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AIS Resources Ltd
Symbol AIS
Shares Issued 156,367,909
Close 2021-05-19 C$ 0.075
Recent Sedar Documents

A.I.S. Resources begins drilling Fosterville-Toolleen

2021-05-20 08:51 ET - News Release

Mr. Martyn Element reports

AIS RESOURCES COMMENCES DRILLING 12 KM EAST OF FOSTERVILLE GOLD MINE AT THE HIGHLY PROSPECTIVE FOSTERVILLE-TOOLLEEN GOLD PROJECT

Drilling has now commenced on A.I.S. Resources Ltd.'s Fosterville-Toolleen gold project in Victoria, Australia, following successful interpretation of the ground-based gravity survey.

The Fosterville-Toolleen gold project is located 12 kilometres east of Kirkland Lake's Fosterville gold mine -- currently one of the richest gold mines in Australia.

Phil Thomas, A.I.S.'s chief executive officer, commented: "The initial test drilling program of 20 holes has now commenced on our Fosterville-Toolleen gold project. We're very excited to have moved on to this important next phase of our gold project discovery. If we locate the tension veins from the big faults within the tight geological folding envelopes, then it is highly likely that we will encounter sulphide mineralization carrying gold -- similar to Kirkland Lake's Fosterville gold mine. The Permian glacial cover is prognosed to thin out on our tenements, therefore allowing for shallower drilling to target depth. The folding at the nearby Kirkland Lake Fosterville gold mine resulted in the formation of a series of bedding parallel laminated quartz veins and bedding parallel thrust faults."

A.I.S. Resources' chief exploration geologist Dennis Walsh, who has extensive experience exploring around the Fosterville gold mine, commented: "Gold and associated sulphide mineralization at the Fosterville gold mine is controlled by late brittle faulting and fracturing. These brittle faults are generally steeply west-dipping, reverse faults with a series of moderately west dipping, reverse splay faults formed in the footwall of the main faults, where gold mineralization is structurally controlled. Mineralized shoots in the area are typically four metres to 15 m thick and show down-dip and down-plunge dimensions typically ranging from 50 m to 150 m by 300 m to 2,000 m plus. That's our target for our highly prospective Fosterville-Toolleen gold project. The Fosterville gold mine has proven this geological model, and we will now be using the same modelling concept to develop the potential at our Fosterville-Toolleen gold project."

Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc, Geol, FAusIMM, 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 a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious, base metal and lithium exploration. A.I.S.'s value-added 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. owns 100 per cent of the 28-square-kilometre Fosterville-Toolleen gold project located 12 km from Kirkland Lake's Fosterville gold mine (subject to completion of certain exploration expenditures), a 60-per-cent interest in the 58 square km New South Wales Yalgogrin gold project (with the right to acquire 100 per cent) and 100-per-cent interest in the 167 square km Kingston gold project in Victoria, Australia, near Stawell.

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