VANCOUVER, British Columbia, Jan. 20, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the "Company" or "AIS") is delighted to report that Fender Geophysics commenced the Induced Polarization Geophysics survey at EL5891 on Monday 11 January 2021. Approximately 36 line kilometres will be measured. This survey will detect the presence of sulphides (that associates with gold) and other highly conductive elements. Low-resistance anomalies such as areas with sulphides if present will be observed.
Phil Thomas CEO commented, “This is a really exciting week for us. When the IP lines go over those sample areas that assayed 24gm/tonne of gold, the extent of the mineralization between the drill and augur holes will be closely watched. To top it off, recently we took a rock chip sample with significant pyrite in it and if this is prevalent the IP survey will light up like a Christmas tree! Our intention is to define major drill hole locations and have our drillers there as soon as we can schedule them.”
Fig. 1 – Granite rock chip sample with pyrites in it being examined by Chief Geologist Denis Walsh:
Explanation of Induced Polarization
The induced polarization method makes use of the capacitive action of the subsurface to locate zones where clay and other chargeable minerals are located within the host rock. With IP you can get a firm indication of conductive elements in the ground if it holds a charge because two maps are produced i.e., resistivity (conductivity) and IP—at the same time.
This is important for mineral exploration—identifying economically important minerals, including gold, copper, and silver. Early on, pyrite and massive sulfide minerals were deposited by hydrothermal fluids. These minerals have a huge IP signature, especially when disseminated as smaller grains in a rock matrix, which we can use when exploring for these minerals.
Work at Yalgogrin Includes:
- IP survey will be conducted over the highest auger and drill results on EL5891.
- The proposed survey is to cover approximately 75% of EL 5891 (1.2km x 1.5km) with Gradient Array IP and the line spacing will be approximately 50m.
- A gradient array IP of approximately 2 sq km in ELA6030 is being designed for the Asia Wyalong shaft and mine, and an area to the south.
- Magnetic survey over ELA6030 with a focus on the Asia Wyalong and Talmore historic mine areas will follow;
- All landowner and government approvals were received to conduct the low Impact exploration.
Fig. 2 – Location of AIS Resources three properties – Yalgogrin, Fosterville Toolleen and Kingston:
Fig. 3 – Lines to be surveyed by IP with existing mines and Gold contours and augur results in background
Fig. 4 – Progress so far on Day 3 of the IP Survey:
Fig. 5 – Proposed Gradient Array IP coverage (hatched area) within EL6030 over the Asia-Wyalong mine:
Asia Wyalong Mine
Approximately 10.1km southwest of Yalgogrin is a group of workings comprising of the Asia-Wyalong Mine, Rowe and Preston’s Mine and the Sheehan Mine. The Talmore mine is approximately 2km away from the Asia Wyalong mine. The main workings comprise of three shafts up to 91.5m deep, drives, crosscuts, winzes, stoping and shallow pits extending about 15.3m over the surface. The work was mostly carried out between 1932 and 1936 on a number of quartz veins between 0.76 and 2.2m wide. They strike 340o, with a near vertical dip. Altogether there are six parallel lines within a 60m wide strip. They parallel the cleavage and in addition there are numerous smaller crosscutting veins. The richest gold is reported to have come from the intersection between the main veins and the smaller veins. Officially, a total of 21.225kg of gold was won from ore yielding 0.036kg/t.
We propose to complete the IP survey, geochemical sampling and a magnetic survey. Following these studies we will do a partial leach bulk sample analysis.
Fig. 6 – Earthwatch Map showing location of EL5891 and ELA6030 and historic gold mines in yellow:
Toolleen – Fosterville EL6001
Early processing of ground penetrating radar is showing some prospective structures (aqua areas on lines). When this is combined with other data it will provide a clearer picture of the structures on the Exploration Licence area.
Fig. 7 – Shows the survey data with aqua coloured gaps highlighting anomalies, with the white area at the top of the figure being the Fosterville mine in the background:
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol MAIG who is a Qualified Person under the definitions established by the National Instrument 43-101.
About A.I.S. Resources Limited
A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious and base metals exploration. AIS’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, with a track-record of successful capital markets achievements. In November 2020, AIS received TSX-V approval to acquire the New South Wales Yalgogrin Gold Project JV, the Fosterville-Toolleen Gold Project and the Kingston Gold Project in Victoria Australia.
A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Martyn Element, Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fig. 1 Granite rock chip sample with pyrites in it being examined by Chief Geologist Denis WalshFig. 2 Location of AIS Resources three properties – Yalgogrin, Fosterville Toolleen and KingstonFig. 3 Lines to be surveyed by IP with existing mines and Gold contours and augur results in backgroundFig. 4 Progress so far on Day 3 of the IP SurveyFig. 5 Proposed Gradient Array IP coverage (hatched area) within EL6030 over the Asia-Wyalong mine.Fig. 6 Earthwatch Map showing location of EL5891 and ELA6030 and historic gold mines in yellow.Fig. 7 Shows the survey data with aqua coloured gaps highlighting anomalies, with the white area at the top of the figure being the Fosterville mine in the background.