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AIS Resources Ltd
Symbol AIS
Shares Issued 156,367,909
Close 2021-04-15 C$ 0.08
Recent Sedar Documents

A.I.S. drills 87 m of 1.5 g/t Au at Yalgogrin

2021-04-15 10:37 ET - News Release

Mr. Phillip Thomas reports

AIS RESOURCES' AUSTRALIAN YALGOGRIN GOLD PROJECT'S FIRST DRILL HOLE RETURNS GOLD INTERCEPTS AVERAGING 1.5G/T OVER 87 METERS INCLUDING 0.9 METERS AT 9.3 G/T

A.I.S. Resources Ltd. has noted that the assay analysis from YDD1 at Neighbour's Farm historic mine workings, the first diamond drill hole at its Yalgogrin gold project, New South Wales, Australia, has been completed by SGS Australia. Extensive gold mineralization was intersected from 58 metres through to the end of hole at 162.3 m with gold mineralization remaining open at depth and returning gold intercepts over 87 m averaging 1.5 grams per tonne. The best individual grades returned up to 9.3 g/t Au that are supported by consistent mineralization hosted within the altered rock mass.

            SUMMARY OF THE INTERVALS AND AVERAGE ASSAYS FROM THE TOP OF THE CORE

Hole ID         Interval from (m)  Interval to (m)  Drilled thickness (m)  Gold grade (grams/tonne)

YDD001                         58               88                     30                       1.5           
includes                       63               71                      8                       1.8           
includes                       73               74                      1                       5.3           
includes                       80               88                      8                       2.5           
YDD001                         90              101                     11                       2.2           
includes                       90               91                      1                       1.6           
includes                       94              101                      7                       3.0           
which includes                 96               97                      1                       8.3           
YDD001                        105              151                     46                       1.4           
includes                      108              109                      1                       3.5           
includes                    111.4            112.7                    1.3                       5.0           
Includes                    112.7            113.6                    0.9                       9.3           
includes                    113.6            114.3                    0.7                       4.6           
includes                    114.3              121                    6.7                       1.0           
includes                      127              139                     12                       1.5           
YDD001                        153           162.3*                    9.3                       0.6           

Note: intervals calculated using 0.3 g/t lower cut-off, include up to one m of internal dilution
* Gold mineralization was present in end of hole.

Phil Thomas, chief executive officer, commented: "This hole was a great success; the ubiquitous gold is closely associated with disseminated sulphides in the altered rock mass and higher grades are associated with veining. Extensive sericite-muscovite-carbonate-chlorite alteration in the granite is hosting disseminated pyrite-arsenopyrite-sphalerite-galena sulphides, which clearly explain the elevated IP chargeability results and provide confidence for further exploration utilizing the IP survey. We are building our model of structural controls directing the mineralization corridors and so are defining the character of what is a promising gold mineralizing system. The drill program is testing various locations of the high-conductivity zones from the IP survey completed earlier this year. This will assist us in subsequent drilling programs. In total, 1,000 m of drilling has been planned for the initial framework drilling program and the results of this first hole gives us great confidence to continue to drill out the target to define the extent of the mineralized zone.

"We are currently processing samples for lab submission from drill hole YDD2 that was drilled 90 degrees to the azimuth of YDD1 and YDD3 is currently at 162 m depth near the Adelaide mine area. Thin sections are being prepared of the sulphide-gold mineralization so we can better understand the mineralization and metallurgy for ore processing.

"Soil geochemical sampling work is being carried out to refine drill targets and we have commenced work in the Asia Wyalong area where we have 56 square kilometres of exploration licence."

A successful ground-based gravity survey was completed at Fosterville-Toolleen to complement the deep-ground-penetrating radar results and the interpretation of the key features identified in the gravity survey is currently being completed.

Technical information in this news release has been reviewed and approved by Mr. 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 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 and investment bankers, with a record of successful capital markets achievements. In November, 2020, A.I.S. acquired a 60-per-cent interest in the 58 square km New South Wales Yalgogrin gold project joint venture (with the right to acquire 100 per cent), the right to acquire the 28 square km Fosterville-Toolleen gold project located 10 km from Kirkland Lake's Fosterville gold mine and 100-per-cent interest in 167 square km Kingston gold project in Victoria, Australia, near Stawell, which settled in January, 2021. It has also acquired an option over 596 square km of exploration licence in western Victoria near Casterton where gold and other minerals have been discovered.

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