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A.I.S. Resources Announces Argentine Property Option Agreement and Completion of First Payment
(via TheNewswire) Vancouver, British Columbia / TheNewswire / October 16, 2017 - A.I.S...
About this update from Ais Resources Ltd
[{"type":"text","content":"A.I.S. Resources Announces Argentine Property Option Agreement and Completion of First Payment(via TheNewswire)\n\n \nVancouver, British Columbia / TheNewswire / October 16, 2017 - A.I.S. Resources Limited (TSX - NEX: AIS.H, OTCQB:AISSF) (the \"Company\" or \"AIS\") is pleased to announce the Company has negotiated an Option Agreement to purchase the Guayatayoc, Guayatayoc III and Laguna Vilama projects in Argentina.\n\n\n \nUnder the terms of the option agreement AIS paid $720,000 US on October 12, 2017 for a six month option to evaluate the properties and complete a drilling and geohydrological program. The agreement allows for a further six month option upon payment of $280,000 US. At any time during the option term AIS can acquire a 100% interest in the properties by making a single payment of $4,500,000 US. \n\n\n \nThe properties are subject to a 4.5% royalty on revenue from sales of lithium carbonate, payable to the Argentine provincial and federal governments. Currently, Argentina is the world's third-largest lithium-producing country, accounting for 16 percent of production at 29,000 tonnes.\n\n\n \nGuayatayoc and Guayatayoc III are located in Jujuy Province along highway 11, 5 kilometres from the town of Abralaite in the Puna plateau. The property covers approximately 5,250 hectares of the Guayatayoc Salar which hosts favourable geology for lithium, boron and potasium, located adjacent to the El Aguilar mountain range, the source of lithium and boron. Previous exploration on the property by AIS has returned values between 200 ppm and 900 ppm of lithium. The magnesium to lithium ratios are less than 2 to 1, which is excellent for low cost processing. Ulexite is outcropping at surface and in layers only 30 centimetres below the surface. Infrastructure in the area includes 220v power and a gas pipeline 5km from the concessions. \n\n\n \nA PhD study published in 2013 by Dr. Steinmetz models the geology of aquifers and provides a detailed analysis of the structural geology and lithology of the basin. Steinmetz analysed previous 2D Seismic surveys dating back to 1995 over the entirety of the basin. The area has been mined for borates and has a borate mining licence. Surface sampling of nine pits conducted earlier in the year returned nine lithium values of greater than 120ppm (0.012%), five pits had Potassium values greater ...