AIS Resources Acquires Option on 596 sq km Exploration Licence Near Casterton, Western Victoria, Australia with Gold, Nickel, Copper, Zinc, Chrome, Gemstone mineralization – Exploration Area Now Totals 852 sq km
VANCOUVER, British Columbia, Feb. 01, 2021 (GLOBE NEWSWIRE) — A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the “Company” or “AIS) is delighted to report that it has signed a 90 day option agreement to acquire the exploration licence EL006958 known as Casterton in the Glenelg zone, in Western Victoria, Australia. The option agreement has provision for extensions to 31 July 2021. If the option is exercised AIS can acquire the property for AUD$1,500,000 in cash and shares. This brings the total square kilometres AIS is exploring to 852 sq km.
Phil Thomas, CEO commented, “This is a fantastic opportunity for us to develop a multi-commodity project stream. The famous Hummocks Nickel, Chromite mine still has part of the infrastructure there and a sample from the feed chute was assayed by AIS at On-site Laboratories at 1,200ppm nickel and 1,100 ppm chromium. The base metal prospects are in the bright red staurolite zone in the schist that can be mineralized with copper and nickel. Low-grade nickel in serpentinite occurs at The Hummocks, north of Casterton (Bush et al. 1995b). With significant past exploration this will significantly enhance our portfolio.” Fig 1 – Earth Resources Victoria historical location of mineralization, magnetic survey, EL boundary in aqua.
https://www.globenewswire.com/NewsRoom/AttachmentNg/abf4411c-5958-4740-a0f5-6ce30bfc6f73Fig 2 – Tenement boundary and major towns in the EL006958
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a3e6379-de19-4d57-96e3-c19353fe2625 Fig 3a Hummocks nickel chromite mine and Fig 3b Serpentinite intrusion
https://www.globenewswire.com/NewsRoom/AttachmentNg/aae17a42-cda1-460e-bcb0-5383adecf6bbFig 4 Analysis of rock chip sample from Hummocks Mine, Casterton
https://www.globenewswire.com/NewsRoom/AttachmentNg/4f414e73-fa73-46c3-94e1-b38719c946e8Past Historical ExplorationPrevious mining for Zinc and Lead occurred in the Nolans Creek area in 1908.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 which settled in January 2021.A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Martyn Element, Executive Chairman
Website: www.aisresources.comNeither 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.