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Alto Ventures Ltd.: Alto-Wescan Finalize Drill Contract for Mud Lake Project, Beardmore-Geraldton Gold Belt
Message: NEWS: Alto Ventures Intersects High Grade Gold up to 33.57 g/t (0.98 ounces/ton)
Alto Ventures Intersects High Grade Gold up to 33.57 g/t (0.98 ounces/ton) at the Destiny Gold Project, Quebec
Symbol: ATV
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2010) - Alto Ventures Ltd. (TSX VENTURE:ATV) -
- High grade gold including 33.57 g/t (0.98 oz/ton), 7.2 g/t (0.21 oz/ton) and 5.3 g/t (0.15 oz/ton) intersected in multiple zones within the DAC Deposit
- Phase 2 program schedule for February
- Gold-mineralized wide shear zones including 21.0m at 1.39 g/t gold and 22.4m at 0.91 g/t gold
- NI 43-101 Compliant Resource with potential for expansion
- Open along strike and at depth
Alto Ventures Ltd. and Pacific North West Capital Corp. ("PFN") (TSX:PFN)(OTCBB:PAWEF)(FRANKFURT:P7J) are pleased to announce significant results from three diamond drill holes completed at the DAC Deposit on the Destiny Gold Project. High grade quartz veins including 33.57 g/t gold over 0.5m (0.98 oz/ton); 7.2 g/t gold over 0.5m (0.21 oz/ton); 5.3 g/t gold over 2.0m (0.15 oz/ton); and 5.0 g/t gold over 1.4m (0.146 oz/ton) were intersected. These veins occur within wide shear-related alteration systems which carry gold values of interest including 21.0m averaging 1.39 g/t and 22.4m averaging 0.91 g/t gold (see Table of Significant Gold Assays below).
The first five holes of the drilling program which include 44.39 g/t gold (1.29 oz/ton); 39.5 g/t gold (1.15 oz/ton); and 20.6 g/t gold (0.60 oz/ton) across 0.5m, and these latest results confirm the large size of the gold system at the DAC zone (see Alto and Pacific Northwest Capital news releases dated December 3, 2009). They are part of the Phase 1 program which consisted of 5,600m of diamond drilling in 14 holes. The drilling was completed on December 22, 2009 and results for the remaining six holes will be released as they become available.
The Phase 1 program was designed to expand the known NI 43-101 compliant resources at the DAC zone through infill and step-out drilling. The results from the first eight holes are very positive as they confirm continuity of gold mineralization between holes drilled previously, some of which were spaced from 100m to 200m apart. The mineralization remains open along strike and at depth.
The property is located approximately 75 km north of Val d'Or in the Abitibi-Temiscamingue region of Quebec. The geological environment at Destiny including the shear-hosted high grade quartz veins is similar to the main Val d'Or gold belt. Val d'Or is one of the major gold mining centres in the Province of Quebec, and currently active with many new mine development projects. The property is road accessible with excellent mining infrastructure and support facilities nearby.
Pacific North West Capital has funded this $600,000 Phase 1 drill program and the work was managed by Alto. Preparations for Phase 2 drilling are underway and work will start in mid February after all assays are received and incorporated into the database. Pacific North West Capital will continue to fund the exploration work and Alto will act as program manager.
A Phase 3 program is slated for later this year and its size will depend on results obtained from the remaining holes drilled during the Phase 1 program and results from Phase 2. The objectives of these programs are to expand the current NI 43-101 resources on the property.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is the DAC zone, which occurs over a strike length of about 600m. In this area, four to five identifiable intervals of quartz veining and shear-related alteration zones carry high grade gold mineralization, with drill intersections up to 178.5 g/t gold over a drill width of 1.0m. The DAC zone hosts a NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 g/t gold (36,892 ounces) and an inferred resource of 444,753 tonnes grading 4.46 g/t gold (63,839 ounces) calculated by W.A. Hubacheck Consultants Ltd. in 2007 (see "A Resource Estimate of the DAC Gold Deposit, Despinassy Twp., Val d'Or, Quebec" dated January 9, 2007, available on the Alto Ventures website). Drill-hole cross sections and a 3D model were generated for the DAC Deposit in 2008 and are posted on www.corebox.net.
To view the Destiny Gold Project Cross Section accompanying this press release, please click on the following link: http://www.altoventures.com/i/nr/2010-01-15-destiny-cross-section300w.gif
The Destiny Gold Property is under Option to Pacific North West Capital Corp. Under the terms of the Option Agreement, Pacific North West Capital will pay Alto $200,000, provide Alto with 250,000 common shares of Pacific North West Capital, and complete a total of $3,500,000 in exploration expenditures over a four year period to earn a 60% interest in the Destiny Gold Property. Subsequent to vesting of its interest, Pacific North West Capital will form a joint venture with Alto to further develop the project.
