A.I.S. Resources Preliminary Radar Geophysics shows prospective geological structures at Fosterville-Toolleen Gold Property
January 05 2021 - 8:30AM
A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the "Company" or
"AIS") announces that the initial results from the Deep Ground
Penetrating Radar of the Fosterville-Toolleen Gold Property have
been received. Response anomalies are evident in the preliminary
results with early output provided by LozaRadar in a colored 2D
section set out below. The strong near surface response is yet to
be fully interpreted, however, early data analysis suggests the
existence of a shallow channel development that may be gold
bearing.
Phillip Thomas CEO commented, “Denis Walsh, our
Chief Geologist, and I are delighted with the initial results
achieved so far and the structures shown by the radar. Fosterville
hosts three distinct mineralization styles: (a) refractory gold in
fine-grained arsenopyrite (b) visible gold hosted in
fault-controlled quartz-carbonate veins associated with stibnite
mineralization, and (c) vein-hosted visible gold with little or no
associated stibnite. We are seeking to identify styles or
variations of (b) or (c) from the data interpreted so far. This is
an important phase in the exploration program and drilling will
prove up our mineralisation model.”
Ordovician basement contact is thought to be
represented in part by the aquamarine-grey/yellow contrast depicted
in the section below. This means that any reefs or quartz veins
containing gold are shallow and less than 25 metres. This is one of
the five lines of radar completed. The remaining data is expected
to be received in January 2021.
Fig. 1
– https://www.globenewswire.com/NewsRoom/AttachmentNg/cff7d0cf-482a-4334-b9aa-75b9b504cc70
The primary target on the Toolleen tenement
EL006001 is Ordovician aged meta-sediments common in the
Fosterville area. The setting of EL006001 is located within a
favorable structural framework within the Bendigo Zone which hosts
the Fosterville deposit. Rocks of the approximately the same age
also mapped in various positions across EL006001. Fosterville is
principally related to a series of NNW trending reverse faults in
the hanging wall of the regional Redesdale Fault whilst 12km to the
east Toolleen, is located in the hanging wall of the
Heathcote-Mount William fault zone understood from government
seismic data to be a significant west dipping thrust.
AIS Resources’ Chief Geologist Denis Walsh will
further assess the outputs integrating topographical data,
available surface and subsurface geological understanding (magnetic
and gravity data) and location of reported nuggets to extract the
maximum value out of the data to progress exploration for gold
deposits. It is expected that understanding the radar results of
the survey will significantly enhance further exploration program
results.
A soil geochemistry program utilizing a low
detection partial extraction method suited to areas of shallow
cover is being planned over EL006001.
Fig. 2
– https://www.globenewswire.com/NewsRoom/AttachmentNg/3fdef4f6-431e-4937-95cb-34064193586d
Regional gravity images of EL006001 show a
significant gravity feature that does not show on the magnetic
image, indicating a different source rock type than the highly
magnetic and highly dense units to the east in the footwall of the
Heathcote-Mount William fault zone. The regional gravity dataset is
based on broadly spaced stations so a more detailed ground gravity
program is planned to confirm the regional and local picture.
Subsequently, a drilling program is planned to test for primary and
secondary sources of nuggets, results from soil geochemistry and
features identified in the radar geophysics and gravity
surveys.
Fig. 3
– https://www.globenewswire.com/NewsRoom/AttachmentNg/565ec3c3-1e70-433d-954c-1b8faa1785b0
Technical information in this news release has
been reviewed and approved by Phillip Thomas, BSc Geol MAIG who is
a Qualified Person under the definitions established by the
National Instrument 43-101.
About A.I.S. Resources
LimitedA.I.S. Resources Limited is a publicly traded
investment issuer listed on the TSX Venture Exchange focused on
precious and base metals 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, with a
track-record of successful capital markets achievements. In
November 2020, AIS received TSX-V approval to acquire the New South
Wales Yalgogrin Gold Project JV, the Fosterville-Toolleen Gold
Project and the Kingston Gold Project in Victoria Australia.
Phillip ThomasCEO
A.I.S. Resources ltd.For further information,
please contact:Phillip Thomas, Chief Executive Officer Tel:
+1-747-200-9412 Email: pthomas@aisresources.com OrMartyn
Element, Executive Chairman Tel: +1-604-220-6266Email:
melement@aisresources.comWebsite: www.aisresources.com
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