Precious Metals

A.I.S. Resources Grants Option to Spey Resources to Acquire 100% Interest in the Pocitos I and II Claims in Salta, Argentina and Announces Financing

A.I.S. Resources Limited ( TSX: AIS, OTCQB: AISSF ) (the "Company" or "AIS) announces that it has entered into an Option Agreement (the " Agreement ") with Spey Resources Corp. (" Spey ") dated June 23, 2021 to grant Spey an Option (the " Option ") to acquire a 100% interest in the Pocitos I and Pocitos II claims (the " Property ") located in Salta, Argentina.

AIS also announces a non-brokered private placement of up to 10,000,000 units (" Units ") at a price of $0.08 per unit for gross proceeds of $800,000 (the " Private Placement "). The proceeds will be used for general working capital and exploration of the Company's gold projects in Australia.

Each Unit consists of one common share and one transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share for a period of 24 months from the closing date of the offering at a price of $0.12 per common share. The Company may pay finders fees of up to 8% cash and 8% finders warrants on a portion of the placement.

Pocitos I and II
The project is located approximately 10 km from the township of Pocitos where there is gas, electricity and telephone internet services. Pocitos I is 800 Ha and Pocitos II 532 Ha, both of which are accessible by road. AIS Resources has spent more than USD$1.5M exploring the project, including surface sampling, trenching, TEM geophysics and drilling two 400m holes, which had outstanding results. To date, Pocitos II has yet to be drilled and the locations have been identified for holes 3 and 4.

Fig 1. Pocitos I and II located in the Quinos Salar, Salta Province in the lithium triangle in Argentina
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f009af4-b179-4310-8122-3b30d23b4719

AIS did not pursue the property in 2018 due to the high magnesium content of the brines and the fact that the fractional crystallisation/ion exchange process could not process it, however, the Ekosolve™ lithium extraction process will help alleviate the magnesium situation. Lithium values of up to 125 ppm were recorded and the flow rate of the hole exceeded 75,000 Litres per minute and continued for more than 5 hours. Both drill holes had exceptional brine flow rates. Spey's plan is to sample the current drill holes and drill a further two holes to estimate a NI 43-101 resource calculation and progress discussions to build a production pilot plant.

Pursuant to an option agreement, AIS has an option (the " Underlying Option ") to acquire the Property from the current owners. Upon the exercise of the Underlying Option by AIS, Spey will be able to exercise the Option and acquire a 100% interest in the Property from AIS by paying a total of US$1,732,000 (the " Purchase Price ") prior to June 23, 2022.

In order to maintain the Option in good standing under the Agreement, Spey must immediately pay AIS a total of US$100,000 and issue 2,500,000 Spey common shares. In addition, Spey must complete a US$500,000 exploration program on the Property within the next 12 months. Upon exercise of the Option and Spey's acquisition of a 100% interest in the Property, AIS will retain a 7.5% royalty on the sales revenue of lithium carbonate or other lithium compounds from the Property, net of export taxes.

CEO and director Nader Vatanchi stated, "Working with AIS and their team in Argentina has been very productive and we are fortunate that they have access to these projects to expand our lithium portfolio. Spey is still focused on moving our Incahuasi exploration program forward and aims to drill this summer now that we have the results from our TEM geophysics. Our new properties announced today, Pocitos I and II, are at an advanced stage and we look forward to drilling and completing a NI 43-101 report so that we can begin planning for potential production."

Martyn Element chairman of AIS stated, "We are delighted to see our solid working relationship between AIS Resources and Spey Resources develop to include the Pocitos 1 & 2 properties which are at an advanced stage of exploration. Importantly the proprietary Ekosolve™ lithium extraction process helps alleviate the magnesium extraction problem which is the key to bringing lithium value to Pocitos 1 & 2."

Private Placement
Closing of the Private Placement is subject to acceptance by the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws.

Certain directors and officers may participate in the Private Placement. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The related party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the Private Placement nor the consideration to be paid by the insiders will exceed 25% of the Company's market capitalization. A material change report will be filed less than 21 days before the closing date of the transactions contemplated by this news release. The Company believes this shorter period is reasonable and necessary in the circumstances.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National Instrument 43-101.

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 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 12 km from Kirkland Lake's Fosterville gold mine (subject to completion of certain exploration expenditures), 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.

