A.I.S. Resources Maiden Drill Program Intersects High-Grade Visible Gold at Golden Bar Prospect Bright, Victoria Australia

Vancouver, British Columbia – A.I.S. Resources Limited (TSX-V: AIS, OTCQB: AISSF, FRA: 5YHA) (the “Company” or “AIS”) has concluded the initial drill program at the Bright Property with a total of 597.6m metres drilled at Golden Bar and 523.6m drilled at Reliance prospect for a total of 1,121.2m drilled from May 2022 to February 2023. 

Highlights are:

• Golden Bar GBDD003 returned; 75.35 to 77.1m, 1.75m @ 1.57 g/t (inc. 0.3m @ 2.13 g/t, of visible gold)
• Drill hole GBDD006 (see Figure 1 through Figure 5 and Figure 7) encountered a broad zone of sulphide, quartz reef, and silicified shearing between 113.1 – 125.4m, demonstrably good signs of gold mineralisation.
• Significant results from GBDD005: 0.45m @ 18.56 g/t Au and 4,807 ppm As
• Significant results from GBDD006:
  • 1.5m @ 1.34 g/t Au and 2,912ppm As from 113.2m 
  • 2.65m @ 6.97 g/t Au and 2,72ppm As, including 1m @15.9 g/t from 122.9m

Positive new prospect surface geochemistry:

• Myrtle Reef – High grade surface face sample 1.2m@ 14.22 g/t Au (lab repeat).
• Broad low-grade shear related gold assayed in surface sampling indicated north of Rose, Thistle, and Shamrock mine. 

Figure 1 Golden Bar Prospect drilled holes over LiDAR plan with traced tracks and surface expressions of controlling reef structures.

Figure 2; Section for GBDD003 and GBDD004A.

Figure 3; Golden Bar Reef and new reef intersection from hole GBDD006 between 113.1 through 125.4m.

Refer to appendix 1 for collar location data from the Golden Bar drilling campaign.

The drill program at Golden Bar was designed to test the geological model down plunge of the historic Shaws, Home, and Red Leader reef workings where total of 597.6m metres has been completed.

Combined historical production at Golden Bar and adjacent reefs was 58,753 ton of ore for 20,479 ounces of gold at a grade of 10.84 g/t, see Table 2 . 

The grades returned from this latest drilling program are consistent with these grades.

By 1905 mining fronts associated with the Home Reef and Shaw’s Reef had concluded. At the conclusion of mining, it was calculated that Shaw’s Reef yielded a grade of 10.14 g/t from 487.7 tonnes of ore and Home Reef yielded 22.28 g/t from 287 tonnes of ore. The weighted average from a total of 779.3 tonnes of ore is 14.66 g/t, with auriferous pyrite contributing between 1.2-1.5 g/t^[1].

 Figure 7; Framework supported breccia. Lithic are rimmed by ferro-carbonate and  matrix has disseminated pyrite. Selection is from interval 113.5 – 114.25m which assayed 1.25 g/t and 4,570.8ppm As.

Historically, the Golden Bar Reef was never mined with preference given to Shaws, Red Leader, and Home Reefs. Unexpectantly, the drilling to date at Golden Bar prospect likely shows that there exist decent prospects in considering the namesake reef a viable untouched insitu resource drill target. Visible gold (GBDD003) and consistently high values for arsenic affirmed the potential for high grade gold on the Golden Bar reef with 0.45m @ 18.6 g/t from GBDD005 and 1.5 @ 1.34 g/t in GBDD006.

Reef	Ore (t)	Gold(kg)	Gold (oz.)	Grade (g/t)	Years of production
Home	44,865	498	16,010	11.10	1864-1905
Shaws	1,512	9.9	319	6.60	1866-1874, 1905
Golden Bar	12,376	129	4,150	10.40	1864-1890, 1906
Combined	58,753	636.9	20,479	10.84

Table 2; recorded production sourced from the Victorian Government Geoscience (VandenBerg, et al., 2004).

These recent drill results (namely GBDD003, GBDD05, and GBDD006) are an excellent conclusion to a long drill campaign that produced widths consistent to mining records up plunge, however not consistent with historic grades. 

