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AIS Resources Ltd
Symbol AIS
Shares Issued 117,472,909
Close 2021-01-19 C$ 0.09
Recent Sedar Documents

A.I.S. starts IP geophysics survey at Yalgogrin

2021-01-20 07:15 ET - News Release

Mr. Phillip Thomas reports

AIS RESOURCES RECEIVES FAVOURABLE INITIAL IP GEOPHYSICS AT YALGOGRIN GOLD PROJECT

A.I.S. Resources Ltd. has provided an update. Fender Geophysics commenced the induced polarization geophysics survey at EL5891 on Monday, Jan. 11, 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, chief executive officer, commented: "This is a really exciting week for us. When the IP lines go over those sample areas that assayed 24 grams per 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."

Explanation of induced polarization

The 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, that is, 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 sulphide minerals were deposited by hydrothermal fluids. These minerals have a huge IP signature, especially when disseminated as smaller grains in a rock matrix, which the company can use when exploring for these minerals.

Work at Yalgogrin includes:

  • The IP survey will be conducted over the highest auger and drill results on EL5891.
  • The proposed survey is to cover approximately 75 per cent of EL 5891 (1.2 kilometres by 1.5 km) with gradient array IP and the line spacing will be approximately 50 m.
  • A gradient array IP of approximately two square kilometres in ELA6030 is being designed for the Asia Wyalong shaft and mine and an area to the south.
  • A 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.

Asia Wyalong mine

Approximately 10.1 km southwest of Yalgogrin is a group of workings comprising the Asia-Wyalong mine, Rowe and Preston's mine, and the Sheehan mine. The Talmore mine is approximately two km away from the Asia Wyalong mine. The main workings comprise three shafts up to 91.5 m deep, drives, crosscuts, winzes, stoping and shallow pits extending about 15.3 m over the surface. The work was mostly carried out between 1932 and 1936 on a number of quartz veins between 0.76 and 2.2 m wide. They strike 340 degrees, with a near-vertical dip. Altogether there are six parallel lines within a 60 m 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 21.225 kilograms of gold were won from ore yielding 0.036 kilogram per tonne.

The company proposes to complete the IP survey, geochemical sampling and a magnetic survey. Following these studies the company will do a partial leach bulk sample analysis.

Toolleen -- Fosterville EL6001

Early 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.

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 Ltd.

A.I.S. Resources is focused on 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 with a record of successful capital market achievements. In November, 2020, A.I.S. received TSX Venture Exchange approval to acquire: the Yalgogrin gold project joint venture in New South Wales, Australia; the Fosterville-Toolleen gold project in Victoria, Australia; and the Kingston gold project in Victoria, Australia.

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