A.I.S. Resources maiden drill program intersects high-grade visible gold at Golden Bar Prospect Bright, Victoria Australia

VANCOUVER, May 16, 2023 - A.I.S. Resources Ltd. (TSX.V: AIS, OTCQB: AISSF) (the "Company" or "AIS") has concluded the initial drill program at the Bright Property with a total of 597.6m metres drilled at Golden Bar and 523.6m drilled at Reliance prospect for a total of 1,121.2m drilled from May 2022 to February 2023.

Highlights are:

• Golden Bar GBDD003 returned; 75.35 to 77.1m, 1.75m @ 1.57 g/t (inc. 0.3m @ 2.13 g/t, of visible gold)
• Drill hole GBDD006 (see Figure 1 through Figure 5 and Figure 7) encountered a broad zone of sulphide, quartz reef, and silicified shearing between 113.1 - 125.4m, demonstrably good signs of gold mineralisation.
• Significant results from GBDD005: 0.45m @ 18.56 g/t Au and 4,807 ppm As
• Significant results from GBDD006:
  • 1.5m @ 1.34 g/t Au and 2,912ppm As from 113.2m
  • 2.65m @ 6.97 g/t Au and 2,72ppm As, including 1m @15.9 g/t from 122.9m

Positive new prospect surface geochemistry

• Myrtle Reef - High grade surface face sample 1.2m@ 14.22 g/t Au (lab repeat).
• Broad low-grade shear related gold assayed in surface sampling indicated north of Rose, Thistle, and Shamrock mine.

Figure 1: Golden Bar Prospect drilled holes over LiDAR plan with traced tracks and surface expressions of controlling reef structures.

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3035023-ae5d-4fb2-a35a-6599577e290f

Figure 2: Section for GBDD003 and GBDD004A.

https://www.globenewswire.com/NewsRoom/AttachmentNg/5e49ddbb-c8dd-45af-b52e-2010f1f2d0a0

Figure 3: Golden Bar Reef and new reef intersection from hole GBDD006 between 113.1 through 125.4m.

https://www.globenewswire.com/NewsRoom/AttachmentNg/35861b64-a26d-4445-ab31-6a070dc802fb

Refer to appendix 1 for collar location data from the Golden Bar drilling campaign.

The drill program at Golden Bar was designed to test the geological model down plunge of the historic Shaws, Home, and Red Leader reef workings where total of 597.6m metres has been completed.

Figure 5: New reef (left) selection from high grade interval 124.450 - 125.45m in GBDD006. Sulphide and quartz veining.

https://www.globenewswire.com/NewsRoom/AttachmentNg/5973046f-4c90-4217-9956-8df4b7ea419d

Figure 4: New reef (right) stringer style arsenopyrite mineralisation in quartz.

https://www.globenewswire.com/NewsRoom/AttachmentNg/45b22544-4711-48f9-95f0-404ffe9daf76

Figure 6: Golden Bar long section, looking north-east. Historic mined areas in colour modified from (Kenny, 1966)

https://www.globenewswire.com/NewsRoom/AttachmentNg/d3fa5125-7091-427d-a40e-441eac1b0bf9

Combined historical production at Golden Bar and adjacent reefs was 58,753 ton of ore for 20,479 ounces of gold at a grade of 10.84 g/t, see Table 2.

The grades returned from this latest drilling program are consistent with these grades.

By 1905 mining fronts associated with the Home Reef and Shaw's Reef had concluded. At the conclusion of mining, it was calculated that Shaw's Reef yielded a grade of 10.14 g/t from 487.7 tonnes of ore and Home Reef yielded 22.28 g/t from 287 tonnes of ore. The weighted average from a total of 779.3 tonnes of ore is 14.66 g/t, with auriferous pyrite contributing between 1.2-1.5 g/t¹.

