A.I.S. Resources Limited reports that the assay analysis from YDD1 at Neighbour’s Farm historic mine workings, the first diamond drill hole at its Yalgogrin Gold Project, NSW, Australia has been completed by SGS Australia. Extensive gold mineralisation was intersected from 58m through to the end of hole at 162.3m with gold mineralisation remaining open at depth and returning gold Intercepts over 87m averaging …

A.I.S. Resources Limited ( TSX: AIS, OTCQB: AISSF ) (the “Company” or “AIS) reports that the assay analysis from YDD1 at Neighbour’s Farm historic mine workings, the first diamond drill hole at its Yalgogrin Gold Project, NSW, Australia has been completed by SGS Australia. Extensive gold mineralisation was intersected from 58m through to the end of hole at 162.3m with gold mineralisation remaining open at depth and returning gold Intercepts over 87m averaging 1.5gt. The best individual grades returned up to 9.3 gt Au that are supported by consistent mineralisation hosted within the altered rock mass.

A summary of the intervals and average assays is set out below from the top of the core:

Hole ID comment Interval
From
(m)
Interval
To (m)
Drilled
Thickness
(m)
Gold Grade
(grams/tonne)
YDD001 58 88 30 1.5
includes 63 71 8 1.8
includes 73 74 1 5.3
includes 80 88 8 2.5
YDD001 90 101 11 2.2
includes 90 91 1 1.6
includes 94 101 7 3.0
which includes 96 97 1 8.3
YDD001 105 151 46 1.4
includes 108 109 1 3.5
includes 111.4 112.7 1.3 5.0
Includes 112.7 113.6 0.9 9.3
includes 113.6 114.3 0.7 4.6
includes 114.3 121 6.7 1.0
includes 127 139 12 1.5
YDD001 153 162.3* 9.3 0.6

Notes: Intervals calculated using 0.3 g/t lower cutoff, include up to 1m of internal dilution
* gold mineralisation was present in end of hole.

Phil Thomas, CEO commented, “This hole was a great success, the ubiquitous gold is closely associated with disseminated sulphides in the altered rock mass and higher grades are associated with veining. Extensive sericite-muscovite-carbonate-chlorite alteration in the granite is hosting disseminated pyrite-arsenopyrite-sphalerite-galena sulphides which clearly explain the elevated IP chargeability results and provide confidence for further exploration utilizing the IP survey. We are building our model of structural controls directing the mineralisation corridors and so are defining the character of what is a promising gold mineralizing system. The drill program is testing various locations of the high conductivity zones from the IP survey completed earlier this year. This will assist us in subsequent drilling programs. In total 1,000m of drilling has been planned for the initial framework drilling program and the results of this first hole gives us great confidence to continue to drill out the target to define the extent of the mineralized zone.

We are currently processing samples for lab submission from drill hole YDD2 that was drilled 90 degrees to the azimuth of YDD1 and YDD3 is currently at 162m depth near the Adelaide mine area. Thin sections are being prepared of the sulphide-gold mineralisation so we can better understand the mineralisation and metallurgy for ore processing.

Soil geochemical sampling work is being carried out to refine drill targets and we have commenced work in the Asia Wyalong area where we have 56 sq kilometers of exploration license.”

Fig 1. YDD1 drill hole with gold assays intervals:
https://www.globenewswire.com/NewsRoom/AttachmentNg/00003b59-2779-4c51-abe6-32671b128519

Fig 2. Drillhole location and downhole trace on chargeability image from IP survey (red indicates high chargeability blue indicates low chargeability)
https://www.globenewswire.com/NewsRoom/AttachmentNg/d5ce318b-37e2-4d7b-93cd-a98974421e36

Fosterville-Toolleen
A successful ground based gravity survey was completed at Fosterville-Toolleen to complement the Deep Ground Penetrating Radar results and the interpretation of the key features identified in the gravity survey is currently being completed.

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 a 60% interest in the 58sqkm New South Wales Yalgogrin Gold Project JV (with the right to acquire 100%), the right to acquire the 28 sqkm Fosterville-Toolleen Gold Project located 10 km from Kirkland Lakes Fosterville gold mine 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.

A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Tel: +1-747-200-9412
Email: pthomas@aisresources.com
Or
Martyn Element, Executive Chairman
Tel: +1-604-220-6266
Email: melement@aisresources.com
Website: www.aisresources.com

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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

AIS:CA

Top News

Related News