VANCOUVER, British Columbia, March 04, 2024 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX-V: AIS, OTCQB: AISSF, FRA: 5YHA) (the “Company” or “AIS”) is pleased to announce that the Company has reached an agreement with American Salars Lithium Inc., (CSE: USLI, FRA: Z3P) (“American Salars”) on an option agreement on the Candela II Lithium Brine Project located in the Incahuasi Salar, Salta Province, Argentina (American Salars Signs Option to Acquire a 100% Interest in the Candela II Lithium Brine Project with NI 43-101 Inferred Resource of 457,000 Tonnes of Lithium Carbonate Equivalent - American Salars).
The Candela II Lithium Brine Project contains a NI 43-101 inferred mineral resource estimate of 86,000 tonnes of lithium metal, equating to 457,000 tonnes of in-situ lithium carbonate equivalent. Current lithium carbonate spot prices are in excess of CAD $22,000/tonne.
American Salars may exercise the Option, over a 5-year period, to earn a 100% ownership interest in Spey Resources Argentina S.A., by making cash payments totalling CAD $2,447,500 and issuing 6,600,000 shares at a deemed price of $0.30 per share. AIS holds a 20% equity interest in Spey Resources Argentina S.A. and will receive its share of the proceeds on a pro rata basis.
Andrew Neale, President & CEO of AIS commented, “American Salars is an exploration company focused on developing high-value battery metals projects and are ideally positioned to further advance the Candela II project. We have been very impressed with the professionalism and capabilities of the American Salars personnel and wish them every success in their ongoing efforts in Argentina.”
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 various 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 A.I.S. Resources Limited.
Andrew Neale
President & CEO
Corporate Contact
For further information, please contact:
Martyn Element, Chairman of the Board
T: +1-604-220-6266
E: melement@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.
