A.I.S. Resources Continues Fast-tracking of Drilling Program at Toolleen, Yalgogrin and Kingston Australia
July 22 2021 - 8:00AM
A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the
“Company” or “AIS”) announces after successful financing it
will soon start additional drilling at its highly prospective
Australian properties at Toolleen, Yalgogrin and Kingston.
Highlights
Toolleen Fosterville
The Toolleen exploration licence located 10km
from Fosterville, is the closest exploration property to Kirkland
Lake's 7.58 Moz Au Fosterville Gold Mine in Victoria, Australia
which reported record Q2 2021 production of 157,993 ounces @ 28.1
Au making it one of the most profitable gold mines in the world.
AIS will continue drilling at Toolleen as soon as soil sampling is
completed in the new area and hopes to identify quartz spurs
branching out from the main Toolleen fault zone which we anticipate
will be mineralized with gold. Soil sampling will start in August
once the heavy seasonal rains abate, followed by RC drilling to
hone in on these structures.
Martyn Element Chairman stated, “Our goal at
Toolleen is to find a deposit similar to Kirkland Lake’s
Fosterville mine. The massive E79 Resources (CSE: ESNR) discovery,
which has many similarities to AIS’s exploration work, shows how
using modern methods can be hugely successful. Due to the
success of our recent financing we have the available funds to
aggressively continue exploring the rich potential of our
properties.”
Yalgogrin, NSW Australia
We are pleased to report that diamond drilling
has now been completed to a depth of 183m at the Asia Wyalong drill
site under the old Asia-Wyalong mine which had an historical
average Au grade of 37g/tonne. Logging, sampling and
submission of drill core for assays is underway. Core has been
split for holes 2-4, and 5-8 are currently being split and sampled.
Samples will be sent to Onsite Laboratories for assays. 70 core
samples (ID:YD0487-YD0556) have been delivered for gold fire
assay. We will then interpret results with respect to
logged structures-assays and soil results to confirm
structures.
Upon receipt of all results, an RC program will
be planned to test the Walsh’s lode with infill drilling and
extensions. We will also conduct infill drilling and extensions to
Neighbours Farm to establish an Inferred Resource. Details of the
RC program will be finalized pending the results of the diamond
drilling program. It is expected that around 3,000m - 4,000m of RC
drilling will be required to adequately test the areas to meet JORC
Inferred Resource requirements.
Figure 1. Follow-up on DDH with RC drilling to
define inferred
resource.https://www.globenewswire.com/NewsRoom/AttachmentNg/590d3883-0b36-4e4b-85c7-4dda388c4050
Kingston
The Company is reviewing past soil, drillhole
and auger results and magnetic images on the Kingston Property to
develop drilling targets. An initial in-situ soils program and
magnetic survey is being conducted at present.
Encouraging historical results include: January 2012 Navarre
Minerals Limited diamond drill results of 16.9m at 5.5g Au/t from a
depth of 65.7m down-hole, including 3.1m at 29.5g
Au/t. Visible gold was identified between 65.7m
and 65.9m down-hole within a quartz breccia on the hanging wall
side of a quartz lode structure. March 2019 HQ Diamond Drilling was
undertaken in four holes near the Old Kingston Mine site to a depth
of 70 to 80m. There was a range of results up to 24.27g/t Au.
Warrants Extension
The Company also announces that it intends,
subject to TSX Venture Exchange approval, to extend the term of
27,833,333 warrants expiring on August 18, 2021. The share purchase
warrants were issued pursuant to a private placement of 27,833,333
units accepted for filing by the TSXV on August 19, 2020.
The warrants will be extended for a period of
one year until August 18, 2022. The exercise price remains
unchanged at $0.08.
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.
On Behalf of the Board of Directors,A.I.S. Resources Ltd.Phillip
Thomas, President & CEOCorporate
ContactFor further information, please contact:Phillip
Thomas, Chief Executive OfficerT: +1-323 5155
164E: pthomas@aisresources.comOrMartyn
Element. ChairmanT:
+1-604-220-6266E: melement@aisresources.comWebsite: 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.
AIS Resources (TSXV:AIS)
Historical Stock Chart
From Mar 2024 to Apr 2024
AIS Resources (TSXV:AIS)
Historical Stock Chart
From Apr 2023 to Apr 2024