🕐01.03.11 - 14:54 Uhr
East Coldstream Project, North Western Ontario
Alto and Foundation Commission an NI43-101 Mineral Resource Estimate on the
East Coldstream Deposit, North Western Ontario_
Vancouver, BC, March 01, 2011: Alto Ventures Ltd.
(ATV: TSX-V) and
Foundation Resources Inc.
(FDN: TSX-V) (Foundation) or together (the
Companies) are pleased to announce that Wardrop, a Tetra Tech Company, has
been retained to prepare an initial NI 43-101 compliant Mineral Resource
Estimate on their East Coldstream Gold Deposit (Deposit) located within
the north eastern part of the Coldstream Property, Ontario.
Foundation, the
operator of the joint venture, owns a 60% interest in the Property and Alto
has the remaining 40% interest.
The completed Resource Estimate will include information from historical
drilling data and the drill results of both infill drilling (approximately
50 m spacing) between widely spaced historical holes and previously untested
areas of the Deposit drilled during 2010 winter and summer programs.
The
results of the 2011 winter drilling program, which is currently in progress,
will also be included in this resource calculation.
The East Coldstream
Deposit, consisting of four northeast-striking zones (Main, North, East and
Sanders) extending over approximately 1.5 km strike length, was discovered
and developed by Noranda in the late eighties and early nineties.
Noranda
in 1991 calculated a non-NI 43-101 compliant resource of 5.1 million tonnes
grading 1.4 g/t gold (234,000 ounces contained gold)* from three (Main,
North and East zones) of the four known zones of the Deposit.
The Sanders
Zone was not included in this resource calculation because it was not part
of Noranda’s land holding at the time.
A 6,000-metre winter drilling program is currently in progress on the
Coldstream Property.
Of the 6,000 metres, 3,000 metres are assigned
exclusively towards infilling and expanding the resource of the Deposit and
remaining 3,000 metres to be utilized on exploring other potential targets
elsewhere on the Property.
* A Qualified Person (QP), as defined in NI43-101, has not done sufficient
work to classify this historical estimate as current mineral resources.
Foundation is not treating the historical estimate as current mineral
resources, as defined in NI43-101, and thus the historical estimate should
not be relied upon.
Results of 2010 Drilling on the East Coldstream Deposit
Results from the 2010 winter and summer programs were very positive as they
represent some of the best grades and widths drilled on the Property to date
(see Alto’s 2010 news releases on its website: [2]www.altoventures.com).
The 36 holes (C-10-14 through C-10-49) that were completed on the Deposit
demonstrate potential for increased grades and widths as compared to the
historical drilling.
Hole C-10-14 intersected 4.88 g/t gold over 27.3 m and
C-10-16 cut a wide section of mineralization averaging 1.12 g/t gold over
111.3 m.
Both of these holes were drilled to test the Main Zone.
In
addition, hole C-10-49 returned two significant intercepts of 45.6 m
averaging 1.04 g/t gold and 49.9 m averaging 1.01 g/t gold.
These
intercepts occur at vertical depths of approximately 180 m and 260 m
respectively in an area of the Main Zone that had not been drilled
previously.
These are encouraging results as they increase the potential
for hosting additional gold mineralization in the Main Zone.
Ike Osmani, M.Sc., P.Geo., the President of Foundation is the Qualified
Person for the Coldstream Project who has reviewed and approved the
technical content of this news release.
About the Coldstream Project
The Coldstream Property includes 5,738 hectares of staked and patented
mining claims along the Trans Canada Highway 115 km west of the City of
Thunder Bay, Ontario.
The area is road accessible and has excellent
infrastructure with a major power line and CN rail line passing just north
of the property.
Skilled labour is readily available locally.
Mineralization
at the East Coldstream Deposit is hosted in intensely sheared, silicified and
iron-carbonate altered mafic to felsic metavolcanics and porphyries in a zone
extending northeast over a 1.5 km strike length.
About Alto Ventures Ltd
Alto Ventures Ltd.
is an exploration and development company with a
portfolio of highly prospective Canadian gold properties.
The Company is
active in Quebec in the Abitibi greenstone belt where it has a number of
projects including the Alcudia and Destiny gold properties.
In Ontario, the
Company is exploring in the Beardmore-Geraldton gold belt and the Coldstream
project in the Shebandowan gold district.
In the Chilcotin Plateau of
British Columbia, the Company is exploring the Chilko project nearby the
Newton gold deposit.
For more details regarding the Company’s projects,
please visit our website at www.altoventures.com
ON BEHALF OF THE BOARD,
Richard J.
Mazur, P.
Geo.,
CEO
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.
For further information contact:
Mike Koziol,
President and Director
ALTO VENTURES LTD.
Unit 8 - 1351D Kelly Lake Rd
Sudbury, ON., P3E 5P5
Tel: 705-522-6372
Fax: 705-522-8856
Email:
Rick Mazur,
CEO & Director
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-689-2599
Fax: 604-689-3609
Email:
Alto Ventures Ltd.
910 - 475 Howe Street | Vancouver, BC V6C 2B3 |
Canada
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