A.i.s. Resources Identifies Prospective Drill Targets at Reliance Reef and Provides Bright GOLD Project Update
A.I.S. Resources Limited
1120 – 789 West Pender Street
Vancouver BC V6C1H2 Canada
www.aisresources.com
A.I.S. RESOURCES IDENTIFIES PROSPECTIVE DRILL TARGETS
AT RELIANCE REEF AND PROVIDES BRIGHT GOLD PROJECT UPDATE
Vancouver, British Columbia May 19, 2022 – A.I.S. Resources Limited ( TSX.V: AIS, OTCQB: AISSF ) (the
“Company” or “AIS”) announces that the Company has identified four low impact drill hole locations in the
newly developed Reliance Reef area. Drilling, has been designed to test the exploration prospect at Reliance
and evaluate the drill rig suitability for resource drilling at Golden Bar. The Company is collaborating with the
State Government roads manager and the Company's community relations team is continuing to engage with
the community to advise on the proposed work.
Figure 1 Local Area Map showing highly prospective gold resource area play which includes E79 Resources (CSE:ESNR), Fosterville
South (TSX.V:FSX), and Dart Mining (ASX:DTM).
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Hillsborough-Catherine-Elgin-Reliance Reefs and Mines – Historical Analysis
Recent historical research of production related to the Reliance Mine finds it the richest producer in the district.
A newspaper article from 1897 shows that a crushing from ore at surface yielded an incredible 115 oz./ton or
3,576.5g/t1. Other historical yields included 3831 oz at 44g/t at the Elgin Reef, and 9646 oz at 24g/t at the
Hillsborough Reef. Little follow-up production was uncovered with two references of production showing
335oz for the quarter of June 19052 and 274oz. for the March quarter of 19063.
Figure 2: LiDAR, surface geochemistry, and structural interpretation at Reliance-Elgin-Hillsborough.
Reliance drill program displayed in the north.
1Source: Albury Banner and Wodonga Express, 29 th January 1897,pp 8-9.
2Source: Australian Town and Country Journal, 28 th June 1905, p.17
3Source: Weekly Times, 31 st March 1906, p.35
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Reliance Drill Program
Recent three-dimensional (3D) modeling utilizing open file LiDAR demonstrates the high probability that the
upper Elgin Reef is the same as that worked at Reliance.
A maiden drill program here is designed for 815m and staged in two parts.
Figure 3: Relative prospect map of Reliance and Golden Bar drill programs at EL6194.
There is a near target drill fan program to test width, proximity, and strike orientation with a further step out
program to test continuity at depth and orientation. Also, it is important to understand the relationship of this
saddle reef to any fold hinges that are projected to exist locally as 3D modeling demonstrates that the lower
Elgin Reef occurs in proximity to an anticline which at this point is mapped to be 4m wide from historic mine
plans. Gold can be found to deposit in saddle reef structures.
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Figure 4: 11 m wide face sampled (SF01) proximal to 2005 sample grading 22g/t. Looking south.
It is anticipated that the program should be able to determine the shoot below and between historic workings
lending further credibility to the concept that the Reliance Reef and upper Elgin Reef are the same structure.
It is important to note that the Elgin workings were intersected by a low angle post mineralization fault (hence
the upper and lower Elgin Reefs) with displacement of unknown dimension. There is also the potential of other
low angle late faults to be encountered in this drilling.
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Golden Bar Drill Program
A follow-up drill program for 1,665m has been designed and is displayed in figure 5.
The first drill hole here (GBDD001) was [email protected] g/t gold and 4,070ppm arsenic from 96.7m on the Red
Leader fault. We are awaiting assay results from GBDD002. Better gold grades, similar alteration and rock
textures are expected as shown in figure 7.
An additional feature of the drill program at Reliance is for purposes of assessing noise emissions. This data will
be incorporated with a noise management plan for the benefit of local residents at the Golden Bar prospect.
Collaboration with the State Government roads manager and community engagement is ongoing.