Figure 7: Framework supported breccia. Lithic are rimmed by ferro-carbonate and matrix has disseminated pyrite. Selection is from interval 113.5 - 114.25m which assayed 1.25 g/t and 4,570.8ppm As.

https://www.globenewswire.com/NewsRoom/AttachmentNg/3c2e2503-d01c-4db0-a552-7581722deab5

Historically, the Golden Bar Reef was never mined with preference given to Shaws, Red Leader, and Home Reefs. Unexpectantly, the drilling to date at Golden Bar prospect likely shows that there exist decent prospects in considering the namesake reef a viable untouched insitu resource drill target. Visible gold (GBDD003) and consistently high values for arsenic affirmed the potential for high grade gold on the Golden Bar reef with 0.45m @ 18.6 g/t from GBDD005 and 1.5 @ 1.34 g/t in GBDD006.

Table 2: recorded production sourced from the Victorian Government Geoscience (VandenBerg, et al., 2004).

These recent drill results (namely GBDD003, GBDD05, and GBDD006) are an excellent conclusion to a long drill campaign that produced widths consistent to mining records up plunge, however not consistent with historic grades.

The presence for gold was consistently observed where arsenic was very high. Generally, sub 1g/t and high-grade gold were observed to occur where arsenic was greater than 2,000ppm arsenic. Owing to the nuggetty nature of this style of mineralisation it should be expected that gold is typically underreporting, with occasional high-grade gold retuned from reefs containing high values of arsenic.

This trend was also observed in a new, previously unexpected reef found in close proximity to the Golden Bar Reef. This new reef returned 2.65m @6.82 g/t Au and 2,72ppm, including 1m @15.9 g/t in GBDD006. It is expected that these two merges down plunge and strike contributing to substantial upside potential.

Surface geochemistry
Preliminary surface geochemistry results over areas of historic interest identified from LiDAR have returned positive results, namely related to the Myrtle/London reef workings, see Figure 9.

Table 3: Significant surface geochemistry, rock chips, sorted by gold grade.

An impressive 1.2m @ 9.53 g/t gold (lab repeat 14.22g/t) was achieved on face sample SF06-01 (Figure 8) in an area defined from government open file LiDAR as being upslope of the Myrtle Reef mine area. Another significant result was SF04 which produced 2m@0.44 g/t in the wall of an adit in-line with workings also identified from open file LiDAR.

Figure 8: Image of SF06 in historical excavation. Looking south.

https://www.globenewswire.com/NewsRoom/AttachmentNg/e70573f2-e722-408a-a3dd-9bca48561c92

See Table 3, Figure 8, and Figure 9 for these results. These results are produced from testing exposures made from minor working that align within a 30m corridor and is interpreted as possibly related to a continuous north north-west shear zone with a minimum length of 900m. This possible shear is interpreted as to occur in relation to a shear array which hosts significant producing mines; London Reef and Myrtle Reef, also Red Ruth (see Figure 9).

Historical Production² from the London Reef was recorded as 12,411t @34.4 g/t for Au 13,730 oz., Myrtle Reef 18,858t @16.9 g/t for Au 10,280 oz., and Red Ruth of 97t @ 6.1 g/t Au for 58 oz. Combined these mines produced 31,366t for 24,068oz at a grade of approximately 23.9 g/t.

Figure 9: Myrtle Reef mine area. Significant surface geochemistry results and LiDAR surface workings. Potential broad shear-zone shown in green hashed region.

https://www.globenewswire.com/NewsRoom/AttachmentNg/91c84a45-e9c9-4a77-9ad7-5c272253dc32

Separate to these results at the Myrtle/London reef, an area identified from preliminary soil sampling is confirmed as containing gold out cropping north of the Rose Thistle, and Shamrock Mine.

