🕐20.04.11 - 13:54 Uhr
ALTO VENTURES AND FOUNDATION RESOURCES DRILL 10 G/T GOLD; EXPAND MAIN AND EAST ZONES
Alto Ventures and Foundation Resources Drill 10 g/t Gold; Expand Main and
East Zones at the East Coldstream Deposit, Northwestern Ontario
Key Point Summary:
* The Main and East zones of the East Coldstream Deposit are expanded by
180 and 120 metres, respectively and these drill results will be
included in the upcoming NI 43-101 resource estimate.
* 10.0 g/t gold over 4.0 metres within 13.0 metre-wide zone averaging
3.49 g/t gold - Main Zone
* 5.16 g/t gold over 2.0 m and 1.14 g/t gold over 10.0 within 56.0
metre-wide zone averaging 0.50 g/t gold - Main Zone
* 4.7 g/t gold over 2.0 m and 2.03 g/t gold over 2.0 m within 44.0
metre-wide zone averaging 0.53 g/t gold - Main Zone
* 1.29 g/t gold over 13.05 m and 1.12 g/t gold over 12.0 m within 42.55
metre-wide zone averaging 0.93 g/t gold - East Zone
Vancouver B.C.
April 20, 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 the Main and East zones of the East Coldstream Deposit (Deposit) on
their Coldstream Property (Property) in northwestern Ontario.
More drill
results from the Deposit 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 drilled with the objective of expanding all
four zones (Main, North, East and Sanders) comprising the Deposit.
The
Deposit is currently subject to a NI 43-101 compliant resource calculation
by Wardrop, a Tetra Tech Company (News Release dated March 01, 2011).
The
remaining 3,000 metres were utilized in exploring other areas of the
Property such as the Iris Lake target where the Companies have discovered
new high-grade gold mineralization (e.g., 8.39 g/t gold over 11.0 m) in
three holes (News Release March 22, 2011).
The Iris Lake high-grade gold
area is located approximately 1500 metres north of the East Coldstream
Deposit.
Foundation is the operator of this program and owns a 60% interest
in the Property and Alto owns the remaining 40%.
The management and Board of both companies are very pleased to report
continued drilling successes at the East Coldstream Deposit comments
Alto’s President, Mike Koziol, P.
Geo.
Further these drill hole results
have demonstrated greater strike lengths from the Main and East Zones of the
East Coldstream Deposit which should add significant gold resources to the
historic resourcecalculated by Noranda in 1990 (234,000 ounces gold: Non-NI
43-101 compliant historic resource*).
Of the three drill holes completed on the Deposit, two holes (C-11-58 and
60) expanded the Main Zone laterally by intersecting gold mineralization
approximately 180 and 120 metres from the western limit of the previously
defined Main Zone at their respective vertical depths of 100 and 160
metres.
Drill hole C-11-68 expanded both the East and Main Zone laterally
by intersecting mineralization approximately 120 metres from the western
limit of the previously defined East Zone and 50 metres east of the Main
Zone at their respective vertical depths of 15and 180 metres.
Drill hole
C-11-68 intersected two significant gold intercepts, an upper and a lower.
The upper 42.55 metre-wide intercept within the East Zone, averaged 0.93 g/t
gold, including 1.29 g/t gold over 13.05 meters and 1.12 g/t gold over 12.0
metres.
The lower intercept within the Main Zone has returned 10.0 g/t gold
over 4.0 metres within 13.0 metre-wide zone averaging 3.49 g/t gold.
Drill
hole C-11-58 intersected 1.14 g/t gold over 10.0 metres within 56.0
metre-wide envelope, averaging 0.50 g/t gold.
Drill hole C-11-60 returned
0.53 g/t gold over 44.0 metres including 4.70 g/t gold over 2.0 metres and
2.03 g/t gold over 2.0 metres.
Results from 23 holes are still pending and will be reported as they become
available.
* 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.
Quality Assurance/Quality Control (QA/QC)
Foundation has implemented a quality control (QA/QC) program which includes
the use of commercially produced standards and blanks.
Samples of split NQ
core are transported by Company personnel 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.
For more details of QA/QC
procedures, please refer to Foundations July 21, 2010 news release.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified
Person for the Coldstream Project supervised the drill program and has
reviewed and approved the technical content of this news release.
About the East Coldstream Deposit
The East Coldstream Deposit is hosted within mafic to intermediate
metavolcanic rocks which have been intruded by dike/sill-like bodies of
quartz-feldspar porphyries and gabbros.
All these rock types have been
variably altered (silica, hematite, carbonate, chlorite) and deformed by
east- to east-northeast striking North Coldstream Shear/Deformation Zone.
Gold is associated with 1 to 5 percent, fine-grained pyrite.
About the Coldstream Property
The 6234-hectare Coldstream Property is located 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.
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
developing advanced projects at its Destiny gold property in Quebec and its
Coldstream gold property in Ontario.
Furthereploration activities are
planned on its Beardmore-Geraldton gold properties, the Oxford Lake gold
project in Manitoba and the Chilko gold project in British Columbia.
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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