Figure 5 Left: Drill section for GBDD001, looking south-east. • Figure 6 Top Right: Semi-massive pyrite associated with quartz-
carbonate vein. • Figure 7 Lower Right: Vein hosted massive euhedral arsenopyrite, GBDD001 82.8m.
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Figure 1: Tray 1 for Home Reef horizon 78.9-82.95m in GBDD001 (see section in figure 6). Tray 2 for Home Reef horizon 78.9-82.95m in
GBDD001 (see section in figure 6). Tray 3 for Red Leader Reef horizon 96.7-98.85m in GBDD001 (see section in figure 6.).
[email protected] g/t gold and 4,070ppm arsenic from 96.7m.
A historical account of production at Golden Bar comes from the last records of mining immediately above
these drill intersections by way of the Kenny, 1966 4. Earliest records of the prospect are incomplete, with
surface mining estimated to have initiated around 1865, concluding in 1905 on mining fronts associated with
the Home Reef and Shaws Reef. It was calculated that Shaw’s Reef yielded a grade of 10.14 g/t from 487.7 ton
of ore and Home Reef yielded 22.28 g/t from 287 ton of ore. The weighted average from a total of 779.3 ton
of ore is 14.66 g/t, with auriferous pyrite contributing between 1.2-1.5 g/t 5. Both of these reefs plunge to the
south-east at about thirty degrees.
4 Geological Survey of Victoria Bulletin No.44, pp.39-40.
5 Ibid
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As announced on January 12, 2022, AIS entered into a joint venture with Clarus Resources Pty. Ltd. to explore
the highly prospective Bright Gold Project Exploration Licence EL6194, that covers 57 sq km of land along the
Bright-Myrtleford highway. The exploration licence is surrounded by Dart Mining (ASX:DTM), Fosterville South
(TSX.V:FSX), and E79 Resources (CSE:ESNR).
Martyn Element, Chairman of AIS stated, “We are pleased to have completed a recent financing and look
forward to commencing the drilling program at the Reliance Reef and Golden Bar Reef, two promising target
zones of the several prospects at Bright El-6194.”
Fosterville-Toolleen Gold Project Update
AIS has completed the soil sampling program, the geophysics review, and a second geophysics review. The
company is now preparing for drilling up to 10 holes at approximately 100-120m. Our community engagement
team is currently working with land and traditional owners to advise them of the proposed work pursuant to
the latest DJPR Earth Resources guidelines.
Explanation of Historical Estimates
“Historical estimate” means an estimate of the quantity, grade, or metal or mineral content of a deposit that
an issuer has not verified as a current mineral resource or mineral reserve, and which was prepared before the
issuer acquiring, or entering into an agreement to acquire, an interest in the property that contains the deposit
and is not NI43-101 compliant nor JORC compliant if an Australian reporting explorer. The statement does not
imply that a resource has been estimated and gives no indication that the deposit is economic or not. An issuer
must not disclose any information about a mineral resource or mineral reserve unless the disclosure uses only
the applicable mineral resource and mineral reserve categories.
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol, MBM,
FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National
Instrument 43-101 and is President, CEO of A.I.S. Resources Ltd.
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
lithium, gold, precious and base metals exploration. AIS’ 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 our portfolio. The Company is managed by a team of
experienced geologists and investment bankers, with a track-record of successful capital markets
achievements.
AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9km from Kirkland Lake’s Fosterville
gold mine, a 60% interest in the 57sqkm Bright Gold project (with the right to acquire 100%), a 60% interest in
the 58 sq km New South Wales Yalgogrin Gold Project (with the right to acquire 100%), and 100% interest in
the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. AIS has further options to
acquire three lithium licences in the Pocitos and Cauchari Salars in Argentina and, also has 20% joint venture
interests with Spey Resources Corp. in lithium brines in Argentina at the Incahuasi and Pocitos Salars.
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On Behalf of the Board of Directors,
A.I.S. Resources Ltd.
Phillip Thomas,
President & CEO
Corporate Contact
For further information, please contact:
Phillip Thomas, Chief Executive Officer
T: +1-323 5155 164
Or
Martyn Element.Chairman
T: +1-604-220-6266
Website:www.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.
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.