VANCOUVER, April 20, 2018 /CNW/ - A.I.S. Resources Limited (TSX-V - AIS)(OTCQB: AISSF) (the "Company" or "AIS") is pleased to announce it has engaged Hidrotec SRL of Salta, Argentina to complete up to eight diamond drill holes for a total of 2,300 meters across all four tenements at its Chiron project in the Pocitos Salar.
Hidrotec has mobilized a drill rig onto the site, as well as some of the necessary equipment to begin the construction of the drill pads and drilling to start on April 24, 2018.
- AIS plans to drill eight holes, to various depths between 300 and 400 meters.
- Chiron appears to be the preferred area in the salar for brine saturated sequences, based on geophysics data interpretation.
- This upcoming drill campaign will enable the Company to outline an initial maiden resource at Chiron after a pump test has been completed.
Phil Thomas, Chief Operating Officer and exploration director of A.I.S., stated: "We are very excited at the prospect of drilling these sequences as the geophysics showed very low resistivities from 20 metres to more than 200 metres below the surface. Adjacent concession holders are also preparing to drill and this will provide the basis for a sound geological model.
We are also looking forward to using a new geophysics technique using magnetic resonance of hydrogen to determine porosity and permeability to calculate the reservoir and specific brine yield values. This technique is tried and tested in oil but this is the first time it will be used commercially in brines with high salt content. This will save us nearly 4 months of brine yield testing using traditional methods."
The Pocitos salar basin was previously drill tested, with 12 shallow holes in 1979, by the Direccion General de Fabricaciones Militares (DGFM). The most significant result from this historical work program includes a shallow drill hole, which averaged 417 parts per million (ppm) lithium and 15,300 ppm potassium. The above historical results cannot be verified by the company, and are not NI-43-101 compliant.
Phillip Thomas, BSc Geol, MBusM, MAIG, MAIMVA, (CMV), a Qualified Person as defined under NI-43-101 regulations, has reviewed the technical information that forms the basis for portions of this news release, and has approved the disclosure herein. Mr. Thomas is not independent of the Company as he is an officer and shareholder.
About A.I.S. Resources
A.I.S. Resources Ltd. is a TSX-V listed investment issuer, was established in 1967 and is managed by experienced, highly qualified professionals, who have a long track record of success in lithium exploration, production and capital markets. Through their extensive business and scientific networks, they identify and develop early-stage projects worldwide, that have strong potential for growth with the objective of providing significant returns for shareholders. The Company's current activities are focused exclusively on the exploration and development of lithium brine projects in northern Argentina.
On Behalf of the Board of Directors,
A.I.S. Resources Limited
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.
SOURCE A.I.S. Resources Limited
For further information: A.I.S. Resources Limited, Marc Enright-Morin, President and CEO, T: 778-892-5455, E: [email protected], Website: aisresources.com