Mike Koziol, P.Geo., P.Eng., and Alto's President and CEO, is the Qualified Person who has reviewed and approved this news release.
Quality Assurance/Quality Control
Core processing included descriptive logging and selection of samples for analyses. The NQ-size cores were sawed in half and one half was delivered to a commercial laboratory. The samples were delivered to the Accurassay preparation laboratory in Sudbury where they were crushed and a 500 gram pulp was prepared. The pulp was then shipped to Accurassay Laboratories in Thunder Bay for analyses. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram aliquot taken from a 500 gram split from the submitted sample. Commercially prepared standards and blanks were inserted by Alto every 25 samples to ensure precision of the results. The laboratory performs repeat check assays every 10 samples on pulps to ensure internal lab quality control.
The laboratory was instructed to prepare and analyze a second 500 gram split from the reject for those samples that indicated gold values of between 1 g/t and 5 g/t on the initial analysis. The gold assaying method on the re-split uses a standard Fire Assay with Gravimetric finish technique on a 30 gram aliquot. Pulp metallic assays were performed on all samples that returned greater than 5 g/t gold on the first assay. The results reported represent mathematical averages of all analyses performed on each specific sample.
Robert J. Tremblay, P.Geo. (Quebec), Consulting Geologist to Alto Ventures, is responsible for supervision of the diamond drilling program.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX:PFN)(OTCBB:PAWEF)(FRANKFURT:P7J) is a mineral exploration company focused on Platinum Group Metals (PGM), precious and base metals. Management's corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major and junior mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, First Nickel, Kinbauri Gold and Fire River Gold. Pacific North West Capital Corp. is well funded with an experienced management team and the ability to take advantage of the tremendous opportunities that are available in the mining sector today.
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 currently active in Quebec where it is focussed on the Destiny Gold project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Mike Koziol, P.Geo., P.Eng., President & CEO
Neither 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.
- High grade gold including 33.57 g/t (0.98 oz/ton), 7.2 g/t (0.21 oz/ton) and 5.3 g/t (0.15 oz/ton) intersected in multiple zones within the DAC Deposit
- Phase 2 program schedule for February
- Gold-mineralized wide shear zones including 21.0m at 1.39 g/t gold and 22.4m at 0.91 g/t gold
- NI 43-101 Compliant Resource with potential for expansion
- Open along strike and at depth
Alto Ventures Ltd. and Pacific North West Capital Corp. ("PFN") (TSX:PFN)(OTCBB:PAWEF)(FRANKFURT:P7J) are pleased to announce significant results from three diamond drill holes completed at the DAC Deposit on the Destiny Gold Project. High grade quartz veins including 33.57 g/t gold over 0.5m (0.98 oz/ton); 7.2 g/t gold over 0.5m (0.21 oz/ton); 5.3 g/t gold over 2.0m (0.15 oz/ton); and 5.0 g/t gold over 1.4m (0.146 oz/ton) were intersected. These veins occur within wide shear-related alteration systems which carry gold values of interest including 21.0m averaging 1.39 g/t and 22.4m averaging 0.91 g/t gold (see Table of Significant Gold Assays below).
The first five holes of the drilling program which include 44.39 g/t gold (1.29 oz/ton); 39.5 g/t gold (1.15 oz/ton); and 20.6 g/t gold (0.60 oz/ton) across 0.5m, and these latest results confirm the large size of the gold system at the DAC zone (see Alto and Pacific Northwest Capital news releases dated December 3, 2009). They are part of the Phase 1 program which consisted of 5,600m of diamond drilling in 14 holes. The drilling was completed on December 22, 2009 and results for the remaining six holes will be released as they become available.
The Phase 1 program was designed to expand the known NI 43-101 compliant resources at the DAC zone through infill and step-out drilling. The results from the first eight holes are very positive as they confirm continuity of gold mineralization between holes drilled previously, some of which were spaced from 100m to 200m apart. The mineralization remains open along strike and at depth.
The property is located approximately 75 km north of Val d'Or in the Abitibi-Temiscamingue region of Quebec. The geological environment at Destiny including the shear-hosted high grade quartz veins is similar to the main Val d'Or gold belt. Val d'Or is one of the major gold mining centres in the Province of Quebec, and currently active with many new mine development projects. The property is road accessible with excellent mining infrastructure and support facilities nearby.
