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AIS Resources Ltd
Symbol AIS
Shares Issued 117,472,909
Close 2021-02-01 C$ 0.08
Recent Sedar Documents

A.I.S. Resources options Western Australia licence

2021-02-01 10:11 ET - News Release

Mr. Martyn Element reports

AIS RESOURCES ACQUIRES OPTION ON 596 SQ KM EXPLORATION LICENCE NEAR CASTERTON, WESTERN VICTORIA, AUSTRALIA WITH GOLD, NICKEL, COPPER, ZINC, CHROME, GEMSTONE MINERALIZATION - EXPLORATION AREA NOW TOTALS 852 SQ KM

A.I.S. Resources Ltd. 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 July 31, 2021. If the option is exercised A.I.S. can acquire the property for $1.5-million (Australian) in cash and shares. This brings the total square kilometres AIS is exploring to 852 square km.

Phil Thomas, chief executive officer, commented: "This is a fantastic opportunity for us to develop a multicommodity 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 1,200 ppm 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."

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 to 1981 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 to 1993.
  • Gold -- CRA targeted gold in the Glenelg River metamorphic complex and gold associated in the Burthong area with tertiary laterization in 1991 to 1993.
  • Gold -- Newmont Holdings found gold in the laterite-hosted gold deposits in the Balmoral area in 1986.
  • Gold -- Norgold in 1988 to 1989 found hypogene gold mineralization 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 mineralization. Gold was also found in the Mather Creek area.
  • Base metals -- Rosscraft Minerals in 1983 to 1988 found base metal sulphide mineralization in the Dergholm Casterton area.
  • Au-Ag-Cu-Pb-Zn (gold-silver-copper-lead-zinc) -- Stawell Gold Mines in 1993 to 95 found polymetallic skarn mineralization associated with the contact with the Wando granodiorite.
  • Base metals -- Western Mining found in 1973 to 1974 massive or disseminated base metal sulphides.
  • Nickel -- Westpoint Exploration found in 1970 to 1971 nickel and allied mineralization in ultra basic rocks in the Coleraine area.
  • Coal -- Western Mining explored the Pashendale area for cretaceous black coal seams in 1978 to 1982.
  • Previous mining for zinc and lead occurred in the Nolans Creek area in 1908.

About A.I.S. Resources Ltd.

A.I.S. Resources is a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious and base metals 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 markets achievements. In November, 2020, AIS received TSX-V approval to acquire the New South Wales Yalgogrin gold project joint venture, the Fosterville-Toolleen gold project and the Kingston gold project in Victoria, Australia, which settled in January, 2021.

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