A.I.S. Resources Amends Terms of Bright Gold Project Agreement
VANCOUVER, British Columbia, Aug. 10, 2022 (GLOBE NEWSWIRE) — A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces the Company has amended the terms of its option to acquire 100% interest in the Bright Gold Project in Australia.
The Company has acquired a 60% interest in the Bright Gold Property for a payment AUD$150,000 cash and the issuance of 10 million shares at CAD$0.06 per share. The Company has the option to acquire 100% interest in the Bright Gold Project by exercising two 20% options at a pre-determined cost based on the indicated and measured gold mineral resources defined, to be paid 50% in cash and 50% in shares of AIS.
The Company has amended the terms of the two 20% options as follows:
- the shares shall be issued at a deemed price of $0.06 per share,
- the number of shares to be issued shall not at any time exceed 9.9% of the post-issuance issued and outstanding share capital of AIS on a diluted basis
The Bright Gold Project and surrounds comprises many major historical workings and recorded production of over 730,0001 oz from both alluvial and rock mining. The largest producers on the Project were the Rose, Thistle and Shamrock mine @ 22.2g/t Au for 140,000 oz and the Oriental Mine @ 28g/t for 6,194 oz. The Bright Project is in a premium location and only 6km from E79’s Happy Valley Project. Exploration licence EL006194 contains more than 250 historical gold mines, reefs (quartz veins) and gold occurrences dating back to the 1890’s. Historically the EL006194 yielded 341,000 oz gold at grades ranging between 7-992,3g/t, averaging 22 g/t Au.
The Company is currently drilling the Bright property at the Reliance reef/mine site. The program includes 7 drill holes in a fan pattern from one point above the Reliance adit to intersect the reef. AIS has contracted with the driller to drill a minimum of 1500 m and each hole will be 50-100 m in depth depending on lithology.
The next drill program will be in the Golden Bar area. Further work is being done on the Rose, Thistle & Shamrock mine for drill pad locations and best approach to drill from Landtax reef area. A detailed community engagement program is being put in place concurrent with our exploration work.
The Company also announces that it intends, subject to TSX Venture Exchange approval, to extend the term of 27,833,333 warrants expiring on August 18, 2022. The share purchase warrants were issued pursuant to a private placement of 27,833,333 units accepted for filing by the TSXV on August 19, 2020.
The warrants will be extended for a period of one year until August 18, 2023. The exercise price remains unchanged at $0.08.
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol, MBM, FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National Instrument 43-101 and is President, CEO of A.I.S. Resources Ltd.
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%), a 40% interest in the 58 sq km New South Wales Yalgogrin Gold Project, and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. AIS has further options to acquire three lithium concessions in the Pocitos and Cauchari Salars in Argentina and also has 20% joint venture interest with Spey Resources Corp. in the Incahuasi lithium brine project in Argentina and Pocitos Salars.
On Behalf of the Board of Directors,
A.I.S. Resources Ltd.
President & CEO
For further information, please contact:
Phillip Thomas, Chief Executive Officer
T: +1-323 5155 164
E: [email protected]
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 “Victorian gold deposits”. Philps N and Hughes M. AGSO Journal of Australian Geology & Geophysics, 17(4), 1996. pp.215
3 Recorded from mines of greater than 1,000 oz of production.
Published Wed, 10 Aug 2022 09:06:50 -0500