A.I.S. Resources Ltd. announces that due diligence on the Yalgogrin Orogenic Gold Project has been completed with a three-day project inspection of the historic mines and geology on ELA6030 and EL5891.
A.I.S. Resources Ltd. (TSXV: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.
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.
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
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
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.”
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
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.
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
Martyn Element, Executive Chairman
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.
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