VANCOUVER, British Columbia, May 20, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the "Company" or "AIS”) reports that drilling has now commenced on the Company’s Fosterville-Toolleen Gold Project in Victoria Australia, following successful interpretation of the ground based gravity survey.
The Fosterville Toolleen Gold Project is located 12 km east of Kirkland Lake’s Fosterville gold mine – currently one of the richest gold mines in Australia.
Phil Thomas, AIS’s CEO commented, “The initial test drilling program of 20 holes has now commenced on our Fosterville-Toolleen Gold Project. We’re very excited to have moved on to this important next phase of our gold project discovery. If we locate the tension veins from the big faults within the tight geological folding envelopes, then it is highly likely that we will encounter sulphide mineralization carrying gold – similar to Kirkland Lake’s Fosterville gold mine. The Permian glacial cover is prognosed to thin out on our tenements, therefore allowing for shallower drilling to target depth. The folding at the nearby Kirkland Lake Fosterville gold mine resulted in the formation of a series of bedding parallel laminated quartz veins and bedding parallel thrust faults.”
AIS Resources’ Chief Exploration Geologist Dennis Walsh, who has extensive experience exploring around the Fosterville gold mine, commented, “Gold and associated sulphide mineralisation at the Fosterville gold mine is controlled by late brittle faulting and fracturing. These brittle faults are generally steeply west-dipping, reverse faults with a series of moderately west dipping, reverse splay faults formed in the footwall of the main faults, where gold mineralization is structurally controlled. Mineralized shoots in the area are typically 4m – 15m thick and show down-dip and down-plunge dimensions typically ranging from 50m – 150m by 300m – 2,000m plus. That’s our target for our highly prospective Fosterville-Toolleen Gold Project. The Fosterville gold mine has proven this geological model, and we will now be using the same modeling concept to develop the potential at our Fosterville-Toolleen Gold Project.”
Fig. 1. Fosterville gold mine and pits are on the left and 12 kms away is the ground gravity high anomaly insert at our Fosterville-Toolleen gold project is on the right. The red line is the boundary of the property:
Fig. 2. Drill hole line along the ground-based gravity high (dark red) structure. Six lines are planned (grey lines):
Fig. 3. Ground penetrating radar lines completed in January 2021 show breaks in the gold-colored area as potential drill targets:
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol FAusIMM MAIG who is a Qualified Person under the definitions established by the National Instrument
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, base metal, and lithium 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. AIS owns 100% of the 28sq km Fosterville-Toolleen Gold Project located 12km from Kirkland Lake’s Fosterville gold mine (subject to completion of certain exploration expenditures), a 60% interest in the 58sq km New South Wales Yalgogrin Gold Project (with the right to acquire 100%), and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell.
A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Martyn Element, Executive Chairman
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.