AIS Resources Initiates Exploration Program with Tech One Lithium Resources Corp. at Incahuasi Lithium Salar, Argentina
VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited () (the "Company" or "AIS") and Tech One Lithium Resources Corporation (“Tech One”), is delighted to report that the Company has commenced exploration at the Candela II property at Incahuasi Salar (salt lake).
In summary, AIS earned a 20% interest in Mining Licence File Number 23262 covering 3 sq kilometres on the Incahuasi Salar in the lithium triangle in Argentina by negotiating the property, and developing an exploration and processing plan for Tech One. Initially a US$450,000 budget will be spent by Tech One on TEM geophysics, drilling and brine analysis. A 200 litre sample is being collected for Ekosolve the selected processor to process the brines at the University of Melbourne pilot facility, chemical engineering department in Australia.
Gangfeng Lithium, China’s largest producer of the battery metal, Orocobre, a lithium producer in Argentina and PepinNini an ASX explorer all have mining licences on the Incahuasi Salar. Tech One Lithium Resources Corporation (“Tech One”), has optioned the Exploration license for 12 months to complete due diligence and further exploration work, and has the right to acquire 100% of the property for USD one million dollars (CAD1.3 million). The option fee paid by Tech One was US$100,000 and a further fee of US$100,000 payable by Tech One in six months time. AIS has received the first payment for exploration.
Fig 1. Concession Map of main land holders and Incahuasi Salar:
Previous explorers have sampled brines between 270-300ppm, from the top 50 metres of the Salar.
Fig 2. 20 point, 3 line TEM resistivity survey, with a point station every 175m, Lines 100m apart:
Fast Track Ekosolve Lithium Processing Facility
Tech One advises they have signed a facility fee agreement to utilize the Ekosolve™ lithium Solvent Exchange Extraction process that can efficiently manage the processing of the brines to produce lithium carbonate with a grade higher than 99.2% and a recovery of 97% far exceeding any ion exchange or adsorption process available to date. Ekosolve™ is licensed to University of Melbourne, Australia.
The key advantage of the Ekosolve system is the high rate of lithium yield at 97% and 95% of the solvent is reclaimed. Other systems such as adsorption achieve 72-80%, fractional crystallization 50-70%, and ion exchange up to 90%. In adsorption and ion exchange extra processes may be required to manage the magnesium and boron in the brines whereas this is not an issue with the Ekosolve process. Hence the capital and operation expenditure is usually much lower. There are no ponds required which is a more eco-friendly solution.
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol MAIG who is a Qualified Person under the definitions established by the National Instrument 43-101.
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 precious and base metals exploration. AIS’s 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 its portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements. AIS acquired a 60% interest in the 58sqkm New South Wales Yalgogrin Gold Project JV (with the right to acquire 100%) that is currently being drilled, the right to acquire the 28 sqkm Fosterville-Toolleen Gold Project located 10 km from Kirkland Lakes Fosterville gold mine which is undergoing a geophysics survey and 100% interest in 167 sqkm Kingston Gold Project in Victoria Australia near Stawell which settled in January 2021. It has also acquired an option over 596 sq km of exploration licence in western Victoria near Casterton where gold and other minerals have been discovered. AIS holds a 20% equity interest in the Incahuasi concession 23262 in the lithium triangle in Argentina and its team are experienced explorers and producers of lithium carbonate.
A.I.S. Resources Limited
For further information, please contact:
Phillip Thomas, Chief Executive Officer
Tel:
Email:
Or
Martyn Element, Executive Chairman
Tel:
Email:
Website:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ADVISORY: This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although the Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation 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 intended use of the proceeds of the Private Placement by the Corporation might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation 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.
