VANCOUVER, British Columbia, Dec. 12, 2022 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that the Company intersected visible gold (Figure 1) at the Golden Bar Prospect in the third hole of its current 1,500 meter program to test widths, grades and association between the Shaws, Red, Leader, Home, and Golden Bar reef systems.
Figure 1: Visible gold and sulphide intersection in GBDD003 at 75.5m
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Visible Gold at Hole GBDD003
The third hole (GBDD003) intersected gold in a spurry quartz-carbonate vein at 75.5m associated with the Golden Bar Reef (Figure 2). This visible gold intersection was unexpected at this depth as the model anticipated the Golden Bar reef would be encountered below the 100 meter level. The gold mineralization appears to occur through multiple major and minor faults.
This new intersection is within a broadly altered interval that contains arsenopyrite, sphalerite, and pyrite. AIS drilled 2 holes at the Home and Golden Bar Reefs early this year, recording anomalous concentration over 10,000ppm (1%) arsenic which is known to be a pathfinder for gold. Down hole intersections are consistent with the 3D model generated from open-source LiDAR and historic mine plans.
Figure 2: Section across GBDD003, looking north-west.
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About Golden Bar
A historical account of production comes from the last records of mining immediately above these drill intersections by way of Kenny, 19661. Earliest records of the prospect are incomplete, with surface mining estimated to have initiated around 1865, concluding in 1905 on mining fronts associated with the Home Reef and Shaws Reef. It was calculated that Shaw’s Reef yielded a grade of 10.14 g/t from 487.7 tonne of ore and Home Reef yielded 22.28 g/t from 287 tonne of ore. The weighted average from a total of 779.3 tonne of ore is 14.66 g/t, with auriferous pyrite contributing between 1.2-1.5 g/t2. LiDAR analysis demonstrates that at surface the Home Reef was mined up to 120m in length, while the Shaws Reef was mined up to 80m in length.
AIS is seeking to demonstrate that wide continuous mineralization occurs within the boundaries of mineralized reefs and is persistent over strike.
Figure 3: Regional tenement and surface geology map.
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Figure 4: Prospect map of EL6194.
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Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol, MBM, FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National Instrument 43-101 and is a director of A.I.S. Resources Limited.
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’ 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 9.9 km from Kirkland Lake’s Fosterville gold mine, a 60% interest in the 57 sq km Bright Gold Project (with the right to acquire 100%), a 40% interest in the 58 sq km New South Wales Yalgogrin Gold Project, and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. AIS has a 20% joint venture 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. 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.
On Behalf of the Board of Directors,
A.I.S. Resources Limited
Martyn Element
President, CEO, Chairman
Corporate Contact
For further information, please contact:
Martyn Element. Chairman
T: +1-604-220-6266
E:melement@aisresources.com
Website:www.aisresources.com
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.
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1 Geological Survey of Victoria Bulletin No.44, pp.39-40.
2 Ibid
