A.I.S. Resources Verifies Assay Results and Completes Due Diligence at West Wyalong Advanced Gold Project in Australia
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A.I.S. Resources Verifies Assay Results and Completes Due Diligence at West
Wyalong Advanced Gold Project in Australia
Vancouver, British Columbia September 2, 2020 – A.I.S. Resources Ltd. (TSX-V:AIS) (“AIS” or
the “Company”) announces that due diligence on the Yalgogrin Orogenic Gold Project (the
“Project”), has been completed with a three-day project inspection of the historic mines and
geology on ELA6030 and EL5891. Twelve drill core samples from EL5891 have been verified as
correct and show a strong correlation.
Fig 1 – From left to right looking from Holland to Walsh’s along the depression (mineralised area) with a
rehabilitated historic mine in the foreground near True Blue and Adelaide historic workings.
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Fig 2 – Drill holes and trenching on EL5891 with historical mines.
Twelve samples from YAC64-72 were assayed to verify 2018 assay results. Results are in Fig.5
below. One blank was included for QA/QC. Onsite Laboratory is the only ISO registered
commercial mineral laboratory in Victoria.
Fig 3 (L) Sample bags from hole YAC72
Fig 4 (R) YAC64 showing the sample that assayed 5.41 gm/t Gold
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Fig.5 YAC64-72 Drill core assay results from Onsite Laboratory Services
Assay Results Verified
The Pearson correlation co-efficient is 98.4%, which is exceptionally high and gives us full
confidence in the assay results. Sample YAC64, original SGS assay was 5.49gm/t and Onsite
Laboratory assays were at 5.01gm/t and 5.6 gm/t. Out of the twelve samples assayed, eight
were higher than the original assay, which is due to the sample sizes. The 10.5% sampling
difference is reasonable given the sample size.
The EL6030 Group of Gold Workings
Approximately 10 km southwest of Yalgogrin is a group of workings comprising the Asia-
Wyalong Mine, and the Talmore Mine, which cover 56 sq km and were staked as ELA6030. AIS’s
property is surrounded by Thomson Resources’ Yalgogrin Gold Field property.
Fig 6 (L) – Talmore mine showing carbonaceous slate.
Fig 7 (R) – Asia Wyalong mine and shaft with visible drives and a depth of 91 metres.
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Fig 8 – Arsenic is correlated with gold and this map shows the Arsenic (As) contours and old workings, and
sampling along the creek.
“With 11 km strike length of known gold workings, and production over 15,000 oz from surface
workings, the assay results are what we were expecting. This gives us confidence going forward
with our highly prospective gold project in the Lachlan Fold Belt in NSW. And the geology and
topography we examined gives us additional assurance that further exploration will be
rewarding,” stated A.I.S. Resources CEO, Phillip Thomas. “The Asia-Wyalong and Talmore mine
areas displayed geology consistent with the occurrence of gold. And the numerous pits and
historic workings give us strong indications where to explore. To develop a drill target program,
we had detailed discussions with geophysics consultants about conducting an IP survey over the
key areas of interest. We also met with the drill team to discuss the area’s geology. Preparation
of the Option Definitive Agreement for the initial acquisition of 60% is progressing well. Upon
completion we will be able to close the transaction. All technical due diligence has been
finalised and the returns for the NSW Resources and Geoscience Division have been
completed.”
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Fig 9 (L) – Quartz veins intruding cracks in host rock at Asia Wyalong mine.
Fig 10 (R) – Folding in bedrock with tensional cracks and quartz veins at Asia Wyalong mine.
Fig 11 – Total magnetic intensity map. White circle represents centre of pit. White star indicates location of
metallic debris. White lines indicate locations of the three TEM coincident loop profiles. Line AB reflects trend in
TEM data. Black dashed lines indicate major fracture systems and possible drill targets.
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Evidence of Significant Lineaments in Magnetisation Evident
Magnetic data is presented as a contour image of total magnetic intensity. The significant
lineaments in magnetisation are clearly evident in Figure 11. These are assumed to be
associated with the prospective fracture systems that may be the location of gold
mineralisation close to the surface. Numerous short wavelength features are also evident
throughout the survey area.
Technical information in this news release has been reviewed and approved by Phillip Thomas,
CEO of A.I.S. Resources, who is a Qualified Person under the definitions established by the
National Instrument 43-101 and a Certified Mineral Valuer.
About the Yalgogrin Gold Project
The advanced-stage exploration project is located in the historic Yalgogrin gold field, only 37 km
west of the town of West Wyalong on the Newell Highway and 595 km north of Melbourne.
The 5,880 hectares (14,530 acres) project is in the Koetong suite of granites in the Lachlan Fold
Belt of NSW, Australia.
About A.I.S. Resources Limited
A.I.S. Resources Limited 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-August 2020, AIS entered into agreements to acquire and
develop the Tooleen-Fosterville Gold Project in Victoria Australia and the Yalgogrin Gold Project
in central New South Wales, Australia.
For further information, please contact
Phillip Thomas, Chief Executive Officer
A.I.S. Resources Limited
Tel: +1-747-200-9412
Email: [email protected]
Or
Martyn Element, Executive Chairman
Tel: +1-604-220-6266
Email: [email protected]
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.