A.I.S.
Resources Signs
Binding
LOI
to
Acquire
the
Toolleen-Fosterville
Gold
Project EL006001
Vancouver,
British Columbia August
24,
2020 –
InvestorsHub NewsWire -- A.I.S. Resources Ltd. (TSX:
AIS, OTCQB: AISSF) ("AIS" or the "Company")
announces that on August
24th, 2020
the Company entered into a Binding Letter
of Intent ("LOI") with Providence
Gold and
Minerals Pty Ltd
("PGM"), to acquire the
Toolleen-Fosterville Gold project (the
"Project") located 3 km from the township of
Toolleen and 12 km from the
Kirkland
Lake Fosterville
gold mine. The Project is situated on freehold land
and has no native title claim.
Fig 1 –
The newly
announced 26 sq. km. Toolleen-Fosterville
Project shown in yellow is conveniently
located
only 42 miles
from Bendigo, and 12 km from the 7.58
Moz
Au Fosterville
Gold Mine.
Close to
the 7.58Moz.
Gold Fosterville Mine
AIS
President &
CEO, Phillip Thomas
commented, "With
the Toolleen-Fosterville
Project's close proximity to the 7.58 Moz. gold Fosterville Mine
(Kirkland
Lake Gold–KL-NYSE) we are in good
company. To be able to acquire a
property with an open cut mine, free gold on the
surface,
substantial geological work and evidence of quartz augurs
well. Other explorers around
our new
project include: Fosterville South
Exploration (FSX-V),
Nubian Resources
(NBR-V),
Catalyst Metals
(CYL-AX),
and
Petratherm
Limited (PTR-AX).
The Project
area, which is adjacent to the
recently lifted exploration
moratorium area, is located within the
Bendigo-Ballarat Zone of the Palaeozoic Lachlan Fold Belt of
eastern Australia and the greenstone corridor
running north south.
The
gravity survey
shows
highly prospective areas. The experience at Fosterville
and Bendigo suggests that the shallow gold mineralisation may be
indicative of high-grade shoots that can be mined by underground
methods. This exploration project is a
perfect addition to the AIS Resources'
more
advanced exploration stage
Yalgogrin Gold
Project. The Company is finalizing definitive
agreements
for the Yalgogrin
and Toolleen-Fosterville Gold Projects and
is looking
forward to executing its exploration plans in
Australia."
Toolleen-Fosterville
Project Acquisition
Terms
Under the terms
of the LOI, AIS Resources will acquire 100% interest in the
Project, by paying AU$375,000 (CAD$356,250)
and issuing AIS shares equal to AU$375,000
(CA$356,250) to the
Vendor,
PGM. A 1% NSR is payable on
all
gold
production. The Acquisition is expected to
occur by September 14, 2020 and is subject to the receipt of all
necessary approvals and all conditions having been satisfied or
waived with respect to the terms of the LOI including the approval
of the TSX Venture Exchange.
The vendor's
geologist, Dr. Rodney Boucher, a pre-eminent
Geologist with over 25 years experience in
central Victoria geology will be assisting in the
handover and future work on the Project. Several prospectors have been
on the EL tenement ground and surrounding tenements and
have
recovered surface
gold.
Fig 2 (L) – Open
cut mine on the northern extent of the property • Fig 3 (R) – Dr.
Boucher (foreground)
inspecting the
surface scree while discussing paleochannel and reef
evidence with Tom Burrowes of
PGM
Local
Geology Prospective
for Gold Deposits
The Toolleen Gold
Zone was mined underground until 1957 with a
reported 7,000 tonnes @ 10g/t
Au being produced from the top
60 metres. Willman (2007) showed that the best
mineralisation at both Bendigo and Castlemaine was found a few
kilometres into the hanging walls of major faults thus,
these areas of shallow cover are both prospective and easy to
explore.
PGM
had previously discovered
the
Four Eagles
project operated now by Catalyst
Metals
in the hanging wall in a similar position. The Mt William Fault
transects the tenement in a north-west south-east
direction.
Fig 4 (L) – Gold
nuggets recovered from one of the farms on
EL6001 • Fig 5
(R) – Angular reef quartz
and
rounded glacial quartz
scree of Permian glacial
origin.
The Lachlan fold
belt has been subdivided into eight zones based on age, rock types
and structural history (Grey, 1988). The Permian glaciation is
evidenced by small subsurface and locally outcropping occurrences
of glacigene sediments that provide evidence of the
glaciation. This occurred in eastern Australia during
the lower Permian affecting the Toolleen area. Fluvio-glacial and
glacial sediments crop out poorly and tend to be preserved in down
faulted blocks or have been reworked into younger deposits.
EL006001 is east
of the Mt William fault.
Fluvial sediments have reworked Palaeozoic reef quartz and gold
along with Permian glacial clasts into ancient rivers that
criss-cross the tenement during the Cenozoic.
Fosterville is
unique in the region as it represents a large North striking West
dipping fault reef up to 20 metres wide and eight kilometres
long hosting rich gold
reefs with finely disseminated
gold. .
Fosterville was attractive due to the arsenopyrite-hosted, fine
disseminated folding (even though it wasn't unique with similar
mineralisation at Nagambie & Bailieston and even in small parts
of Bendigo and Daylesford), but has become famous for the abundant
nuggetty gold.
At the deposit scale, high-angle secondary reverse faults
and
dilational
cross structures served as conduits for the mineralising fluids. In
addition to the fault-controlled mineralisation, where
accommodation occurs at the apexes of tight fold hinges,
mineralisation can occur as stacked 'saddle' or 'trough' reefs as
commonly seen within the Bendigo area.
Fig 6 –
Faults and block
movements in the Toolleen and surrounding area.
Technical
information in this news release has been reviewed and approved
by Phillip
Thomas, CEO of AIS, who is a Qualified Person
under the definitions established by the National Instrument
43-101.
About
AIS
Resources Limited
AIS
Resources Ltd. 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 2020, AIS entered into an agreement to
acquire and develop the Yalgogrin Gold Project
in central
New South
Wales,
Australia.
For further
information, please contact:
Phillip Thomas,
Chief Executive Officer, AIS Resources Ltd.
Tel: +1-747
2009412
Email:
pthomas@aisresources.com
Or
Martyn Element,
Executive Chairman
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.