{kanada_flagge}Effective immediately, Canadian explorer A.I.S. Resources Limited (TSXV: AIS; FRA: 5YHA) can boast of being a direct neighbor of Kirkland Lake’s famed Fosterville mine with 2.6m Oz reserves. Through a public tender process, Kirkland Lake has acquired three claim blocks surrounding its mine in the Australian goldfields of Victoria. Claim block number 3 is directly adjacent to AIS Resources’ Fosterville-Toolleen project. (See Figure 1).
Kirkland Lake has committed to invest a total of $90 million in exploration over a five-year period. This investment demonstrates how prospective Kirkland Lake apparently considers the Fosterville area to be. Kirkland Lake’s investment is most likely to have a positive impact on the value of AIS’s adjacent property having access to their exploration results and gold mineralization structural and Geochem geology.
Kirkland Lake now waits for formal issuance of its license EL007794. Prior to that, the public has 21 days to comment on the license applications. The public RFP was targeted at experienced mining companies that could demonstrate a responsible exploration history and a commitment to working closely with traditional owners, local stakeholders and communities. The response to the RFP was strong, and bids were received from highly competitive companies.
Martyn Element, Chairman of AIS, stated, “With nearly $20 million per year being spent on exploration of adjacent properties over the next five years, AIS looks forward to conducting its own drill holes and ground work in the near future to advance the Company’s exciting Fosterville Toolleen Gold Project.”
Figure 1: AIS Resources’ EL 6001 exploration license is closest to the Fosterville (NYSE: KL) with 2.7 million tonnes reserve at an average grade of 31.0 g/t, including a Mineral Reserve in the Swan Zone totalling 2.3 million ounces (1.47 million tonnes) at an average grade of 49.6 g/t.. Fosterville-Toolleen is a drill-ready project with existing IP data and R-C/diamond drilling.
The Geological Survey of Victoria estimates that up to 75 million ounces (Moz) of gold remains in Victoria’s central and north-central goldfields. This compares to 80 million ounces of gold mined in the area over the past 170 years.
Summary: AIS owns 100% of the 28 km² Fosterville-Toolleen gold project, located just 10 km east from Kirkland Lakes Fosterville Gold Mine. The transaction of the large neighbor Kirkland Lake sheds a bright light on the potential of Fosterville-Toolleen, especially since the exploration work is being carried out by Denis Walsh, who has already been successful for the neighbor Kirkland Lake on Fosterville.
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