AIS Resources Acquires Option on 596 sq km Exploration Licence Near Casterton, Western Victoria, Australia with Gold, Nickel,...
February 01 2021 - 8:00AM
A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the "Company"
or "AIS) is delighted to report that it has signed a 90 day option
agreement to acquire the exploration licence EL006958 known as
Casterton in the Glenelg zone, in Western Victoria, Australia. The
option agreement has provision for extensions to 31 July 2021. If
the option is exercised AIS can acquire the property for
AUD$1,500,000 in cash and shares. This brings the total square
kilometres AIS is exploring to 852 sq km.
Phil Thomas, CEO commented, “This is a fantastic
opportunity for us to develop a multi-commodity project stream. The
famous Hummocks Nickel, Chromite mine still has part of the
infrastructure there and a sample from the feed chute was assayed
by AIS at On-site Laboratories at 1,200ppm nickel and 1,100 ppm
chromium. The base metal prospects are in the bright red staurolite
zone in the schist that can be mineralized with copper and nickel.
Low-grade nickel in serpentinite occurs at The Hummocks, north of
Casterton (Bush et al. 1995b). With significant past exploration
this will significantly enhance our portfolio.”
Fig 1 – Earth Resources Victoria historical location of
mineralization, magnetic survey, EL boundary in
aqua.https://www.globenewswire.com/NewsRoom/AttachmentNg/abf4411c-5958-4740-a0f5-6ce30bfc6f73
Fig 2 - Tenement boundary and major towns in the
EL006958https://www.globenewswire.com/NewsRoom/AttachmentNg/8a3e6379-de19-4d57-96e3-c19353fe2625
Fig 3a Hummocks nickel chromite mine and Fig 3b Serpentinite
intrusionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ff953fe9-35b4-498e-8b52-1d3b3b834139https://www.globenewswire.com/NewsRoom/AttachmentNg/aae17a42-cda1-460e-bcb0-5383adecf6bb
Fig 4 Analysis of rock chip sample from Hummocks Mine,
Castertonhttps://www.globenewswire.com/NewsRoom/AttachmentNg/4f414e73-fa73-46c3-94e1-b38719c946e8
Past Historical Exploration
Gold |
BHP Gold Mines in 1987 found gold in the volcanics in the Cavendish
Area |
Gold |
Baracus Pty Ltd in 1988 found Gold in the Pigeon Ponds area. |
Diamonds |
Ashton Mining in 1980-81 found diamonds and prospective rocks in
PigeonPonds area |
Gold Silver |
Asarco Australia found precious and base metals in Casterton
area |
Diamonds |
CRA Exploration found in 1980 heavy mineral sands and diamonds |
Gold |
CRA exploration found gold in the Brolga Downs area in 1991-93 |
Gold |
CRA targetted gold in the Glenelg River Metamorphic complex and
gold associated in the burthong area with tertiary laterization in
1991-93 |
Gold |
Newmont Holdings found gold in the laterite hosted gold deposits in
the Balmoral area in 1986 |
Gold |
Norgold in 1988-89 found hypogene gold mineralisation in the
Coleraine-Balmoral-Harrow region |
Gold |
PS Forwood found major gold deposits through gold and arsenic
geochemical anomalies in laterites in the Balmoral area. Models
used included breccia pipe, greenstone, granite and boddington
style mineralisation. Gold was also found in the Mather Creek
area. |
Base Metals |
Rosscraft Minerals in 1983-1988 found base metal sulphide
mineralisation in the Dergholm Casterton area. |
Au-Ag-Cu-Pb-Zn |
Stawell Gold Mines in 1993-95 found polymetallic skarn
mineralisation associated with the contact with the Wando
granodiorite. |
Base metals |
Western Mining found in 1973-74 massive or disseminated base metal
sulphides |
Nickel |
Westpoint exploration found in 1970-71 nickel and allied
mineralisation in ultra basic rocks in the Coleraine area. |
Coal |
Western mining explored the Pashendale area for cretaceous black
coal seams in 1978-82 |
Previous mining for Zinc and Lead occurred in the Nolans Creek
area in 1908.
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 which
settled in January 2021.
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
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.
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