VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V: AIS, OTC-PINK: AISSF, FRA: 5YHA) (the "Company" or "AIS") announces a renewed focus on gold exploration in Australia. Through its wholly owned Australian subsidiary AIS Resources Aust. Pty, AIS continues to own:
- 100% interest in the 28 km2 Fosterville-Toolleen Exploration License (EL6001) located 10 km due east of Agnico Eagle's Fosterville gold mine,
- 60% interest in the 58 km2 Bright Exploration License (EL6194), with an option to acquire 100%, and,
- 100% interest in the 167 km2 Kingston Exploration License (EL6318).
These three advanced stage exploration properties, with a combined area of over 250 km2, are all located in the Lachlan Fold Belt, also known as the Golden Triangle, located in the Central Victoria region of Australia. The Geological Survey of Victoria estimates that there may be up to 75 million ounces (Moz) of gold yet to be found in these Victorian goldfields.
Previous work has identified high potential drill targets on the Toolleen property, with geological characteristics very similar to the neighbouring high grade Fosterville mine.
The Kingston property encompasses a prospecting license owned by the property Vendor, that includes a 50-meter-deep vertical shaft and associated small-scale mine. AIS will receive 15% of gold sales revenue emanating from the Vendor's mining activities outside of the Vendor's prospecting license.
Andrew Neale, President & CEO of AIS commented, "The significant increase in gold prices has renewed interest in gold exploration, and the three properties in Australia are ready for immediate on-site work. Our major shareholders are indicating their ongoing support for work in this area, and the Company is actively engaged in evaluating opportunities to raise the appropriate funding," The Company will be providing updates in a timely manner as these efforts progress.
As previously announced, AIS entered into an option agreement with American Salars Lithium Inc., (CSE: USLI, FRA: Z3P) on the Company's remaining lithium project in Argentina. In early March, AIS completed a 1-for-10 reverse stock split as part of ongoing corporate restructuring efforts, reducing the total share count to approximately 20 million shares
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 various 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 A.I.S. Resources Limited
Andrew Neale
President & CEO
Corporate Contact
For further information, please contact:
Martyn Element, Chairman of the Board
T: +1-604-220-6266
E: melement@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.
