VANCOUVER, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the "Company" or "AIS) is delighted to report that Fender Geophysics has completed the Gradient Array Induced Polarization and Dipole-Dipole Geophysics survey at EL5891 Yalgogrin gold project with chargeability readings of 5-7.5mv/v over the targeted area that are up to five times background values. The results are outstanding and give us confidence to commit to a 800-1000m diamond drill program. Drillit Consulting from Parkes NSW have been contracted to complete the diamond drill program commencing the first week in March 2021.
“The results achieved by Fender Geophysics Gradient Array survey are extremely encouraging,“ commented Phil Thomas, CEO. “We have been able to combine the geophysics with results from previously completed drill holes, on ground observations, the large number of augur holes and soils geochemistry to guide our understanding of the mineralization system and give us confidence to drill test the selected targets.”
Correlation with ground geology has identified the peak chargeability associated with gossanous altered granite that is mineralized with gold. There is a broad spatial association of chargeability trends with gold in soil geochemical anomalisms across the property.
The gradient array survey provides plan view results which has enabled us to best locate the Dipole-Dipole survey for interpreting results along 2D sections. Our independent geophysicist is working on an inversion of the data to better define the results at depth and integrate with the gradient array geophysics. These results will be available in the next week or so and will assist us to optimize drillhole placement.
Prior augur and drilling gold assays include:
- § 0.5m @ 32.2 g/t Au from 1.5m.
- § 22m @ 1.9 g/t Au from 1m, including 1m @ 21.5 g/t Au.
- § 14m @ 2.6 g/t Au from 1m.
- § 9m @ 2.2 g/t Au from 1m, including 1m @ 13.3 g/t Au from 7m.
Our Immediate opportunity is to define a shallow oxide gold resource, then the deeper high Grade gold resource potential.
Fig 1. Yalgogrin is located in the Lachlan fold belt near Cowal and Cadia gold mines.
Fig 2. Gradient Array IP Chargeability with gold in soil contour and 8 proposed drill hole locations.
Fig 3. Gradient Array IP Resistivity with gold in soil contour and 8 proposed drill hole locations.
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 and investment bankers, with a track-record of successful capital markets achievements. In November 2020, AIS acquired the 58sqkm New South Wales Yalgogrin Gold Project JV, the right to acquire the 28 sqkm Fosterville-Toolleen Gold Project located 10 km from Kirkland Lakes Fosterville gold mine and the 167 sqkm Kingston Gold Project in Victoria Australia near Stawell which settled in January 2021. It has also acquired an option over 596 sq km of exploration licence in western Victoria near Casterton where gold and other minerals have been discovered.
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.
Fig1. Yalgogrin is located in the Lachlan fold belt near Cowal and Cadia gold mines.Fig 2. Gradient Array IP Chargeability with gold in soil contour and 8 proposed drill hole locations.Fig 3. Gradient Array IP Resistivity with gold in soil contour and 8 proposed drill hole locations.