Mining & Metals
A.I.S. Resources Up 11% After it Entered Into Option Agreement for Frenchmans Creek IOCG Style Exploration Project
A.I.S. Resources (AIS.V) shares rose 11% on Monday after it entered into an option agreement, granting the company the right to buy up to a 100% interest in the Frenchmans Creek property consisting of 88 mining claims in four claim blocks covering about 2,200 hectares land, located about 10 kilometers from Saint John, New Brunswick.Planned work includes data verification, mapping, prospecting, geochemical sampling, airborne and ground geophysics, target modelling, and potential first-pass drilling, it said. The company may buy 100% interest in the Frenchmans Creek project by making payments over a period of four years."The vendor-supplied data indicates the presence of locally high-grade surface mineralization, iron-oxide alteration, and geophysical features consistent with an IOCG-style exploration model," said A.I.S. Resources chief executive Marc Enright-Morin. "Our priority will be to verify the historical and third-party data through systematic fieldwork, confirm the reported mineralized outcrops, and develop priority targets for follow-up exploration."A.I.S. Resources said that it may pay cash instead of issuing common shares, and the price of the common shares to be issued will be the 20-day volume weighted average price and shall not be less than $0.135. The optionor will retain a 2% NSR after A.I.S. buy 100% interest in the Frenchmans Creek project, it said.The company will have the right of first refusal to buy 50% of the retained NSR (1% NSR) by paying the optionor a cash amount of $1 million or an agreed amount of cash or shares, it added.Shares of the company were last seen up $0.015 at $0.15 on the TSX Venture Exchange.Price: $0.15, Change: $+0.02, Percent Change: +11.11%
$AIS.V
