AIS Resources Receives Favourable Initial IP Geophysics at Yalgogrin Gold Project
January 20 2021 - 6:39AM
A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the "Company" or
"AIS") is delighted to report that Fender Geophysics commenced the
Induced Polarization Geophysics survey at EL5891 on Monday 11
January 2021. Approximately 36 line kilometres will be measured.
This survey will detect the presence of sulphides (that associates
with gold) and other highly conductive elements. Low-resistance
anomalies such as areas with sulphides if present will be observed.
Phil Thomas CEO commented, “This is a really
exciting week for us. When the IP lines go over those sample areas
that assayed 24gm/tonne of gold, the extent of the mineralization
between the drill and augur holes will be closely watched. To top
it off, recently we took a rock chip sample with significant pyrite
in it and if this is prevalent the IP survey will light up like a
Christmas tree! Our intention is to define major drill hole
locations and have our drillers there as soon as we can schedule
them.”
Fig. 1 – Granite rock chip sample with pyrites in
it being examined by Chief Geologist Denis
Walsh:https://www.globenewswire.com/NewsRoom/AttachmentNg/e37a3039-3884-433b-bb71-f7a236749079
Explanation of Induced
PolarizationThe induced polarization method makes use of
the capacitive action of the subsurface to locate zones where clay
and other chargeable minerals are located within the host rock.
With IP you can get a firm indication of conductive elements in the
ground if it holds a charge because two maps are produced i.e.,
resistivity (conductivity) and IP—at the same time.
This is important for mineral
exploration—identifying economically important minerals, including
gold, copper, and silver. Early on, pyrite and massive sulfide
minerals were deposited by hydrothermal fluids. These minerals have
a huge IP signature, especially when disseminated as smaller grains
in a rock matrix, which we can use when exploring for these
minerals.
Work at Yalgogrin Includes:
- IP survey will be conducted over
the highest auger and drill results on EL5891.
- The proposed survey is to cover
approximately 75% of EL 5891 (1.2km x 1.5km) with Gradient Array IP
and the line spacing will be approximately 50m.
- A gradient array IP of
approximately 2 sq km in ELA6030 is being designed for the Asia
Wyalong shaft and mine, and an area to the south.
- Magnetic survey over ELA6030 with a
focus on the Asia Wyalong and Talmore historic mine areas will
follow;
- All landowner and government
approvals were received to conduct the low Impact exploration.
Fig. 2 – Location of AIS Resources three properties
– Yalgogrin, Fosterville Toolleen and
Kingston:https://www.globenewswire.com/NewsRoom/AttachmentNg/74753188-42f6-4b22-8035-f48cf2eb0b30
Fig. 3 – Lines to be surveyed by IP with existing
mines and Gold contours and augur results in
backgroundhttps://www.globenewswire.com/NewsRoom/AttachmentNg/e502d8b9-7be9-4086-bca5-b7429ae8e274
Fig. 4 – Progress so far on Day 3 of the IP
Survey:https://www.globenewswire.com/NewsRoom/AttachmentNg/08a298b3-3ad9-496a-a8fb-7f8bcaa38091
Fig. 5 – Proposed Gradient Array IP coverage
(hatched area) within EL6030 over the Asia-Wyalong
mine:https://www.globenewswire.com/NewsRoom/AttachmentNg/4640e64c-a07e-4e9f-b1c4-518d84b8f28f
Asia Wyalong MineApproximately
10.1km southwest of Yalgogrin is a group of workings comprising of
the Asia-Wyalong Mine, Rowe and Preston’s Mine and the Sheehan
Mine. The Talmore mine is approximately 2km away from the Asia
Wyalong mine. The main workings comprise of three shafts up to
91.5m deep, drives, crosscuts, winzes, stoping and shallow pits
extending about 15.3m over the surface. The work was mostly carried
out between 1932 and 1936 on a number of quartz veins between 0.76
and 2.2m wide. They strike 340o, with a near vertical dip.
Altogether there are six parallel lines within a 60m wide strip.
They parallel the cleavage and in addition there are numerous
smaller crosscutting veins. The richest gold is reported to have
come from the intersection between the main veins and the smaller
veins. Officially, a total of 21.225kg of gold was won from ore
yielding 0.036kg/t.
We propose to complete the IP survey,
geochemical sampling and a magnetic survey. Following these studies
we will do a partial leach bulk sample analysis.
Fig. 6 – Earthwatch Map showing location of EL5891
and ELA6030 and historic gold mines in
yellow:https://www.globenewswire.com/NewsRoom/AttachmentNg/0f866a55-7fa8-4693-9d3f-532ba552bb26
Toolleen – Fosterville
EL6001Early processing of ground penetrating radar is
showing some prospective structures (aqua areas on lines). When
this is combined with other data it will provide a clearer picture
of the structures on the Exploration Licence area.
Fig. 7 – Shows the survey data with aqua coloured
gaps highlighting anomalies, with the white area at the top of the
figure being the Fosterville mine in the
background:https://www.globenewswire.com/NewsRoom/AttachmentNg/b5502622-f17d-4e5d-94ea-42293b1f2865
Technical information in this news release has
been reviewed and approved by Phillip Thomas, BSc Geol MAIG who is
a Qualified Person under the definitions established by the
National Instrument 43-101.
About A.I.S. Resources
LimitedA.I.S. Resources Limited is a publicly traded
investment issuer listed on the TSX Venture Exchange focused on
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 its portfolio.
The Company is managed by a team of experienced geologists, with a
track-record of successful capital markets achievements. In
November 2020, AIS received TSX-V approval to acquire the New South
Wales Yalgogrin Gold Project JV, the Fosterville-Toolleen Gold
Project and the Kingston Gold Project in Victoria Australia.
A.I.S. Resources LimitedFor further
information, please contact:Phillip Thomas, Chief Executive Officer
Tel: +1-747-200-9412 Email: pthomas@aisresources.com OrMartyn
Element, Executive Chairman Tel: +1-604-220-6266Email:
melement@aisresources.com Website: www.aisresources.com
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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
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proceeds of the Private Placement. Although the Corporation
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board of directors of the Corporation determines that it would be
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