🕐22.03.11 - 15:00 Uhr
New High-Grade Gold Intersected Approximately 1500 metres North of the
New High-Grade Gold Intersected Approximately 1500 metres North of the
East Coldstream Deposit, Ontario
Key Point Summary:
* 8.39 g/t gold over 11.0 m within 26.0 metre-wide zone averaging 3.68
g/t gold in drill hole IL-11-02
* 5.09 g/t gold over 2.0 m within 8.85 metre-wide zone averaging 1.76
g/t gold and 3.55 g/t gold over 1.50 m within 13.0 metre-wide zone
averaging 1.24 g/t gold in drill hole IL-11-03
* New high-grade gold results are from the Iris Lake area located
approximately 1500 metres north of the East Coldstream Deposit (234,00
ounces gold: Non-NI 43-101 compliant historic resource)*
Vancouver B.C.
March 22, 2011: Alto Ventures Ltd.
(ATV: TSX-V) (Alto)
and Foundation Resources Inc.
(FDN: TSX-V) (Foundation) or together the
Companies are pleased to announce the results of three holes from a new
target area, the Iris Lake area, located approximately 1500 m north of the
East Coldstream Deposit (Deposit) on their Coldstream Property
(Property), north western Ontario.
More drill results from the Iris Lake
area will be reported as they become available.
Of the 6,000 meters winter
drilling program recently completed on the Property, approximately 3,000
metres were committed to exploring new potential targets such as Iris Lake.
The remaining 3,000 metres were utilized for further expansion of the East
Coldstream Deposit which is currently subject to NI 43-101 compliant
resource calculation by Wardrop, a Tetra Tech Company (News Release dated
March 01, 2011).
Alto owns 40% of the project and Foundation owns the
remaining 60% and is the operator of this program.
Table of Significant Gold Assays
Drill Hole From
(metres) To
(metres) Width
(metres)** Gold
(grams /tonne)
IL-11-01 82.00 83.60 1.60 5.29
including 83.00 83.60 0.60 13.55
IL-11-02 3.00 29.00 26.00 3.68
Including 18.00 29.00 11.00 8.39
including 20.00 20.95 0.95 17.5
including 24.75 25.9 1.15 61.7
IL-11-03 102.00 110.85 8.85 1.76
including 102.00 104.00 2.00 5.09
129.00 136.90 7.90 0.85
Including 136.00 136.90 0.90 4.73
151.00 164.00 13.00 1.24
Including 161.00 162.50 1.50 3.55
**Mineralized zones generally start at 0.1 g/t gold and assay averages may
include minimal intervals of waste material.
No top cuts of assays were used.
All intervals are represented as down-hole core lengths.
There is
insufficient drill-hole density to estimate true widths.
The three holes completed in the Iris Lake area are located in the
northeastern part of the Coldstream Property along the Iris Lake Deformation
Zone (ILDZ).
The ILDZ is approximately 0.5 km wide and 2.1 km long and is
characterized by medium to strong schistosity and numerous sub-parallel
shear structures that are of variable dimensions.
There are five
historical northeast striking IP Chargeability anomaly trends associated
with the ILDZ.
The purpose of these drill holes is to test the potential of
the historical IP anomalies that are coincident with anomalous surface gold
values (up to 15.8 g/t gold) obtained as a result of Foundation’s 2009-2010
prospecting and litho-geochemical sampling program in this area.
Drill holes IL-11-01 to IL-11-03 tested two of the five IP anomalies.
Each
of the drill holes intersected anomalous gold with higher grade gold
intercepts of variable core lengths.
Hole IL-11-02 was collared into
mineralized mafic metavolcanic rocks and intersected mineralization from 3.0
m to 29.0 m core length (26.0 metres).
The mineralized intercept returned
8.39 g/t gold over 11.0 m within a 26.0 metre-wide zone averaging 3.68 g/t
gold.
Hole IL-11-03 was drilled to undercut IL-11-02 and was collared 74
metres as step back from hole IL-11-02.
It intersected three strongly
anomalous zones with multiple higher-grade gold intercepts of variable core
lengths (e.g., 5.09 g/t gold over 2.0 m within 8.85 metre-wide zone
averaging 1.76 g/t gold).
Drill hole IL-11-01, which is located
approximately 240 metres northeast along the same mineralization trend from
hole IL-11-02, also intersected sections of anomalous gold mineralization
(e.g., 5.9 g/t gold over 1.60 m including 13.55 g/t gold over 0.6 m).
The Iris Lake Area
The Iris Lake area is located 1500 metres north of the East Coldstream
Deposit (historical resource of 5.1 million tonnes averaging 1.43 g/t gold
or 234,000 ounces gold)* in the northeastern part of the Coldstream
property.
This area is underlain primarily by mafic metavolcanic rocks
close to the contact with felsic metavolcanic rocks.
Numerous dikes and
sills of quartz-feldspar and feldspar porphyries have been emplaced within
this mafic-felsic volcanic rock package.
All these rock types have been
variably altered (silica, hematite, chlorite, pyrite±chalcopyrite) and
deformed by up to 500 m wide Iris Lake Deformation Zone (ILDZ) which is a
northeast-striking structure with alteration similar to the structure that
hosts the East Coldstream Deposit 1.5 km to the south of the Iris Lake area.
* A Qualified Person (QP), as defined in NI43-101, has not done sufficient
work to classify this historical estimate as current mineral resources.
Alto
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.
Quality Assurance/Quality Control (QA/QC)
Drill core processing included descriptive logging and selection of samples
for geochemical analyses.
The NQ-size core was cut in two halves using a
stationary rock saw at the field camp in Kashabowie, Ontario.
One-half of
the core was delivered to the sample preparation lab of ALS Chemex
Laboratory in Thunder Bay where they were crushed and a 1000-gram pulp was
prepared.
The pulp was then shipped to ALS Chemex Laboratory in North
Vancouver, B.C.
for analyses.
The gold assaying method uses a standard Fire
Assay with ICP-AES technique on a 30-gram pulp material taken from a 1000g
split from the submitted sample.
Any sample that exceeded upper detection
limit of 10 ppm or grams was re-analyzed by the same Fire Assaymethod but
with gravimetric finish.
Commercially prepared standards and blanks were
inserted by Foundation every 20 samples to insure precision of the results.
ALS Chemex inserted its own standards, blanks and carried out duplicate
analyses on sample pulps to ensure internal lab quality control.
For regular
Fire Assay technique with an ICP-AES finish, the lab inserted 1 blank at the
beginning, 2 standards at random intervals, and 3 duplicates were analyzed
at the end of the batch of every 84 samples.
For the Fire Assay method with
gravimetric finish, inserting 1 blank, 2 standards, and 1 duplicate followed
the same procedure on a batch of every 20 samples.
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 a gold exploration and development company with a
portfolio of highly prospective properties in the Canadian Shield.
The
Company is active in Quebec in the Abitibi greenstone belt where it is
working on a number of projects including the Destiny property.
A Resource
Estimate of 10.8 million tonnes averaging 1.05 g/t gold Indicated (364,000
ounces) and 8.3 million tonnes averaging 0.92 g/t gold Inferred (247,000
ounces) was filed on Sedar on March 7, 2011 for the DAC Deposit; the DAC
Deposit is one of several gold occurrences on the Destiny property.
In
Ontario the Company is exploring in the Beardmore-Geraldton gold belt and
the Shebandowan gold district.
Recently, with the acquisition of the Chilko
project in British Columbia, the Company has added large tonnage
bulk-mineable porphyry style deposits to its exploration targets.
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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