The presence for gold was consistently observed where arsenic was very high. Generally, sub 1g/t and high-grade gold were observed to occur where arsenic was greater than 2,000ppm arsenic. Owing to the nuggetty nature of this style of mineralisation it should be expected that gold is typically underreporting, with occasional high-grade gold retuned from reefs containing high values of arsenic. 

This trend was also observed in a new, previously unexpected reef found in close proximity to the Golden Bar Reef. This new reef returned 2.65m @6.82 g/t Au and 2,72ppm, including 1m @15.9 g/t in GBDD006. It is expected that these two merges down plunge and strike contributing to substantial upside potential. 

Surface Geochemistry

Preliminary surface geochemistry results over areas of historic interest identified from LiDAR have returned positive results, namely related to the Myrtle/London reef workings, see Figure 9.

Sample ID	Easting GDA	Northing GDA	elevation	Au g/t	Au (Dup) g/t	As ppm	Prospect
BR0053	500889	5929346	673	1.185		156	Catherine Reef
BR0054	502242.9	5918743	962	0.835		601	RTS
BR0061	500283.8	5926777	617	0.787	0.728	42.6	Myrtle Reef
BR0057	502262.8	5918723	971	0.755		928	RTS
BR0064	499609.3	5926774	795	0.693		231.9	Myrtle Reef
BR0058	502277.2	5918720	965	0.641		1,075	RTS
BR0059	502285.4	5918719	972	0.257		832	RTS
BR0055	502250.8	5918740	959	0.231		296	RTS
BR0056	502243.2	5918751	961	0.195		811	RTS
BR0052	500891.2	5929356	678	0.187		49	Catherine Reef

Table 3: Significant surface geochemistry, rock chips, sorted by gold grade.

An impressive 1.2m @ 9.53 g/t gold (lab repeat 14.22g/t) was achieved on face sample SF06-01 (Figure 8) in an area defined from government open file LiDAR as being upslope of the Myrtle Reef mine area. Another significant result was SF04 which produced 2m@0.44 g/t in the wall of an adit in-line with workings also identified from open file LiDAR. 

 Figure 8; Image of SF06 in historical excavation. Looking south.

See  Table 3, Figure 8, and Figure 9 for these results. These results are produced from testing exposures made from minor working that align within a 30m corridor and is interpreted as possibly related to a continuous north north-west shear zone with a minimum length of 900m. This possible shear is interpreted as to occur in relation to a shear array which hosts significant producing mines; London Reef and Myrtle Reef, also Red Ruth (see Figure 9).

Historical Production^[2] from the London Reef was recorded as 12,411t @34.4 g/t for Au 13,730 oz., Myrtle Reef 18,858t @16.9 g/t for Au 10,280 oz., and Red Ruth of 97t @ 6.1 g/t Au for 58 oz. Combined these mines produced 31,366t for 24,068oz at a grade of approximately 23.9 g/t.

Figure 9; Myrtle Reef mine area. Significant surface geochemistry results and LiDAR surface workings. Potential broad shear-zone shown in green hashed region.  

Separate to these results at the Myrtle/London reef, an area identified from preliminary soil sampling is confirmed as containing gold out cropping north of the Rose Thistle, and Shamrock Mine.  

The zone so far appears to have the dimensions of 20m wide by 300m long and remains open along strike (Figure 10). AIS intends to further define this area and other nearby anomalous areas with a soil program. Soil sampling last year by AIS returned the highest-grade soil to date at the project; 3,193ppb (3.19g/t) with an internal lab check repeating at 4,535ppb (4.54 g/t) for this sample.  A significant part of this follow-up soil work is testing and infill sampling around the significant Rose, Thistle, and Shamrock (RTS) mine.

Figure 10; broad shear zone related mineralisation north of Rose, Thistle, and Shamrock.

Figure 11; upcoming soil program testing historic and new soil anomalism surrounding and north of the Rose, Thistle, and Shamrock (RTS) Mine.

About A.I.S. Resources Limited

A.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’s 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 has a 20% carried 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 (subsequently optioned by Spey to Recharge Resources). 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.  AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9 km from Agnico Eagle Limited’s Fosterville gold mine, a 60% interest in the 57 sq km Bright Gold Project (with the right to acquire 100%), and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre.