Vancouver, British Columbia – AIS Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces the company’s option beneficiaries Spey Resources Corp. (Spey) has contracted Amaru Mining Services and preparations are being made to begin drilling in Incahuasi Salar, Argentina, over the next three weeks. The drilling takes place at the locations listed below:
Fig. 1 – Red stars indicate borehole positions 1-5.
The five holes at Incahuasi will cover a depth of approximately 600 meters. After completion, the drilling rig will be relocated to the Pocitos 1 and 2 concessions on the Pocitos Salar, about 120 km away, and three holes will be drilled on the target aquifers. A double packer device will sample and analyze the brines in depth. Preparations are currently being made for storage, fuel and roads.[Link]
Fig. 2 – Line 1 – 003-011 survey points with drilling locations, aquifers at 150 m and 250 m depth.
Fig. 3 – Drill hole in line 3 point 020-027. Aquifer extends from 10m to 100m,
then two 50m holes to test the surface sample high.
Nader Vatanchi, CEO of Spey Resources commented: ‘We are making great strides in Incahuasi Salar as the geophysics is complete, the road is in good condition and easily accessible. Amaru, our drills are very familiar with the salar and are making their preparations. Our Incahuasi Salar brine surface samples have been sent to the University of Melbourne for processing. The state-of-the-art Ekosolve ™ process processes very high levels of magnesium, so we look forward to the results of the processing with your laboratory equipment and samples of lithium carbonate. At Pocitos Salar, we have the results of surface sampling and geophysics on Pocitos 2 and nearby drilling on Pocitos 1 from AIS Resources. The project drilling team has completed almost all of the preparations. I am delighted with the progress our team has made and look forward to the brine analysis results from the wells and the University of Melbourne. ‘
AIS Chairman Martyn Element said: ‘We are delighted with the rapid progress Spey Resources is making in advancing the Incahuasi and Pocitos projects.’
AIS has given Spey the option to acquire 80% of the Incahuasi project by making certain cash and equity payments, including $ 500,000 in exploration expenses through April 21, 2022. Spey can purchase the remaining 20% by paying $ 6 million Earn US Dollars (subject to March 2023 increase by US $ 250,000 for every 50 tons by which the Indicated or Inferred Resource exceeds 45 million tons of Lithium Metal Equivalent.
Phillip Thomas, BSc Geol, MBusM, FAusIMM, MAIG, MAIMVA, (CMV), a Qualified Person as defined by NI 43-101, has reviewed the technical information on which portions of this news release are based and the disclosure herein . Mr. Thomas is independent from the company, but states that he is a SPEY shareholder.
About AIS Resources Limited
AIS Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange that focuses on the exploration of precious and base metals. AIS’s value creation strategy is to acquire prospective exploration projects and increase their value through better definition of the mineral resource in order to attract joint venture partners and add value to our portfolio. The company is led by a team of seasoned geologists and investment bankers with a track record of successful capital markets performance.
AIS owns 100% of the 28 km² Fosterville-Toolleen Gold Project, which is 12 km from the Fosterville Gold Mine on Kirkland Lake (subject to the completion of certain exploration expenditures), a 60% interest in the 58 km² Yalgogrin Gold Project in New South Wales (with the right to acquire 100%) and 100% interest in the 167 square kilometer Kingston gold project in Victoria Australia near Stawell.
On behalf of the Board of Directors,
AIS Resources Ltd.
Phillip Thomas, President & CEO
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
NOTE: This press release contains forward-looking statements. While the company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should be placed on them, as the company cannot guarantee that they will prove to be correct. Because forward-looking statements address future events and conditions, they by their nature involve inherent risks and uncertainties. The forward-looking statements contained in this press release speak as of the date of this press release, and the company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except in accordance with the applicable securities laws. Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.