VANCOUVER, British Columbia, Dec. 22, 2022 (GLOBE NEWSWIRE) — A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) is pleased to provide an update on its exploration program at Bright Australia.
- GBDD003 finds two shows of visible gold at 75.5m of the Golden Bar Reef
- AIS has commenced preparations for its fourth drill hole at Golden Reef,
- Highest ever gold content in soil assays of 4.53 g/t gold recorded near Rose, Thistle, and Shamrock mine
- LiDAR planned on lower half of tenement in January to identify new drill targets near old workings
- Legacy LiDAR interpretation shows hundreds of historic worked reef lines on the 57km2 exploration licence
Logging of hole GBDD003 at Golden Bar is complete with samples ready to be dispatched for assay prior to the holiday break.
AIS geologists have found that the intersection associated with the Golden Bar Reef (Figure 1) measures 4.45m down hole, which is expected to be nearly representative of the true width. It is expected that this interval has a true width of about 4m.
These faults bound a visible gold intersection which has now been established as containing 2 visible gold occurrences in a white mica/siderite fracture fill at 75.5m (Figure 2).
This fracture fill of the quartz vein hosting the visible gold showings gives it a distinctly ‘olive green’ appearance.
The Golden Bar intersection is bound either side by faults that are locally silica replaced, hosting ‘stringer’ style arsenopyrite/pyrite and coarse arsenopyrite (Figure 3). Late-stage veins within this 4m interval contain fine pyrite-arsenopyrite, also rare sphalerite, both on the margins and internally. These sulphides are regarded as excellent indicators for gold mineralisation, which is validated by the visible gold encountered at 75.5m.
Modeling and review of the historic mining records at the Golden Bar workings demonstrate that widths vary on the Shaw’s Reef, whose junction with the Red Leader reef was worked at widths of between 0.75-1.8m. Records on width for the Home Reef are a little more obscure but from level plans it appears that it was worked up to 2m and over a strike of up to 60m long (Figure 6). A historical account of production comes from the last records of mining immediately above these drill intersections by way of the Kenny, 19661. Earliest records of the prospect are incomplete, with surface mining estimated to have initiated around 1865, concluding in 1905 on mining fronts associated with the Home Reef and Shaws Reef. It was calculated that Shaw’s Reef yielded a grade of 10.14 g/t from 487.7 tonnes of ore and Home Reef yielded 22.28 g/t from 287 tonnes of ore. The weighted average from a total of 779.3 tonnes of ore is 14.66 g/t, with auriferous pyrite contributing between 1.2-1.5 g/t2.
Intersections were successfully made of both the Home and Shaws Reefs (Figure 7). Other than width they were similar to many of the observations of the Home Reef, those being local silica replacement of the fault zone and sporatic diseminated sulpides. Both intersections met expectations with the the Home Reef measuring ~1m wide with stock works on its margins. The Shaws Reef was quite narrow at approximatly 0.3m wide.
Drilling will continue in the New Year at this prospect, and it is expected from this early success the initial model will evolve with further results to come.
Rose, Thistle, and Shamrock Prospect (RTS) update
During the term the Company received high grade soil and encouraging rock results. An upcoming LiDAR survey is planned to be made in January over this southern part of the exploration license. Government open file LiDAR was made to the north of the Mongrel Mine.
The Company sourced LiDAR is for the purpose of:
- Uncovering historic mine sites mapped but not geolocated. This will assist 3D modeling of historic mines and contribute to the greater geological model
- Locating access tracks amenable to potential drill campaign logistics and planning
- Long term strategic planning of the project
- Advance long term exploration over RTS
A number of high-grade soil results (Table 1) were returned to AIS with the highest being BS02-462 which was reported as 3.19 g/t and repeated at 4.53 g/t gold. Several other high grade soil samples are included with these results and the best being shown in Figure 10. Dozens of soil anomalies now exist at RTS. Basic statistical analysis indicates that soil results returning greater than 80ppb gold are very high-grade and is best for prioritizing/delineating outcropping gold lodes.
RTS is developing into a significant prospect as exemplified in Figure 10 and Figure 9. The result of BS02-462 4.53 g/t gold is the highest-grade soil result ever achieved at the Bright Project
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 lithium, gold, precious and base metals exploration. AIS’ 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 our portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements.
AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9 km from Kirkland Lake’s Fosterville gold mine, a 60% interest in the 57 sq km Bright Gold project (with the right to acquire 100%), and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. AIS has further options to achieve a 7.5% royalty in Pocitos 1 and Pocitos 2, a 20% equity interest in Pocitos 7 and 9 and a 20% joint venture interest with Spey Resources Corp. in the Incahuasi lithium brine project.
On Behalf of the Board of Directors,
A.I.S. Resources Ltd.
President, CEO, Chairman
For further information, please contact:
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. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company 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 forward-looking statements contained in this press release are made as of the date hereof and the Company 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.
1 Geological Survey of Victoria Bulletin No.44, pp.39-40.
2 Geological Survey of Victoria Bulletin No.44, pp.39-40.