VANCOUVER, British Columbia, Mar. 22, 2018 /PRNewswire/ -- A.I.S. Resources Limited (TSX-V – AIS, OTCQB: AISSF) (the "Company" or "AIS") is pleased to announce final interpretation of geophysics at Chiron. The company's fundamentals have not changed, but improved, and it remains on target with its timelines to become a lithium carbonate producer in the first quarter of 2020.
Chiron Project Update
Final Interpretation of Geophysics
The TEM (transient electromagnetic survey) testing has detected substantial aquifers over a broad area at its Chiron Project in the Pocitos Salar, Salta Province, Argentina. Low resistivity sequences at 10 meters, 20 meters and 100 meters are interpreted as rich sandy acquifers. See below.
The surface acquifer can easily be seen but it is quite narrow in comparison to the acquifer at 3605m MASL (meters above sea level) which is 80 metres in depth. These extremely low values suggest the brines are highly conductive and not consolidated at this depth. We would expect middle size grains of sand and some clay components (that improve conductivity).
The brines at the southern end of the concession have built up close to the tectonic/fault structure adjacent to the concessions. The geological model of the alluvial fans filling the basin with sands and lithium bearing minerals from the local ignimbrites and andesites is consistent with a porous sandy medium.
Drilling at Chiron
The Puna region has experienced unusually high levels of rains due to "La Ninã" weather patterns over the last several weeks. The company is ready to mobilize a drilling crew as soon as the Salar dries and drill pads are in. All the necessary permitting is in place and drill hole locations have been finalized. The company has sufficient funds to carry out the drilling program. A total of 3200 meters is planned across all tenements.
Guayatayoc Permit Update
The company has completed all the necessary requirements under current mining legislation for the approval of its drilling permit and we are waiting for the Government of Jujuy to set the date for our UGAMP meeting. The meeting is comprised of several government agencies, communities and the company to discuss the project and final approval of a drilling permit.
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.
On Behalf of the Board of Directors,
A.I.S. Resources Limited
President and CEO
About A.I.S. Resources
A.I.S Resources Limited 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 network, 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 most recent activities have been the exploration of lithium properties in Northern Argentina.
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