AIS Reports on the Inferred Lithium Resource on Candela II
28 September 2023 - 2:30PM
A.I.S. Resources Limited (TSX-V: AIS, FRA: 5YHA) (the
“Company” or “AIS”) wishes to inform the company’s
shareholders that Spey Resources Corp. (CSE: SPEY, OTC: SPEYF, FRA:
2JS) (“Spey”) has announced that a NI 43-101 compliant Mineral
Resource Estimate (“MRE”) has been completed on the Candela II
lithium brine project located in the Incahuasi Salar, Salta
Province, Argentina. AIS holds a 20% equity carry in the Candela II
concession.
The report on the Candela II property was
completed by WSP Australia Pty Limited and quoting from the Spey
new release: “is estimated to contain lithium metal of 86,000
tonnes which equates to 457,520 tonnes of in-situ Lithium Carbonate
Equivalent (“LCE”) and a lithium yield of 48,000 tonnes of LCE from
9,000 tonnes of lithium metal.”
At this time the reported Inferred Mineral
Resource is considered too speculative geologically to have
economic considerations applied to them that would enable them to
be categorized as Mineral Reserves. The current lithium carbonate
price of $30,000 per tonne will provide the basis for a planned
scoping study analysis for a possible 5,000 t/year production
plant, designed to evaluate the overall economics of the
project.
AIS and Spey are finalising a shareholder
agreement for the development of the Candela II concession. AIS
retains a 20% equity carry.
The reader is referred to the Spey news release
for further details on the resource estimate, and proposed plans
and budgets for additional development work on the property.
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
natural resource opportunities. AIS’s value add strategy is to
acquire early-stage projects and provide technical and financial
support to enhance their value. The Company is managed by a team of
experienced engineers, geologists, and investment bankers, with a
track-record of successful capital market achievements.
On Behalf of the Board of Directors, A.I.S.
Resources Limited.Andrew NealePresident &
CEOEmail: aneale@aisresources.com
Website: www.aisresources.com
ADVISORY: This press release contains
forward-looking statements. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because the
Company 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 forward-looking statements contained in this
press release are made as of the date hereof and the Company
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.
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