A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Tel: +1-323-515-5164
Email: pthomas@aisresources.com
Or
Martyn Element, Executive Chairman
Tel: +1-604-220-6266
Email: melement@aisresources.com
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. 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

Top Stories This Week: Gold Price Pulls Back After Spike, Central Banks Boost Holdings

Top Stories This Week: Gold Price Pulls Back After Spike, Central Banks Boost Holdings

It was a week of ups and downs for the gold price, which traded as high as US$1,957 per ounce and as low as US$1,863. At the time of this writing on Friday (February 3), the yellow metal was around US$1,865.

What factors are responsible for that broad range? The US Federal Reserve played a role mid-week.

The central bank's first meeting of the year ran from Tuesday (January 31) to Wednesday (February 1), and it ended with an interest rate hike of 25 basis points, the smallest since last March. The Fed's benchmark interest rate now sits at 4.5 to 4.75 percent.

Keep reading...Show less
VIDEO — Ross Beaty: Gold Fundamentals Terrific, Set to Blow Through Previous High

VIDEO — Ross Beaty: Gold Fundamentals Terrific, Set to Blow Through Previous High

After gold's flat performance in 2022, well-known mining sector entrepreneur Ross Beaty has a better outlook for 2023.

"Quite frankly, I think there's so much momentum right now — I'm very confident gold's going to blow through its previous high and sail into new territory, probably this year," he said at the Vancouver Resource Investment Conference (VRIC).

In Beaty's view, it was the US dollar's strength that killed gold's momentum last year. But even he had trouble reconciling the yellow metal's lack of momentum with the sheer number of seemingly positive price drivers.

Keep reading...Show less
nick santiago and gold bars

VIDEO — Nick Santiago: Gold Can Still Pull Back to US$1,500 Before All-time High

The gold price has been on the rise for the last few months, but Nick Santiago, CEO and chief market strategist at InTheMoneyStocks.com, still believes a big pullback to the US$1,500 per ounce level is possible.

"I'm not bearish gold at the moment, but if I do get a sell signal, I think the next leg down takes you to that US$1,500 level, which would be the ultimate buy area," he explained to the Investing News Network. "I think that's going to be your chance to really get into gold for the long term. And then I do think gold ultimately breaks out to a new all-time high."

In terms of exactly how high gold could go in 2023, Santiago said he doesn't expect US$5,000 or US$10,000 like some market watchers are projecting. However, he does see the high US$2,000s, or possibly even US$3,000, as possible.

Keep reading...Show less
Sylla Gold (TSXV:SYG)

Sylla Gold Provides Update on Private Placement of Units

Sylla Gold Corp. (TSXV: SYG) (the "Company") announces that the Company has applied to the TSX Venture Exchange for an extension of its price protection for an additional 30 days in order to complete an additional tranche of the previously announced non-brokered private placement of up to 10,000,000 units at a price of $0.10 per unit for aggregate gross proceeds of up to $1,000,000 (the "Offering"). The first tranche of the private placement closed on January 3, 2022, for gross proceeds of $315,142.

For further details on the Offering, please refer to the Company's press releases of October 20, 2022, December 8, 2022 and January 3, 2023.

Keep reading...Show less

Barrick Hosts North Mara Site Visit for Human Rights NGO

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) has hosted a two-day open-door visit to its North Mara Gold Mine in Tanzania by the UK-based NGO RAID (Rights and Accountability in Development) represented primarily by its executive director, Anneke van Woudenberg.

The intention of the visit was for RAID to experience firsthand the positive impact Barrick has had since assuming operational control of North Mara in September 2019. In the course of the visit, RAID were given a comprehensive presentation on the mine's operations and operating environment and were able to view the transformative impact the mine's sustainability strategy has had on its host communities, as is the case for all Barrick mines.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
eb tucker, gold and silver bars

VIDEO — EB Tucker: Gold, Silver Price Levels to Watch, 2023 Investing Strategies

With the new year ahead, "Why Gold? Why Now?" author EB Tucker shared his thoughts on gold and silver, saying that US$2,000 per ounce and US$30 per ounce respectively are important levels for investors to watch.

"US$2,000's got to be a 2023 story," he told the Investing News Network when asked if gold could reach that key price this year. "The way it looks right now, you're US$60 away. I think it could happen fast."

Pointing to gold's rise of about US$300 since early November, Tucker said that the futures market sets the spot price, and activity in that arena has stopped weighing on the yellow metal over the last several months.

Keep reading...Show less

Latest Press Releases

Related News

×