VANCOUVER, British Columbia, Feb. 01, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the "Company" or "AIS) is delighted to report that it has signed a 90 day option agreement to acquire the exploration licence EL006958 known as Casterton in the Glenelg zone, in Western Victoria, Australia. The option agreement has provision for extensions to 31 July 2021. If the option is exercised AIS can acquire the property for AUD$1,500,000 in cash and shares. This brings the total square kilometres AIS is exploring to 852 sq km.
Phil Thomas, CEO commented, “This is a fantastic opportunity for us to develop a multi-commodity project stream. The famous Hummocks Nickel, Chromite mine still has part of the infrastructure there and a sample from the feed chute was assayed by AIS at On-site Laboratories at 1,200ppm nickel and 1,100 ppm chromium. The base metal prospects are in the bright red staurolite zone in the schist that can be mineralized with copper and nickel. Low-grade nickel in serpentinite occurs at The Hummocks, north of Casterton (Bush et al. 1995b). With significant past exploration this will significantly enhance our portfolio.”
Fig 1 – Earth Resources Victoria historical location of mineralization, magnetic survey, EL boundary in aqua.
Fig 2 - Tenement boundary and major towns in the EL006958
Fig 3a Hummocks nickel chromite mine and Fig 3b Serpentinite intrusion
Fig 4 Analysis of rock chip sample from Hummocks Mine, Casterton
Past Historical Exploration
|Gold||BHP Gold Mines in 1987 found gold in the volcanics in the Cavendish Area|
|Gold||Baracus Pty Ltd in 1988 found Gold in the Pigeon Ponds area.|
|Diamonds||Ashton Mining in 1980-81 found diamonds and prospective rocks in PigeonPonds area|
|Gold Silver||Asarco Australia found precious and base metals in Casterton area|
|Diamonds||CRA Exploration found in 1980 heavy mineral sands and diamonds|
|Gold||CRA exploration found gold in the Brolga Downs area in 1991-93|
|Gold||CRA targetted gold in the Glenelg River Metamorphic complex and gold associated in the burthong area with tertiary laterization in 1991-93|
|Gold||Newmont Holdings found gold in the laterite hosted gold deposits in the Balmoral area in 1986|
|Gold||Norgold in 1988-89 found hypogene gold mineralisation in the Coleraine-Balmoral-Harrow region|
|Gold||PS Forwood found major gold deposits through gold and arsenic geochemical anomalies in laterites in the Balmoral area. Models used included breccia pipe, greenstone, granite and boddington style mineralisation. Gold was also found in the Mather Creek area.|
|Base Metals||Rosscraft Minerals in 1983-1988 found base metal sulphide mineralisation in the Dergholm Casterton area.|
|Au-Ag-Cu-Pb-Zn||Stawell Gold Mines in 1993-95 found polymetallic skarn mineralisation associated with the contact with the Wando granodiorite.|
|Base metals||Western Mining found in 1973-74 massive or disseminated base metal sulphides|
|Nickel||Westpoint exploration found in 1970-71 nickel and allied mineralisation in ultra basic rocks in the Coleraine area.|
|Coal||Western mining explored the Pashendale area for cretaceous black coal seams in 1978-82|
Previous mining for Zinc and Lead occurred in the Nolans Creek area in 1908.
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 which settled in January 2021.
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. Earth Resources Victoria historical location of mineralization, magnetic survey, EL boundary in aqua.Fig 2. Tenement boundary and major towns in the EL006958Fig 3a. 3a Hummocks nickel chromite mineFig 3b. Serpentinite intrusionFig 4. Analysis of rock chip sample from Hummocks Mine, Casterton