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AIS Resources Ltd
Symbol AIS
Shares Issued 156,367,909
Close 2021-06-03 C$ 0.085
Recent Sedar Documents

A.I.S. completes drilling at Fosterville-Toolleen

2021-06-03 12:37 ET - News Release

Mr. Phillip Thomas reports

A.I.S. RESOURCES INTERSECTS QUARTZ VEINS AND COMPLETES RC DRILL PROGRAM ATA FOSTERVILLE-TOOLLEEN GOLD PROJECT IN VICTORIA, AUSTRALIA

A.I.S. Resources Ltd. has completed its first drilling campaign at its Fosterville-Toolleen gold project in Victoria, Australia. Thirty-one holes in three lines were drilled to a depth of 60 metres using percussion and reverse circulation drilling. Significant quartz intercepts were encountered close to the gravity anomaly. Examination of the lithology showed that the company had intercepted the same age of turbidite shales that are present at Kirkland Lake's Fosterville gold mine. These shales lie underneath the Permian gravels that also contain gold on the exploration licence.

Phil Thomas, chief executive officer, commented: "The drill program at our Fosterville-Toolleen gold project is proving to be a great success as we've shown that we are in the right area to discover tension veins and spurs full of quartz with gold mineralization. In holes 27 to 31, gold was identified in the assays, and this is just the beginning of our drilling program. Using percussion and RC drilling is very economical. Given that quartz gold mineralization occurs in wide quartz veins, fence line drilling and soil sampling will allow us to detect arsenic and other pathfinder elements in these mineralized systems."

Mineralization at Fosterville-Toolleen occurs near the fault intersections where the gravity high is located.

"It seems we have located the right area to drill, with major quartz intercepts," according to Denis Walsh, A.I.S.'s chief geologist. "Now, we have to better define the structure to identify the mineralized corridors. Arsenic and other pathfinder elements may be very important for our exploration, which we are assaying for now. Ore zones at the Fosterville gold mine are between two and 30 metres wide and generally conform to the trend of the structural zones. There is also a lithological control which localizes mineralization in competent rock types exhibiting brittle fracturing and brecciation along zones of weakness, which provide open spaces for fluid flow. The interplay of rock type with folding and faulting produces secondary structures, which, although quite localized, host higher-grade gold mineralization. That's our exploration target."

Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc (geology), FAusIMM, MAIG, MAIMVA(CMV), who is a qualified person under the definitions established by 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 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 the company's portfolio. The company is managed by a team of experienced geologists and investment bankers with a record of successful capital market achievements. A.I.S. owns 100 per cent of the 28-square-kilometre Fosterville-Toolleen gold project located 12 kilometres from Kirkland Lake's Fosterville gold mine (subject to completion of certain exploration expenditures), a 60-per-cent interest in the 58-square-kilometre New South Wales Yalgogrin gold project (with the right to acquire 100 per cent) and a 100-per-cent interest in the 167-square-kilometre Kingston gold project in Victoria, Australia, near Stawell.

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