VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the "Company" or "AIS") is delighted to report that AIS Resources has acquired from Tech One Lithium Resources Corp. a 20% interest in Mining Licence File Number 23262 (Candela II) covering 3 sq km on the Incahuasi Salar in the lithium triangle in Argentina. The Candela II licence neighbours Gangfeng Lithium, China’s largest producer of the battery metal and Orocobre, a lithium producer in Argentina. Tech One Lithium Resources Corporation (“Tech One”), a private company, has optioned the Exploration license for 12 months to complete due diligence and further exploration work, and has the right to acquire 100% of the property for USD one million dollars (CAD1.3 million). The option fee paid by Tech One was US$100,000 and a further fee of US$100,000 payable by Tech One in six months time.
Fig. 1 – Concession Map of main land holders:
Tech One has appointed AIS as its operator and exploration team. A one-year exploration plan has already been outlined by AIS’s technical team. Tech One can acquire the 20% held by AIS (for a total of 100%) by paying US$6,000,000 to AIS if there is a resource estimate of at least 45,000 tonnes of lithium metal equivalent, and this increases by US$250,000 for each increment of 5,000 tonnes. Previous explorers have sampled brines between 270-300ppm, from the top 50 metres of the Salar.
Fast Track Ekosolve Lithium Processing Facility
Tech One advises they have signed a facility fee agreement to utilize the Ekosolve™ lithium Solvent Exchange Extraction process that can efficiently manage the processing of the brines to produce lithium carbonate with a grade higher than 99.2% and a recovery of 97% far exceeding any ion exchange or adsorption process available to date. Ekosolve have demonstrated a three-hour residence time to produce lithium chloride – a base material for producing lithium carbonate. Tech One selected the process based on - it being proven at the University of Melbourne using Argentine brines - the capital cost of a plant being significantly less than other processes available and its modularity and the operational expenditure being in the mid $2,000 per tonne due to the ability to recover 95% of the solvent for reuse. The near zero carbon emission footprint is due to no evaporation ponds required and minimal input chemicals required to remove unwanted elements such as magnesium. Ekosolve™ is licensed to University of Melbourne, Australia.
Fig. 2 – View of Incahuasi Salar, Argentina:
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. AIS acquired a 60% interest in the 58sqkm New South Wales Yalgogrin Gold Project JV (with the right to acquire 100%) that is currently being drilled, the right to acquire the 28 sqkm Fosterville-Toolleen Gold Project located 10 km from Kirkland Lakes Fosterville gold mine which is undergoing a geophysics survey and 100% interest in 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. AIS holds a 20% equity interest in the Incahuasi concession 23262 in the lithium triangle in Argentina and its team are experienced explorers and producers of lithium carbonate.
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 Concession Map of main land holdersFig. 2 View of Incahuasi Salar, Argentina