A.I.S. Resources announced that the Company has entered into an agreement with the land owner to conduct exploration on a manganese mine near Palenque.
A.I.S. Resources Limited (TSXV:AIS, OTCQB:AISSF) (the “Company” or “AIS”) announced today that the Company has entered into an access agreement with the land owner to conduct exploration on an existing manganese mine and major deposit northwest of Panama City near Palenque, Panama.
Mine near Palenque Panama
Highlights of the A.I.S. Resources Transaction
- The project was visited on October 17, 2019 and samples were taken from an outcrop adjacent to a 60 metre deep mine shaft where manganese was extracted in the 1990’s. Also observed were several shallow shafts and remnants of a railway line that had been installed to move the manganese off the hill to the road.
- A number of samples weighing approximately 900 gms were assayed by AlsGlobal in Adelaide, Australia. The results were very encouraging with Mn values of 58.03%, more than 14% above the 44% benchmark.
- The agreement provides for exclusive exploration rights on a 74-hectare concession while AIS performs due diligence. AIS will engage a local geologist to complete mapping, logistics planning, technical/safety/OHS of mine shaft, Mn chemical analysis, trenching and geophysics to determine the feasibility of recommencing mining operations. If the results are positive the Company will proceed with a mine engineering plan to commence production at the estimated rate of 10,000 tonnes a month or 350 tonnes per day.
“We are pleased to have found this significant deposit with such high purity of manganese,” stated A.I.S. Resources President and CEO, Phillip Thomas.
Samples assayed by ALSGlobal
Fig 1 – Samples analysed
Fig 2 – Manganese mine shaft
Guayatayoc Salar – Argentina
AIS received an extension on the Guayatayoc option to December 15, 2019 at no extra cost. The Company has decided to relinquish the option as the Secretary of Mines has made no progress toward arranging a UGAMP meeting nor setting time limits on the discussion period for exploration programs. AIS will monitor conditions in Argentina with a view toward re-engaging operations when circumstances improve.
About AIS Resources
A.I.S. Resources Ltd. is a TSX-V listed investment issuer that is managed by experienced, highly qualified professionals who have a long track record of success in lithium and manganese trading, exploration, production and capital markets. Through their extensive business and mining networks, they identify and develop projects worldwide that have strong potential for growth with the objective of providing significant returns for shareholders. The Company’s current activities are focused on the mining and trading of manganese ores in Peru, and exploration and development of lithium brine projects in northern Argentina.
On Behalf of the Board of Directors, A.I.S. Resources Limited
President and CEO
Phillip Thomas – President and CEO
T: 604 687-6820
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation 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 intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation 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.