InvestmentPitch Media Video Discusses A.I.S. Resources’ Acquisition, along with its JV Partner, Spey Resources Corp, of the Candela II Project in the Incahuasi Salar in the Famous Lithium Triangle in Argentina
VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) — A.I.S. Resources Limited (TSXV:AIS) (OTCQB:AISSF) (FSE:5YHA), along with its joint venture partner, Spey Resources Corp., have acquired the Candela II Project which is located in the Incahuasi Salar in Argentina in the famous lithium triangle. A.I.S. paid US$1 million to acquire a 100% interest in the project, and concurrently optioned 80% of the project to Spey Resources for US$1 million, while retaining a 20% interest. Spey has an option to acquire A.I.S.’s 20% interest by paying US$6 million by March 18, 2023.
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To date, 5 rotary drill holes, with hole #5 drilled to a depth of 209 metres, have been drilled at the Candela II Project. These results, along with 25 surface samples and 3 bulk samples that have been collected will form part of a NI 43-101 report currently being prepared by Montgomery & Associates.
Ekosolve™ reported that sample 002 which had 160 ppm lithium, reported an extraction rate of more than 90% of the lithium contained in the brine, following a multiple wash program, the highest known recovery ever recorded and published by a directed lithium extraction system using the Ekosolve™ direct lithium extraction process. A production well program will now be put in place to measure the brine flow and to determine the porosity and transmissivity of the aquifers. Concurrently, a larger pilot plant is now being designed to complete the proof of process for Ekosolve™ solvent exchange DLE lithium process.
In June 2021, A.I.S. optioned its Pocitos 1 and 2 exploration licences on the Pocitos Salar to Spey Resources for an option fee of US$100,000 per licence along with 2,500,000 Spey shares. To exercise the option to acquire a 100% interest in the property, Spey must pay US$1,732,000 and complete a US$500,000 exploration program on the property prior to June 23, 2022. A.I.S. will retain a 7.5% royalty on the sales revenue of lithium carbonate or other lithium compounds from the Pocitos 1 and 2 properties, net of export taxes.
A.I.S. also has options on Pocitos 7 and 9, which are located on the southern end of the Pocitos salar and Yareta III, which is at the southern end of the Cauchari Salar. At Pocitos 7 and 9, a geophysics TEM survey and deep trench sampling was completed in 2018, returning the following parts per million values.
A.I.S. is actively seeking joint venture partners to develop these lithium projects.
The company has a portfolio of gold projects in Australia. The company owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9 kilometers from Kirkland Lake’s Fosterville gold mine, a 60% interest in the 57sq km Bright Gold Project, with the right to acquire 100%, a 60% interest in the 58 sq km New South Wales Yalgogrin Gold Project, with the right to acquire 100%, and a 100% interest in the 167 sq km Kingston Gold Project, which consists of two properties, in Victoria, Australia near Stawell and Navarre.
The shares are trading at $0.04. For more information please visit the company’s website www.AISresources.com, contact Phillip Thomas, CEO, at +1 323 5155 164 or by email at [email protected] or Martyn Element, Chairman, at 604-220-6266 [email protected].
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