A.I.S.
Resources Verifies
Assay Results and Completes Due
Diligence at
West
Wyalong Advanced Gold Project in
Australia
Vancouver,
British
Columbia September
2,
2020 -- InvestorsHub NewsWire -- A.I.S. Resources
Ltd.
(TSX-V:AIS) ("AIS" or the "Company")
announces that due diligence on the
Yalgogrin Orogenic Gold Project (the
"Project"), has been completed
with
a
three-day project inspection of the
historic mines and geology on ELA6030 and EL5891. Twelve drill core samples from
EL5891 have been verified as correct and show a strong
correlation.
Fig
1
–
From left to
right looking from Holland to Walsh's along the depression
(mineralised
area) with
a rehabilitated
historic mine in
the foreground near True Blue and Adelaide
historic workings.
Fig
2 –
Drill
holes and trenching on
EL5891 with historical
mines.
Twelve
samples from YAC64-72
were
assayed to verify 2018 assay
results. Results are in Fig.5
below. One blank was included
for QA/QC.
Onsite Laboratory
is the only ISO registered commercial mineral laboratory in
Victoria.
Fig 3 (L)
Sample bags from
hole YAC72
Fig 4 (R)
YAC64 showing the
sample that assayed 5.41 gm/t Gold
Fig.5 YAC64-72 Drill core
assay
results from Onsite Laboratory Services
Assay
Results Verified
The Pearson
correlation co-efficient is 98.4%,
which is exceptionally high and gives us full confidence in the
assay results. Sample YAC64, original SGS assay was
5.49gm/t
and
Onsite
Laboratory assays were
at 5.01gm/t and
5.6 gm/t. Out of the twelve samples
assayed, eight were higher than the original assay, which is due to
the sample sizes. The 10.5% sampling difference
is reasonable given the sample size.
The
EL6030
Group
of Gold
Workings
Approximately
10 km
southwest of Yalgogrin is a group of workings comprising the
Asia-Wyalong Mine, and the Talmore Mine, which cover 56 sq km and
were staked as
ELA6030. AIS's property is surrounded
by Thomson Resources' Yalgogrin Gold Field
property.
Fig
6
(L) –
Talmore
mine showing carbonaceous
slate.
Fig
7
(R) –
Asia Wyalong mine
and shaft with visible drives and a depth of
91
metres.
Fig
8
–
Arsenic is
correlated with gold and this map shows the Arsenic (As) contours and old
workings,
and sampling along the creek.
"With
11 km strike
length of known gold workings, and production over 15,000 oz from
surface workings, the assay results are what we
were expecting. This gives us confidence going forward
with our highly prospective gold project in the Lachlan Fold Belt
in NSW. And the geology and
topography we examined gives us additional
assurance
that further exploration will be
rewarding," stated A.I.S. Resources CEO, Phillip Thomas. "The Asia-Wyalong and Talmore mine
areas displayed geology consistent with the occurrence of
gold. And the numerous pits and
historic
workings give us strong indications where to explore.
To develop a drill
target program, we had
detailed
discussions with geophysics consultants about conducting an IP survey over the key
areas of interest. We also met with the
drill team
to discuss the area's geology. Preparation of the Option
Definitive Agreement for the initial acquisition of 60% is
progressing well. Upon completion we will be able to
close the transaction. All technical due diligence
has been finalised and the returns for the NSW Resources and
Geoscience Division have been completed."
Fig
9
(L) –
Quartz veins
intruding cracks in host rock at Asia Wyalong
mine.
Fig
10
(R) –
Folding in
bedrock with tensional cracks and quartz veins at Asia Wyalong mine.
Fig
11 – Total magnetic intensity map.
White circle represents centre of pit. White star indicates location
of metallic debris. White lines indicate locations of the three TEM
coincident loop profiles. Line AB reflects trend in TEM
data.
Black dashed lines indicate major fracture systems and possible
drill targets.
Evidence
of Significant
Lineaments in Magnetisation Evident
Magnetic data is
presented as a contour image of total magnetic intensity. The
significant lineaments in magnetisation are clearly evident in
Figure 11. These are assumed to be
associated with the prospective fracture systems that may be the
location of gold mineralisation close to the surface. Numerous
short wavelength features are also evident throughout the survey
area.
Technical
information in this news release has been reviewed and approved
by Phillip
Thomas,
CEO of A.I.S. Resources, who is a Qualified Person
under the definitions established by the National Instrument
43-101 and
a Certified Mineral Valuer.
About the
Yalgogrin Gold
Project
The
advanced-stage
exploration
project is
located in the historic Yalgogrin
gold field, only 37 km west of the town of West Wyalong
on the Newell
Highway and 595 km north of Melbourne.
The 5,880
hectares (14,530 acres) project is in
the
Koetong suite of
granites in the Lachlan Fold Belt of
NSW,
Australia.
About
A.I.S.
Resources
Limited
A.I.S. Resources Limited is a
publicly
traded
investment
issuer listed on the TSX Venture
Exchange focussed on
precious and base
metals exploration. The Company is managed by a team of experienced
mining and geological professionals. AIS has been involved in
manganese trading from mines in Peru. In July-August 2020, AIS
entered into agreements to acquire and develop the
Tooleen-Fosterville Gold Project in Victoria Australia
and the Yalgogrin Gold Project in
central New South Wales, Australia.
For further
information, please contact
Phillip Thomas,
Chief Executive Officer
A.I.S. Resources
Limited
Tel:
+1-747-200-9412
Email:
pthomas@aisresources.com
Or
Martyn Element,
Executive Chairman
Tel:
+1-604-220-6266
Email:
melement@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.