Victorian Government Awards Blocks 1, 2, 3 Adjacent to A.I.S. Resources’ Fosterville Toolleen Gold Project to Kirkland Lake with $90 Million Budget
November 2, 2021
Vancouver, British Columbia – A.I.S. Resources Limited (TSX-V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that Kirkland Lake Limited (TSX:KL) has won the tender issued by Earth Resources Victoria through the Department of Jobs Precincts and Regions. The tender was won on a commitment to spend up to $90 Million on the three blocks it won. Kirkland Lake’s Block 3 (EL007794) is adjacent to AIS Resources EL006001 Fosterville-Toolleen project.
Across the three blocks for which it was the successful tenderer, Fosterville Gold Mine will spend more than $90 million over a five-year period. The successful tenderers will now progress through to the licensing stage, which includes a 21-day period for the public to make submissions regarding the licence applications.
The tender opportunity was offered to experienced minerals explorers who could demonstrate a history of responsible exploration and a commitment to working closely with Traditional Owners, local stakeholders, and communities. It attracted a strong response with tenders received from a competitive field.
Martyn Element, Chairman of AIS stated, “With almost $20 million being spent per year in the next 5 years exploring neighbouring properties AIS looks forward to its own drilling and ground work being done in the immediate future to further progess the Company’s exciting Fosterville Toolleen Gold Project.”
AIS Resources’ Chief Geologist, Denis Walsh had a leading role in the preparation of Kirkland Lake’s recent successful block 3 tender in 2019.
Fig. 1 – AIS Resources’ Exploration Licence EL 6001 closest to Fosterville Gold Mine (NYSE: KL) – 9 Moz 7.3 g/t AU in an open pit mine. Drill-ready project with IP geophysics and R-C/diamond drilling to complement drill and radar geophysics work done to date.
The Geological Survey of Victoria estimates that there may be up to 75 million ounces (Moz) of gold yet to find in the central and north central Victorian goldfields. This compares with the 80 million ounces of gold mined from the area over nearly 170 years.
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National Instrument 43-101.
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 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 12 km from Kirkland Lake’s Fosterville gold mine (subject to completion of certain exploration expenditures), a 60% interest in the 58 sq km New South Wales Yalgogrin 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. It also has joint venture interests with Spey Resources Corp in lithium brines in Argentina at Incahuasi and Pocitos salars.
On Behalf of the Board of Directors,
AIS Resources Ltd.
Phillip Thomas, President & CEO
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Martyn Element. Chairman
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.