Table of Significant Gold Assays
-------------------------------------------------------------------
Width (m)
Hole Number From (m) To (m) (i)downhole Au (g/t)
-------------------------------------------------------------------
DES09-125 332.3 353.3 21.0 1.39
includes 333.8 334.3 0.5 33.57
379.0 401.4 22.4 0.91
includes 380.0 387.6 7.6 1.52
and 399.4 399.9 0.5 7.2
419.7 438.8 17.1 0.84
433.3 435.3 2.0 5.3
-------------------------------------------------------------------
DES09-126 295.2 322.5 27.3 0.56
includes 295.7 297.1 1.4 5.0
-------------------------------------------------------------------
DES09-127 438.8 451.2 12.4 0.79
includes 442.2 444.7 2.5 1.81
and 450.7 451.2 0.5 4.64
-------------------------------------------------------------------
(i) Based on core angles and previous drilling, true widths are
estimated at approximately 80 to 90% of the downhole lengths
reported. 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.
Pacific North West Capital has funded this $600,000 Phase 1 drill program and the work was managed by Alto. Preparations for Phase 2 drilling are underway and work will start in mid February after all assays are received and incorporated into the database. Pacific North West Capital will continue to fund the exploration work and Alto will act as program manager.
A Phase 3 program is slated for later this year and its size will depend on results obtained from the remaining holes drilled during the Phase 1 program and results from Phase 2. The objectives of these programs are to expand the current NI 43-101 resources on the property.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is the DAC zone, which occurs over a strike length of about 600m. In this area, four to five identifiable intervals of quartz veining and shear-related alteration zones carry high grade gold mineralization, with drill intersections up to 178.5 g/t gold over a drill width of 1.0m. The DAC zone hosts a NI 43-101 compliant indicated resource of 166,863 tonnes grading 6.88 g/t gold (36,892 ounces) and an inferred resource of 444,753 tonnes grading 4.46 g/t gold (63,839 ounces) calculated by W.A. Hubacheck Consultants Ltd. in 2007 (see "A Resource Estimate of the DAC Gold Deposit, Despinassy Twp., Val d'Or, Quebec" dated January 9, 2007, available on the Alto Ventures website). Drill-hole cross sections and a 3D model were generated for the DAC Deposit in 2008 and are posted on www.corebox.net.
To view the Destiny Gold Project Cross Section accompanying this press release, please click on the following link: http://www.altoventures.com/i/nr/2010-01-15-destiny-cross-section300w.gif
The Destiny Gold Property is under Option to Pacific North West Capital Corp. Under the terms of the Option Agreement, Pacific North West Capital will pay Alto $200,000, provide Alto with 250,000 common shares of Pacific North West Capital, and complete a total of $3,500,000 in exploration expenditures over a four year period to earn a 60% interest in the Destiny Gold Property. Subsequent to vesting of its interest, Pacific North West Capital will form a joint venture with Alto to further develop the project.
Mike Koziol, P.Geo., P.Eng., and Alto's President and CEO, is the Qualified Person who has reviewed and approved this news release.
Quality Assurance/Quality Control
Core processing included descriptive logging and selection of samples for analyses. The NQ-size cores were sawed in half and one half was delivered to a commercial laboratory. The samples were delivered to the Accurassay preparation laboratory in Sudbury where they were crushed and a 500 gram pulp was prepared. The pulp was then shipped to Accurassay Laboratories in Thunder Bay for analyses. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram aliquot taken from a 500 gram split from the submitted sample. Commercially prepared standards and blanks were inserted by Alto every 25 samples to ensure precision of the results. The laboratory performs repeat check assays every 10 samples on pulps to ensure internal lab quality control.
The laboratory was instructed to prepare and analyze a second 500 gram split from the reject for those samples that indicated gold values of between 1 g/t and 5 g/t on the initial analysis. The gold assaying method on the re-split uses a standard Fire Assay with Gravimetric finish technique on a 30 gram aliquot. Pulp metallic assays were performed on all samples that returned greater than 5 g/t gold on the first assay. The results reported represent mathematical averages of all analyses performed on each specific sample.
Robert J. Tremblay, P.Geo. (Quebec), Consulting Geologist to Alto Ventures, is responsible for supervision of the diamond drilling program.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. (TSX:PFN)(OTCBB:PAWEF)(FRANKFURT:P7J) is a mineral exploration company focused on Platinum Group Metals (PGM), precious and base metals. Management's corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major and junior mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, First Nickel, Kinbauri Gold and Fire River Gold. Pacific North West Capital Corp. is well funded with an experienced management team and the ability to take advantage of the tremendous opportunities that are available in the mining sector today.
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 currently active in Quebec where it is focussed on the Destiny Gold project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Mike Koziol, P.Geo., P.Eng., President & CEO
Neither 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.
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