A.I.S. RESOURCES IDENTIFIES
PROSPECTIVE DRILL TARGETS
AT RELIANCE REEF AND
PROVIDES BRIGHT GOLD PROJECT UPDATE
Vancouver, British Columbia May 20, 2022 -- InvestorsHub
NewsWire -- A.I.S. Resources Limited (TSX.V: AIS, OTCQB:
AISSF) (the "Company" or "AIS") announces that the
Company has identified four low impact drill hole locations in the
newly developed Reliance Reef area.
Drilling, has been designed to test the exploration prospect
at Reliance and evaluate the drill rig suitability for resource
drilling at Golden Bar. The Company is collaborating with the State
Government roads manager and the Company's community relations team
is continuing to engage with the community to advise on the
proposed work.
Figure 1 Local Area Map showing
highly prospective gold resource area play which includes E79
Resources (CSE:ESNR), Fosterville South (TSX.V:FSX), and Dart
Mining (ASX:DTM).
Hillsborough-Catherine-Elgin-Reliance
Reefs and Mines – Historical Analysis
Recent
historical research of production related to the Reliance Mine
finds it the richest producer in the district. A newspaper article
from 1897 shows that a crushing from ore at surface yielded an
incredible 115
oz./ton or 3,576.5g/t[1].
Other historical yields included 3831 oz at 44g/t at the Elgin
Reef, and 9646 oz at 24g/t at the Hillsborough Reef.
Little
follow-up production was uncovered with two references of
production showing 335oz for the quarter of June
1905[2]
and 274oz.
for the March quarter of 1906[3].
Figure 2: LiDAR, surface
geochemistry, and structural interpretation at
Reliance-Elgin-Hillsborough.
Reliance drill program displayed in
the north.
Reliance
Drill Program
Recent
three-dimensional (3D) modeling utilizing open file LiDAR
demonstrates the high probability that the upper Elgin Reef is the
same as that worked at Reliance.
A maiden
drill program here is designed for 815m and staged in two
parts.
Figure 3: Relative prospect map of
Reliance and Golden Bar drill programs at EL6194.
There is a
near target drill fan program to test width, proximity, and strike
orientation with a further step out program to test continuity at
depth and orientation. Also, it is important to understand the
relationship of this saddle reef to any fold hinges that are
projected to exist locally as 3D modeling demonstrates that the
lower Elgin Reef occurs in proximity to an anticline which at this
point is mapped to be 4m wide from historic mine plans. Gold can be
found to deposit in saddle reef structures.
Figure 4: 11 m wide face sampled
(SF01) proximal to 2005 sample grading 22g/t. Looking
south.
It is
anticipated that the program should be able to determine the shoot
below and between historic workings lending further credibility to
the concept that the Reliance Reef and upper Elgin Reef are the
same structure. It is important to note that the Elgin workings
were intersected by a low angle post mineralization fault (hence
the upper and lower Elgin Reefs) with displacement of unknown
dimension. There is also the potential of other low angle late
faults to be encountered in this drilling.
Golden
Bar Drill Program
A follow-up
drill program for 1,665m has been designed and is displayed in
figure 5.
The first
drill hole here (GBDD001) was 2.85m@0.33 g/t gold and
4,070ppm arsenic from 96.7m on the Red Leader fault.
We are awaiting assay results from GBDD002. Better gold grades,
similar alteration and rock textures are expected
as
shown in
figure 7.
An additional
feature of the drill program at Reliance is for purposes of
assessing noise emissions. This data will be incorporated with a
noise management plan for the benefit of local residents at the
Golden Bar prospect. Collaboration with the State Government roads
manager and community engagement is ongoing.
Figure 5 Left: Drill section for
GBDD001, looking south-east. • Figure 6 Top
Right: Semi-massive pyrite
associated with quartz-carbonate vein. • Figure 7 Lower
Right: Vein hosted massive
euhedral arsenopyrite, GBDD001 82.8m.
Figure 1: Tray 1 for Home Reef
horizon 78.9-82.95m in GBDD001 (see section in figure 6). Tray 2
for Home Reef horizon 78.9-82.95m in GBDD001 (see section in figure
6). Tray 3 for Red Leader
Reef horizon 96.7-98.85m in GBDD001 (see section in figure 6.).
2.85m@0.33m g/t gold and 4,070ppm arsenic from 96.7m.
A historical account of
production at Golden Bar comes from the last records of mining
immediately above these drill intersections by way of the Kenny,
1966[4].
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 ton of ore and Home Reef yielded 22.28 g/t from 287 ton of
ore. The weighted average from a total of 779.3 ton of ore is 14.66
g/t, with auriferous pyrite contributing between 1.2-1.5
g/t[5].
Both of these reefs plunge to the south-east at about thirty
degrees.
As announced on January 12, 2022, AIS entered into a joint
venture with Clarus Resources Pty. Ltd. to explore the highly
prospective Bright Gold Project Exploration Licence EL6194, that
covers 57 sq km of land along the Bright-Myrtleford highway. The
exploration licence is surrounded by Dart Mining (ASX:DTM),
Fosterville South (TSX.V:FSX), and E79 Resources
(CSE:ESNR).
Martyn Element, Chairman of AIS stated, "We are pleased to
have completed a recent financing and look forward to commencing
the drilling program at the Reliance Reef and Golden Bar Reef, two
promising target zones of the several prospects at Bright
El-6194."
Fosterville-Toolleen Gold Project
Update
AIS has completed the soil sampling program, the geophysics
review, and a second geophysics review. The company is now
preparing for drilling up to 10 holes at approximately 100-120m.
Our community engagement team is currently working with land and
traditional owners to advise them of the proposed work pursuant to
the latest DJPR Earth Resources guidelines.
Explanation of Historical
Estimates
"Historical estimate" means an estimate of the quantity,
grade, or metal or mineral content of a deposit that an
issuer has not
verified as a current mineral resource or mineral
reserve, and which was prepared before the issuer acquiring, or
entering into an agreement to acquire, an interest in the property
that contains the deposit and is not NI43-101 compliant nor JORC
compliant if an Australian reporting explorer. The statement does
not imply that a resource has been estimated and gives no
indication that the deposit is economic or not. An issuer
must not disclose any
information about a mineral resource or mineral
reserve unless the disclosure uses only the applicable mineral
resource and mineral reserve categories.
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 President, CEO
of A.I.S. Resources Ltd.
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 9.9km from Kirkland Lake's Fosterville gold mine, a
60% interest in the 57sqkm Bright Gold project (with the right to
acquire 100%), 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. AIS has further options to
acquire three lithium licences in the Pocitos
and Cauchari Salars in Argentina and, also has 20% joint venture
interests with Spey Resources Corp. in lithium brines in Argentina at
the Incahuasi and Pocitos Salars.
On Behalf of the Board of Directors,
A.I.S. Resources Ltd.
Phillip Thomas,
President & CEO
Corporate Contact
For further information, please contact:
Phillip Thomas, Chief Executive Officer
T: +1-323 5155 164
E:pthomas@aisresources.com
Or
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.
