A.I.S. Resources Secures TSXV Acceptance for Saint John Project
VANCOUVER, British Columbia – A.I.S. Resources Limited (TSXV: AIS, OTC-Pink: AISSF) has announced that it has received formal acceptance from the TSXV Exchange for its earn-in agreement with Riversgold Ltd. (ASX: RGL). This agreement grants A.I.S. the right to acquire up to a 75% interest in the Saint John IOCG/porphyry project, located in New Brunswick, Canada.
CEO Expresses Enthusiasm for Project Advancement
Marc Enright-Morin, CEO of A.I.S., commented on the development, stating, "Now that we have received Exchange acceptance, we are excited to move forward with this unique opportunity to advance a possible IOCG/porphyry system." The acceptance marks a critical step in progressing the exploration and development of the district-scale project.
Detailed Transaction Terms and Commitments
Upon TSXV acceptance, A.I.S. is required to issue 2,860,000 shares at $0.05 per share to Riversgold. To earn a 51% interest in the Saint John Project, A.I.S. must fulfill specific expenditure commitments:
- Year 1: CAD $400,000 on early exploration, including drone MobileMT surveys, IP surveys, and 1,000 meters of approved drilling.
- Year 2: CAD $1 million on additional drilling activities.
To increase its stake to 75%, A.I.S. must spend CAD $3 million on drilling and early development work during Years 3 and 4. Riversgold will retain a 25% free-carried interest through to the decision to mine. If Riversgold's interest is diluted below 10%, it will convert to a 2% Net Smelter Return (NSR), with A.I.S. holding the right to purchase the NSR for $1 million per 1%.
Underlying Agreement and Royalty Structures
Riversgold is party to an underlying option agreement that allows it to earn a 100% interest in the Saint John Project by making phased payments. The agreement includes a 2% Gross Smelter Return (GSR) royalty payable to the underlying optionors, which A.I.S. can purchase for $1 million per 1%. A.I.S. is at arm's length to both Riversgold and the underlying optionors, ensuring independent transaction integrity.
Project Overview and Geological Significance
The Saint John Project spans 101 km² in a Tier-1 mining jurisdiction, strategically positioned 20 km west of Saint John, New Brunswick, and 50 km from the U.S. border. The project benefits from exceptional infrastructure, including highways, rail, a deep-water port, power stations, and a skilled local workforce.
Geological highlights from the Little Lepreau Prospect include:
- Roadside Quarry surface samples showing gold up to 41.6 g/t, silver up to 1,600 g/t, copper up to 7.64%, and antimony exceeding 1%.
- Magnetic data from a high-resolution survey has identified multiple magnetic low response areas similar to the Roadside Quarry mineralization.
- A maiden drilling program of 2,000 meters has been approved for 2025.
This project provides exposure to precious metals like gold and silver, as well as critical minerals such as copper and antimony, aligning with global energy transition demands. Riversgold has previously released geological results via ASX press releases, detailing the project's progression up the value chain.
