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A.I.S. Resources Signs Binding LOI to Acquire the Toolleen-Fosterville Gold Project EL006001
VANCOUVER, British Columbia, Aug. 24, 2020 (GLOBE NEWSWIRE) -- A.I.S. Resources Ltd. (TSX: AIS, OTCQB: AISSF) (“AIS” or the “Company”) announces that on August
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 24, 2020 (GLOBE NEWSWIRE) -- A.I.S. Resources Ltd. (TSX: AIS, OTCQB: AISSF) (“AIS” or the “Company”) announces that on August 24th, 2020 the Company entered into a Binding Letter of Intent (“LOI”) with Providence Gold and Minerals Pty Ltd (“PGM”), to acquire the Toolleen-Fosterville Gold project (the “Project”) located 3 km from the township of Toolleen and 12 km from the Kirkland Lake Fosterville gold mine. The Project is situated on freehold land and has no native title claim. Close to the 7.58Moz. Gold Fosterville Mine AIS President & CEO, Phillip Thomas commented, “With the Toolleen-Fosterville Project’s close proximity to the 7.58 Moz. gold Fosterville Mine (Kirkland Lake Gold–KL-NYSE) we are in good company. To be able to acquire a property with an open cut mine, free gold on the surface, substantial geological work and evidence of quartz augurs well. Other explorers around our new project include: Fosterville South Exploration (FSX-V), Nubian Resources (NBR-V), Catalyst Metals (CYL-AX), and Petratherm Limited (PTR-AX). The Project area, which is adjacent to the recently lifted exploration moratorium area, is located within the Bendigo-Ballarat Zone of the Palaeozoic Lachlan Fold Belt of eastern Australia and the greenstone corridor running north south. The gravity survey shows highly prospective areas. The experience at Fosterville and Bendigo suggests that the shallow gold mineralisation may be indicative of high-grade shoots that can be mined by underground methods. This exploration project is a perfect addition to the AIS Resources’ more advanced exploration stage Yalgogrin Gold Project. The Company is finalizing definitive agreements for the Yalgogrin and Toolleen-Fosterville Gold Projects and is looking forward to executing its exploration plans in Australia.” Toolleen-Fosterville Project Acquisition Terms Under the terms of the LOI, AIS Resources will acquire 100% interest in the Project, by paying AU$375,000 (CAD$356,250) and issuing AIS shares equal to AU$375,000 (CA$356,250) to the Vendor, PGM. A 1% NSR is payable on all gold production. The Acquisition is expected to occur by September 14, 2020 and is subject to the receipt of all necessary approvals and all conditions having been satisfied or waived with respect to the terms of the LOI including the approval of the TSX Ven...