Vancouver, British Columbia – A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that due diligence on the Yalgogrin Orogenic Gold Project (the “Project”), has been completed with a three-day project inspection of the historic mines and geology on ELA6030 and EL5891. Twelve drill core samples from EL5891 have been verified as correct and show a strong correlation.
Fig 2 – Drill holes and trenching on EL5891 with historical mines.
Twelve samples from YAC64-72 were assayed to verify 2018 assay results. Results are in Fig.5 below. One blank was included for QA/QC. Onsite Laboratory is the only ISO registered commercial mineral laboratory in Victoria.
Fig.5 – YAC64-72 Drill core assay results from Onsite Laboratory Services.
Assay Results Verified
The Pearson correlation co-efficient is 98.4%, which is exceptionally high and gives us full confidence in the assay results. Sample YAC64, original SGS assay was 5.49gm/t and Onsite Laboratory assays were at 5.01gm/t and 5.6 gm/t. Out of the twelve samples assayed, eight were higher than the original assay, which is due to the sample sizes. The 10.5% sampling difference is reasonable given the sample size.
The EL6030 Group of Gold Workings
Approximately 10 km southwest of Yalgogrin is a group of workings comprising the Asia-Wyalong Mine, and the Talmore Mine, which cover 56 sq km and were staked as ELA6030. AIS’s property is surrounded by Thomson Resources’ Yalgogrin Gold Field property..
Fig 6 (L) – Talmore mine showing carbonaceous slate.
Fig 7 (R) – Asia Wyalong mine and shaft with visible drives and a depth of 91 metres.
Fig 8 – Arsenic is correlated with gold and this map shows the Arsenic (As) contours and old workings, and sampling along the creek.
“With 11 km strike length of known gold workings, and production over 15,000 oz from surface workings, the assay results are what we were expecting. This gives us confidence going forward with our highly prospective gold project in the Lachlan Fold Belt in NSW. And the geology and topography we examined gives us additional assurance that further exploration will be rewarding,” stated A.I.S. Resources CEO, Phillip Thomas.
“The Asia-Wyalong and Talmore mine areas displayed geology consistent with the occurrence of gold. And the numerous pits and historic workings give us strong indications where to explore. To develop a drill target program, we had detailed discussions with geophysics consultants about conducting an IP survey over the key areas of interest. We also met with the drill team to discuss the area’s geology. Preparation of the Option Definitive Agreement for the initial acquisition of 60% is progressing well. Upon completion we will be able to close the transaction. All technical due diligence has been finalised and the returns for the NSW Resources and Geoscience Division have been completed.”
Fig 9 (L) – Quartz veins intruding cracks in host rock at Asia Wyalong mine.
Fig 10 (R) – Folding in bedrock with tensional cracks and quartz veins at Asia Wyalong mine.
Fig 11 – Total magnetic intensity map. White circle represents centre of pit. White star indicates location of metallic debris. White lines indicate locations of the three TEM coincident loop profiles. Line AB reflects trend in TEM data. Black dashed lines indicate major fracture systems and possible drill targets.
Evidence of Significant Lineaments in Magnetisation Evident
Magnetic data is presented as a contour image of total magnetic intensity. The significant lineaments in magnetisation are clearly evident in Figure 11. These are assumed to be associated with the prospective fracture systems that may be the location of gold mineralisation close to the surface. Numerous short wavelength features are also evident throughout the survey area.
Technical information in this news release has been reviewed and approved by Phillip Thomas, CEO of A.I.S. Resources, who is a Qualified Person under the definitions established by the National Instrument 43-101 and a Certified Mineral Valuer.
About the Yalgogrin Gold Project
The advanced-stage exploration project is located in the historic Yalgogrin goldfield, only 37 km west of the town of West Wyalong on the Newell Highway and 595 km north of Melbourne. The 5,880 hectares (14,530 acres)project is in the Koetong suite of granites in the Lachlan Fold Belt of NSW, Australia.
About A.I.S. Resources Limited
A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focussed on precious and base metals exploration. The Company is managed by a team of experienced mining and geological professionals. AIS has been involved in manganese trading from mines in Peru. In July-August 2020, AIS entered into agreements to acquire and develop the Tooleen-Fosterville Gold Project in Victoria Australia and the Yalgogrin Gold Project in central New South Wales, Australia.
A.I.S. Resources Ltd.
For further information, please contact:
Phillip Thomas, Chief Executive Officer
T: +1-747 200 9412
Martyn Element, Executive Chairman
T: +1-604 687 6820
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. 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.