VANCOUVER, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the "Company" or "AIS") announces that Derek Reeves, senior geophysicist, and his team Worldwide Geological Services completed 10.3 line kilometres of Deep Ground Penetrating Radar (“DGPR”) to define the alluvial channels and geological structures on EL006001 (“EL” or “6001”). Permission to conduct the geophysics has kindly been provided by the vendor, Providence Gold and Minerals Pty Ltd, while waiting for the contract to complete.
DGPR (or non-dispersive EM wave propagation in the ground) is a geophysical technique offering images with excellent resolution in the sediments; up to 150m of the surface in ideal conditions and, routinely, 100m. On the EL, quartz reefs are known in the vicinity in addition to multiple older leads and they could both be the source of the nuggets at Toolleen. AIS constrained the scope of the radar to 50m to obtain finer resolution of the gold bearing structures. Initial results will be available within the next few days. The interpretation will include analysis of the petrophysical logs from previous drilling work.
The IP geophysics for Yalgogrin, NSW has been booked for early January 2021. The area for the gradient array has been set out at EL5891 and ELA006030. The focus on ELA006030 is near the Asia-Wyalong mine shaft. The licence area has been unaffected by the recent heavy rains in northern NSW.
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 ltd.
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Martyn Element, Executive Chairman
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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 DGPR antennas being laid out before the measurement is taken (left hand photo), Denis Walsh assisting with directions with geophysicist Derek Reeves (right hand photo).Fig.2 Some gold nuggets found on the project area where DGPR will be conducted. The nuggets are well water worn but occasionally nuggets attached to quartz are found to appear locally. The pen knife is 45mm long. Fig.3 Map of the traverses of the Deep Ground Penetrating Radar – shown as green lines on the map of AIS’ EL006001 – the closest gold property (12 km) to Kirkland Lake Gold’s (NYSE: KL) Fosterville Mine with past and present reserves of 9 Moz gold*.