A.I.S. Resources Ltd. [AIS-TSXV; AISSF-OTCQB] reported that assay analysis from YDD1 at Neighbour’s Farm historic mine workings, the first diamond drill hole at its Yalgogrin gold project, New South Wales, Australia, has been completed by SGS Australia. Extensive gold mineralisation was intersected from 58 metres through to the end of hole at 162.3 metres with gold mineralization remaining open at depth and returning gold intercepts over 87 metres averaging 1.5 g/t. The best individual grades returned up to 9.3 g/t gold that are supported by consistent mineralization hosted within the altered rock mass. Refer to company press release for complete drill results.
Phil Thomas, CEO commented, “This hole was a great success, the ubiquitous gold is closely associated with disseminated sulphides in the altered rock mass and higher grades are associated with veining. Extensive sericite-muscovite-carbonate-chlorite alteration in the granite is hosting disseminated pyrite-arsenopyrite-sphalerite-galena sulphides which clearly explain the elevated IP chargeability results and provide confidence for further exploration utilizing the IP survey. We are building our model of structural controls directing the mineralisation corridors and so are defining the character of what is a promising gold mineralizing system. The drill program is testing various locations of the high conductivity zones from the IP survey completed earlier this year. This will assist us in subsequent drilling programs. In total 1,000 metres of drilling has been planned for the initial framework drilling program and the results of this first hole gives us great confidence to continue to drill out the target to define the extent of the mineralized zone.
Soil geochemical sampling work is being carried out to refine drill targets and we have commenced work in the Asia Wyalong area where we have 56 km2 of exploration license.”
A successful ground based gravity survey was completed at Fosterville-Toolleen to complement the Deep Ground Penetrating Radar results and the interpretation of the key features identified in the gravity survey is currently being completed.
In November 2020, AIS acquired a 60% interest in the 58 km2 New South Wales Yalgogrin Gold Project JV (with the right to acquire 100%), the right to acquire the 28 km2 Fosterville-Toolleen Gold Project located 10 km from Kirkland Lakes Fosterville gold mine and 100% interest in 167 km2 Kingston Gold Project in Victoria Australia near Stawell which settled in January 2021.