The zone so far appears to have the dimensions of 20m wide by 300m long and remains open along strike (Figure 10). AIS intends to further define this area and other nearby anomalous areas with a soil program. Soil sampling last year by AIS returned the highest-grade soil to date at the project; 3,193ppb (3.19g/t) with an internal lab check repeating at 4,535ppb (4.54 g/t) for this sample. A significant part of this follow-up soil work is testing and infill sampling around the significant Rose, Thistle, and Shamrock (RTS) mine.

Figure 10: broad shear zone related mineralisation north of Rose, Thistle, and Shamrock.

https://www.globenewswire.com/NewsRoom/AttachmentNg/a95ab8bc-bb9a-4b1d-a3ba-1de8e3a31e2f

Figure 11: upcoming soil program testing historic and new soil anomalism surrounding and north of the Rose, Thistle, and Shamrock (RTS) Mine.

https://www.globenewswire.com/NewsRoom/AttachmentNg/aaa30ad6-0f36-43b5-9814-ed71fa1cc928

Figure 12: RTS layout 1, 2022 soil results and planned program north of the RTS mine (left) Note 1,000ppb is equivalent to 1g/t gold.

https://www.globenewswire.com/NewsRoom/AttachmentNg/9365b98d-0ad6-4e44-96db-4e633831a89e

Figure 13: RTS layout 2, historic soil results surrounding RTS mine. Note 1,000ppb is equivalent to 1g/t gold.

https://www.globenewswire.com/NewsRoom/AttachmentNg/f2a52212-84ad-48cf-8b4d-bd9f54b1683f

A series of coherant high-grade soil anomalies lie in close proximity to the historic RTS Mine (Figure 13). AIS plans to infill some of the open parts of the interpreted anomlaous surface domains and confim their dimension.

The RTS mine was a significant producing mine in the region historically producing³ 112,411.4 tonne of ore and
80,125.0 oz of gold at a grade of 22.16 g/t up until the 1930's.

Repeats of similar dimension and grade are expected and form the basis for continual work in this area. AIS regards this area as highly prospective.

Figure 14: Prospect location map at the Bright project, EL6194.

https://www.globenewswire.com/NewsRoom/AttachmentNg/1f4a0570-7956-4660-9065-8f1cbee5ccc3

Commenting on these results, Martyn Element, President, CEO & Chairman of AIS, stated that the company continues to be impressed with the results generated so far. More importantly, Mr. Element commented on the benefits of the surface geochemistry work that continues to show the high potential of the Bright Property and the opportunity to develop a single geological model incorporating all historical high grade past producing mines.

Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol, MBM, FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National Instrument 43-101.

About A.I.S. Resources Limited

A.I.S. Resources Ltd. is a publicly traded investment issuer listed on the TSX Venture Exchange focused on lithium, gold, precious and base metals exploration. AIS's value add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of our portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements.

AIS has a 20% carried interest with Spey Resources Corp. in the Incahuasi lithium brine project in Argentina. AIS has further options to acquire four lithium concessions in the Pocitos Salar and one lithium concession in the Cauchari Salar in Argentina. AIS has granted the option to acquire the Pocitos 1 and 2 licences to Spey Resources by June 30, 2023 (subsequently optioned by Spey to Recharge Resources). If exercised AIS will retain a 7.5% royalty. AIS has granted an option to acquire an 80% interest in the Pocitos 7 and 9 licences to C29 Resources by June 30, 2023. AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9 km from Agnico Eagle Limited's Fosterville gold mine, a 60% interest in the 57 sq km Bright Gold Project (with the right to acquire 100%), and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre.

On Behalf of the Board of Directors,
A.I.S. Resources Ltd.

Martyn Element
President, CEO, Chairman

Corporate Contact
For further information, please contact:
Martyn Element. Chairman
T: +1-604-220-6266
E:melement@aisresources.com
Website:www.aisresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

Appendix 1

________________________________________

1 Geological Survey of Victoria Bulletin No.44, pp.39-40 (Kenny, 1966).
² Government geoscience "VicMine" database
³ Government geoscience "VicMine" database