VANCOUVER, British Columbia, Sept. 28, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V: AIS, FRA: 5YHA) (the "Company" or "AIS") wishes to inform the company's shareholders that Spey Resources Corp. (CSE: SPEY, OTC: SPEYF, FRA: 2JS) ("Spey") has announced that a NI 43-101 compliant Mineral Resource Estimate ("MRE") has been completed on the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. AIS holds a 20% equity carry in the Candela II concession.
The report on the Candela II property was completed by WSP Australia Pty Limited and quoting from the Spey new release: "is estimated to contain lithium metal of 86,000 tonnes which equates to 457,520 tonnes of in-situ Lithium Carbonate Equivalent ("LCE") and a lithium yield of 48,000 tonnes of LCE from 9,000 tonnes of lithium metal."
At this time the reported Inferred Mineral Resource is considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. The current lithium carbonate price of $30,000 per tonne will provide the basis for a planned scoping study analysis for a possible 5,000 t/year production plant, designed to evaluate the overall economics of the project.
AIS and Spey are finalising a shareholder agreement for the development of the Candela II concession. AIS retains a 20% equity carry.
The reader is referred to the Spey news release for further details on the resource estimate, and proposed plans and budgets for additional development work on the property.
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 natural resource opportunities. AIS's value add strategy is to acquire early-stage projects and provide technical and financial support to enhance their value. The Company is managed by a team of experienced engineers, geologists, and investment bankers, with a track-record of successful capital market achievements.
On Behalf of the Board of Directors, A.I.S. Resources Limited.
Andrew Neale
President & CEO
Email: aneale@aisresources.com
Website:
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.
