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A.I.S. Resources’ Optionee C29 Metals intercepts +30m brine aquifer at Pocitos 7 DDH1 Salta, Argentina
VANCOUVER, British Columbia, Feb. 07, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces C29 Metals
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 07, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces C29 Metals Limited (“C29”, ASX:C29) has intercepted a +30 m brine acquifer at Hole DDH1 on the Pocitos 7 property, which C29 has optioned from AIS. Highlights are: Maiden hole at Pocitos 7 intercepts +30m brine aquifer zone at 370m Drill Hole pumped at 2,000 litres per hour with 49mm pipe Samples taken for assay and testing with Ekosolve™ DLE technology Drilling concluded at 420m Martyn Element, CEO, stated, “I congratulate C29 for completion of a successful maiden hole. AIS looks forward to continuing to facilitate drilling work with C29 as it proceeds with its drilling program. This is yet another successful result for AIS and its activities in Argentina’s lithium triangle.” C29 Option Agreement – Key Elements AIS has granted an option to acquire an 80% interest in the Pocitos 7 and 9 licences at the Pocitos Salar in Argentina to C29 Resources by June 30, 2023. Option Fees AIS has received $280,000 in option fees which entitles C29 to undertake a technical evaluation of the Properties until March 30, 2023; C29 may pay an additional US$75,000 per licence after the technical evaluation is completed, payable within 2 days of March 30, 2023 to extend the option period to June 30, 2023; Purchase of 80% Interest C29 may pay US$2.38 million (1400Has x US$1,700 per Ha) for an 80% interest in both licences payable June 30, 2023; AIS will retain a 20% interest in both licences; C29 has the right to buy out AIS’s 20% interest at a price determined by the FOB lithium carbonate price multiplied by 2% of the indicated and measured resource and 0.5% of the inferred resource of the contained lithium carbonate equivalent (“LCE”). About A.I.S. Resources Limited A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on lithium, gold, precious and base metals exploration. AIS’ value add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of our portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements. AIS owns ...