To gain 100% interest in the Bright Gold Project in Australia, A.I.S. Resources Limited declares that it has amended the terms of its option.
Image Credit: Shutterstock.com/ Phawat
For payment of AUD$150,000 cash and the issuance of 10 million shares at CAD$0.06 per share, AIS has gained a 60% interest in the Bright Gold Property. In the Bright Gold Project, the Company has the option to acquire 100% interest by exercising two 20% options at a pre-determined value depending on the indicated and measured gold mineral resources characterized — 50% in shares of AIS and 50% in cash to be paid.
The terms of the two 20% options have been amended by the Company as mentioned below:
- At a deemed price of $0.06/share, the shares shall be issued,
- At any time, the number of shares to be issued shall not surpass 9.9% of the post-issuance offered and due share capital of AIS on a diluted basis
The Bright Gold Project and its surrounds consist of several chief historical workings and documented production of more than 730,000 oz from alluvial and rock mining. The principal producers on the Project were the Rose, Thistle and Shamrock mine @ 22.2 g/t Au for 140,000 oz, and the Oriental Mine @ 28 g/t for 6,194 oz.
The Bright Project is just 6 km from E79’s Happy Valley Project and is in a premium location. Exploration license EL006194 comprises over 250 historical gold mines, reefs (quartz veins), and gold occurrences that date back to the 1890s. The EL006194 produced 341,000 oz gold at grades in the range of 7–99 g/t, with an average of 22 g/t Au.
Currently, drilling of the Bright property by the Company is taking place at the Reliance reef/mine site. The program consists of seven drill holes from one point above the Reliance adit to intersect the reef in a fan pattern. The Company has contracted with the driller to drill at least 1500 m and every hole will be 50–100 m deep, based on lithology.
The next drill program will take place in the Golden Bar area. More work is taking place on the Rose, Thistle, and Shamrock mine for drill pad locations and the ideal method to drill from Landtax reef area. Simultaneously with the exploration work, a thorough community engagement program is now being put in place.
Source: https://aisresources.com/