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AIS Resources Ltd
Symbol AIS
Shares Issued 83,426,366
Close 2019-10-24 C$ 0.085
Recent Sedar Documents

AIS options gold mine in Peru

2019-10-24 09:36 ET - News Release

Mr. Phillip Thomas reports

AIS RESOURCES OPTIONS GOLD MINE IN PERU PRODUCING 5KG GOLD PER WEEK

AIS Resources Ltd. has reached an agreement on an option to acquire an initial 51-per-cent interest in a gold mine in northern Peru producing up to five kilograms of gold per week (165 troy ounces) with average revenues of $75,000 (U.S.) per month. AIS will earn a 51-per-cent interest by contributing $500,000 (U.S.) in equipment and technical expertise to increase the mine's productivity.

The properties are located in the San Ignacio district, Cajamarca province. There are no indigenous communities nearby and local labour has been used to mine the three horizontal shafts and trenches. The veins are vertically orientated.

Highlights:

  • AIS has been granted a 90-day due diligence period.
  • Two grab samples have recorded 27 grams per tonne and 466 g/t of gold from concession Jaw4, which AIS will target for a new shaft. While these samples are encouraging and gold production is in progress, AIS needs to determine the extent and concentration of gold in veins and associated rock.
  • The company's due diligence will focus on the extent of the veins, drilling the property to define the extent of the gold mineralization, geochemical soil sampling, mapping and design of a process circuit.
  • Within six months of the conclusion of the 90-day due diligence period, AIS will contribute $500,000 (U.S.) in equipment and technical expertise.
  • AIS will upgrade the ball mill and acquire a Taylor shaker table and floatation system for capturing the gold.
  • The Peruvian company has eight concessions over 5,888 hectares in northern Peru.
  • AIS intends to stake more ground in this area with a view to expanding production in future years.
  • AIS chief executive officer Phil Thomas has been active in a number of gold projects in Nazca to the south of Peru, Arizona and Victoria, Australia.

"This is an exciting development for the company to supplement its manganese operations and its lithium brine extraction technology," Mr. Thomas, CEO, stated. "While AIS's focus is on expanding our lump manganese acquisitions at grades of 44 per cent Mn and higher, we have decided that this gold opportunity will benefit us greatly, by diversification and short-term cash flow."

We seek Safe Harbor.

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