Mr. Martyn Element reports

A.I.S. RESOURCES MAIDEN DRILL PROGRAM INTERSECTS HIGH-GRADE VISIBLE GOLD AT GOLDEN BAR PROSPECT BRIGHT, VICTORIA AUSTRALIA

A.I.S. Resources Ltd. has concluded the initial drill program at the Bright property, with 597.6 metres drilled at the Golden Bar prospect and 523.6 m drilled at the Reliance prospect, for a total of 1,121.2 m drilled from May, 2022, to February, 2023.

Highlights:

• Drill hole GBDD003 returned 1.75 metres (75.35 m to 77.1 m) at 1.57 grams per tonne gold (including 0.3 m at 2.13 g/t of visible gold).
• Drill hole GBDD006 encountered a broad zone of sulphide, quartz reef and silicified shearing between 113.1 m and 125.4 m, demonstrably good signs of gold mineralization.
• Significant results from GBDD005 include 0.45 m at 18.56 g/t Au and 4,807 parts per million arsenic.
• Significant results from GBDD006 include:
  • 1.5 m at 1.34 g/t Au and 2,912 ppm As from 113.2 m;
  • 2.65 m at 6.97 g/t Au and 2,720 ppm As, including one m at 15.9 g/t Au, from 122.9 m.

Positive new prospect surface geochemistry:

• Myrtle reef -- high-grade surface face sample of 1.2 m at 14.22 g/t Au (lab repeat);
• Broad, low-grade, shear-related gold assayed in surface sampling indicated north of Rose, Thistle and Shamrock.

The drill program at Golden Bar was designed to test the geological model down plunge of the historical Shaws, Home and Red Leader reef workings, where a total of 597.6 metres have been completed.

Combined historical production at Golden Bar and adjacent reefs was 58,753 tonnes of ore for 20,479 ounces of gold at a grade of 10.84 g/t (see an attached table).

The grades returned from this latest drilling program are consistent with these grades.

By 1905, mining fronts associated with the Home and Shaws reefs had concluded. At the conclusion of mining, it was calculated that the Shaws reef yielded a grade of 10.14 g/t from 487.7 tonnes of ore, and the Home reef yielded 22.28 g/t from 287 tonnes of ore. The weighted average from a total of 779.3 tonnes of ore is 14.66 g/t, with auriferous pyrite contributing between 1.2 g/t to 1.5 g/t.

Historically, the Golden Bar reef was never mined, with preference given to the Shaws, Red Leader and Home reefs. Unexpectedly, the drilling to date at the Golden Bar prospect likely shows that there exist decent prospects in considering the namesake reef a viable untouched in situ resource drill target. Visible gold (GBDD003) and consistently high values for arsenic affirmed the potential for high-grade gold on the Golden Bar reef with 0.45 m at 18.6 g/t from GBDD005 and 1.5 m at 1.34 g/t in GBDD006.

These recent drill results (namely GBDD003, GBDD05 and GBDD006) are an excellent conclusion to a long drill campaign that produced widths consistent to mining records up plunge; not consistent, however, with historical grades.

The presence for gold was consistently observed where arsenic was very high. Generally, sub one g/t and high-grade gold were observed to occur where arsenic was greater than 2,000 ppm. Owing to the nuggety nature of this style of mineralization, it should be expected that gold is typically underreported, with occasional high-grade gold returned from reefs containing high values of arsenic.

This trend was also observed in a new, previously unexpected reef found in close proximity to the Golden Bar reef. This new reef returned 2.65 m at 6.82 g/t Au and 2,720 ppm As, including one m at 15.9 g/t Au, in GBDD006. It is expected that these two merge down plunge and strike, contributing to substantial upside potential.

Surface geochemistry

Preliminary surface geochemistry over areas of historical interest identified from lidar (light detection and ranging) has returned positive results, namely related to the Myrtle/London reef workings.

