the basis of this news release, and has approved the disclosure herein. Mr. Thomas is not independent of the Company as he is an officer and shareholder.
About A.I.S. Resources
A.I.S. Resources Ltd. is a TSX-V listed investment issuer, was established in 1967 and is managed by experienced, highly qualified professionals, who have a long track record of success in lithium exploration, production and capital markets. Through their extensive business and scientific networks, they identify and develop early-stage projects worldwide, that have strong potential for growth with the objective of providing significant returns for shareholders. The Company’s current activities are focused exclusively on the exploration and development of lithium brine projects in northern Argentina.
On Behalf of the Board of Directors,
AIS Resources Ltd.
Marc Enright-Morin, President and CEO
A.I.S. Resources Limited
President and CEO
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation 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 intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation 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.