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A.I.S. Resources signs binding LOI for West Wyalong Advanced Gold Project with DDH YAC5 intercept of 9m at 2.7gm/t and 1m at 21.5gm/t
VANCOUVER, British Columbia, July 20, 2020 (GLOBE NEWSWIRE) -- A.I.S. Resources Ltd. (TSX-V:AIS) (“AIS” or the “Company”) announces that on July 17, 2020 the Co
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, July 20, 2020 (GLOBE NEWSWIRE) -- A.I.S. Resources Ltd. (TSX-V:AIS) (“AIS” or the “Company”) announces that on July 17, 2020 the Company entered into a binding letter of intent (“LOI”), to acquire the Yalgogrin orogenic gold project (the “Project”), with Auger results of 12.5 gm/t and 32.3 gm/t, and 14 DDH’s with intercepts ranging from 1.9 gm/t to 1m at 21.5 gm/t. The Project is located in the historic West Wyalong gold corridor of central NSW, Australia which produced 445,700 oz gold mined between 1894-1921. Denis Walsh, the vendor, is a senior consulting geologist at the Victoria Fosterville gold mine. AIS will acquire two exploration licences (ELs) the EL5891 tenement, which is 2.8 sq. km. (280 ha) and the EL6030, which is 56 sq. km. and encompasses two historical gold mines. Located approximately 37 km. west of the town of West Wyalong on the Newell Highway and 595 km. north of Melbourne, this advanced-stage exploration project is in the Lachlan Fold Belt of NSW in the historic Yalgogrin gold field. This region has seen significant gold mining over the past 100 years and currently has three major operating gold projects: Cadia Newcrest 220 km north west producing 900,000 oz of gold a year, Lake Cowal Gold Mine which is 40 km from Yalgogrin project, that was purchased by Evolution for $550 million, and North Parkes, a copper and gold mine 168 km to the northeast that in 25 years has produced 1.464 million ounces of gold and 1.168 million tonnes of copper. Thomson Resources Ltd (ASX:TMZ) has staked around the EL5891 tenement completely. Local Geology The local geological environment is a magnetic, magmatic complex of Ordovician age located within the Lachlan Fold Belt. Numerous gold deposits occur in the West Wyalong Temora Adelong district, many of them close to the Gilmore Suture, which is delineated by regional aeromagnetic and gravity data. A sequence of Late Ordovician metasediments, which have been intruded by granites of (mostly) Silurian age is situated to the west of the suture. To the east of the suture, Ordovician metasediment strata form basement to an extensive sequence of volcanics and sediments which have been intruded by granitic dioritic, and gabbroic bodies of (mostly) Early Devonian age.Granodiorite phases of the Siluro-Devonian batholiths are the host to, or were t...