An impressive 1.2 m at 9.53 g/t gold (lab repeat 14.22 g/t) was achieved on face sample SF06-01 in an area defined from government open-file lidar as being up slope of the Myrtle reef mine area. Another significant result was SF04, which produced two m at 0.44 g/t in the wall of an adit in line with workings also identified from open-file lidar.

These results are produced from testing exposures made from minor workings that align within a 30 m corridor and are interpreted as possibly related to a continuous north-northwest shear zone with a minimum length of 900 m. This possible shear is interpreted as to occur in relation to a shear array which hosts significant producing mines (London, Myrtle and Red Ruth).

Historical production from the London reef was recorded as 12,411 tonnes at 34.4 g/t for 13,730 ounces of gold; Myrtle reef as 18,858 tonnes at 16.9 g/t for 10,280 oz Au; and Red Ruth as 97 tonnes at 6.1 g/t for 58 oz Au. Combined, these mines produced 31,366 tonnes for 24,068 oz Au at a grade of approximately 23.9 g/t.

Separate to these results at the Myrtle/London reefs, an area identified from preliminary soil sampling is confirmed as containing gold outcropping north of the Rose, Thistle and Shamrock mine.

The zone, so far, appears to have the dimensions of 20 m wide by 300 m long and remains open along strike. A.I.S. intends to further define this area and other nearby anomalous areas with a soil program. Soil sampling last year by A.I.S. returned the highest-grade soil to date at the project, 3,193 parts per billion (3.19 g/t), with an internal lab check repeating at 4,535 ppb (4.54 g/t) for this sample. A significant part of this follow-up soil work is testing and infill sampling around the significant Rose, Thistle and Shamrock mine.

A series of coherent, high-grade soil anomalies lies in close proximity to the historical RTS mine. A.I.S. plans to infill some of the open parts of the interpreted anomalous surface domains and confirm their dimensions.

The RTS mine was a significant producing mine in the region, historically producing 3,112,411.4 tonnes of ore and 80,125 oz of gold at a grade of 22.16 g/t up until the 1930s.

Repeats of similar dimension and grade are expected and form the basis for continual work in this area. A.I.S. sees this area as highly prospective.

Commenting on these results, Martyn Element, president, chief executive officer and chairman of A.I.S., stated that the company continues to be impressed with the results generated so far. More importantly, Mr. Element commented on the benefits of the surface geochemistry work that continues to show the high potential of the Bright property and the opportunity to develop a single geological model incorporating all historical, high-grade, past-producing mines.

Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc, Geol, MBM, FAusIMM, MAIG, MAIMVA, who is a qualified person under the definitions established by the National Instrument 43-101.

About A.I.S. Resources Ltd.

A.I.S. Resources is a publicly traded investment issuer focused on lithium, gold, precious metal and base metal exploration. A.I.S.'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 and investment bankers with a record of successful capital markets achievements.

A.I.S. has a 20-per-cent carried interest with Spey Resources Corp. in the Incahuasi lithium brine project in Argentina. A.I.S. has further options to acquire four lithium concessions in the Pocitos salar and one lithium concession in the Cauchari salar in Argentina. A.I.S. has granted the option to acquire the Pocitos 1 and 2 licences to Spey Resources by June 30, 2023 (subsequently optioned by Spey to Recharge Resources). If exercised, A.I.S. will retain a 7.5-per-cent royalty. A.I.S. has granted an option to acquire an 80-per-cent interest in the Pocitos 7 and 9 licences to C29 Resources by June 30, 2023. A.I.S. owns: 100 per cent of the 28-square-kilometre Fosterville-Toolleen gold project, located 9.9 kilometres from Agnico Eagle Ltd.'s Fosterville gold mine; a 60-per-cent interest in the 57-square-kilometre Bright gold project (with the right to acquire 100 per cent); and a 100-per-cent interest in the 167-square-kilometre Kingston gold project, located in Victoria, Australia, near Stawell and Navarre.

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