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AIS Resources Ltd
Symbol AIS
Shares Issued 166,915,409
Close 2021-07-22 C$ 0.08
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A.I.S. Resources plans drilling in Australia

2021-07-22 11:46 ET - News Release

Mr. Phillip Thomas reports

A.I.S. RESOURCES CONTINUES FAST-TRACKING OF DRILLING PROGRAM AT TOOLLEEN, YALGOGRIN AND KINGSTON AUSTRALIA

After successful financing, A.I.S. Resources Ltd. will soon start additional drilling at its highly prospective Australian properties at Toolleen, Yalgogrin and Kingston.

Highlights

Toolleen, Fosterville

The Toolleen exploration licence, located 10 kilometres from Fosterville, is the closest exploration property to Kirkland Lake's 7.58-million-ounce-gold Fosterville gold mine in Victoria, Australia, which reported record Q2 2021 production of 157,993 ounces of 28.1 grams per tonne gold, making it one of the most profitable gold mines in the world. A.I.S. will continue drilling at Toolleen as soon as soil sampling is completed in the new area and hopes to identify quartz spurs branching out from the main Toolleen fault zone, which the company anticipates will be mineralized with gold. Soil sampling will start in August once the heavy seasonal rains abate, followed by RC (reverse circulation) drilling to hone in on these structures.

Martyn Element, chairman, stated: "Our goal at Toolleen is to find a deposit similar to Kirkland Lake's Fosterville mine. The massive E79 Resources discovery, which has many similarities to A.I.S.'s exploration work, shows how using modern methods can be hugely successful. Due to the success of our recent financing, we have the available funds to aggressively continue exploring the rich potential of our properties."

Yalgogrin, New South Wales, Australia

The company is pleased to report that diamond drilling has now been completed to a depth of 183 metres at the Asia Wyalong drill site under the old Asia-Wyalong mine, which had a historical average gold grade of 37 grams per tonne. Logging, sampling and submission of drill core for assays are under way. Core has been split for holes 2 to 4, and holes 5 to 8 are currently being split and sampled. Samples will be sent to Onsite Laboratories for assays. Seventy core samples (ID: YD0487 to YD0556) have been delivered for gold fire assay. The company will then interpret results with respect to logged structure assays and soil results to confirm structures.

Upon receipt of all results, an RC program will be planned to test the Walsh's lode with infill drilling and extensions. A.I.S. will also conduct infill drilling and extensions to Neighbours Farm to establish an inferred resource. Details of the RC program will be finalized pending the results of the diamond drilling program. It is expected that around 3,000 metres to 4,000 metres of RC drilling will be required to adequately test the areas to meet JORC (Joint Ore Reserves Committee) inferred resource requirements.

Kingston

The company is reviewing past soil, drill hole and auger results and magnetic images on the Kingston property to develop drilling targets. An initial in situ soils program and magnetic survey is being conducted at present.

Encouraging historical results include:

  • January, 2012, Navarre Minerals Ltd. diamond drill results of 16.9 metres at 5.5 grams per tonne gold from a depth of 65.7 metres downhole, including 3.1 metres at 29.5 grams per tonne gold; visible gold was identified between 65.7 metres and 65.9 metres downhole within a quartz breccia on the hangingwall side of a quartz lode structure;
  • March, 2019, HQ diamond drilling was undertaken in four holes near the old Kingston mine site to a depth of 70 to 80 metres; there was a range of results up to 24.27 grams per tonne gold.

Warrants extension

The company also intends, subject to TSX Venture Exchange approval, to extend the term of 27,833,333 warrants expiring on Aug. 18, 2021. The share purchase warrants were issued pursuant to a private placement of 27,833,333 units accepted for filing by the TSX-V on Aug. 19, 2020.

The warrants will be extended for a period of one year until Aug. 18, 2022. The exercise price remains unchanged at eight cents.

About A.I.S. Resources Ltd.

A.I.S. Resources is a publicly traded investment issuer listed on the TSX-V 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 markets 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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