JV partner ALTO..
posted on
Feb 25, 2010 09:40AM
Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.
Alto Ventures Ltd.
TSX VENTURE: ATV
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2010) - Alto Ventures Ltd. (TSX VENTURE:ATV) has received results from surface sampling completed on its newly acquired Miner Lake Project in the Beardmore-Geraldton Gold Belt. The work was completed in late October 2009 and consisted of saw-cut channel sampling and grab sampling on three previously stripped outcrop areas (Whaleback Trench, Discovery Pit and Rainbow Trench). Channel sample results from the largest stripped area on the property, the Whaleback Trench returned two sections of significant mineralization, the first assays 3.36 g/t gold and 0.24% copper across 5.0m (including 6.86 g/t gold across 1.0m) and the second section assays 6.29 g/t gold and 0.08% copper across 2.0m (including 11.30 g/t gold across 1.0m).
Mike Koziol, Alto's President and CEO, says, "Results from this early stage project and very limited sampling program at Miner Lake are very encouraging as the main gold mineralization found so far is in wide sulphide-bearing shear zones rather than in the classic quartz vein settings that are being explored on adjoining properties. Gold is on surface in wide zones that have not been fully exposed and sampled yet. With additional mechanical stripping and diamond drilling, these may develop into a bulk mineable open pit type target."
Significant mineralization was also identified in the Discovery Pit, including a section that assayed 0.51 g/t gold and 0.25% copper across a 10.0m channel sampled section. The Discovery Pit is located approximately 20m east of the Whaleback Trench.
The Rainbow Trench, the third area sampled in October 2009 is located approximately 250m east of the Discovery Pit. Because of snow cover, most of the samples collected at the Rainbow Trench were surface grabs from various locations on the stripped area. A number of samples with gold values exceeding 0.1 g/t were obtained including three with greater than 1 g/t gold (sample 661619 assays 1.499 g/t gold and 0.30% copper; sample 661620 assays 2.03 g/t gold and 0.49% copper; and sample 661621 assays 1.72 g/t gold and 0.63% copper). One diamond drill hole was completed in the area of this trench in 2008 by a previous operator and it returned several intercepts that exceeded 0.1 g/t gold including one interval from 43.6m to 53.0m that averages 0.43 g/t gold and 0.16% copper over 9.4m.
Gold in each of the three areas sampled occurs in intensely sheared and altered quartz diorite. Extensive sulphide mineralization is present within the sheared diorite and includes pyrrhotite, pyrite and locally chalcopyrite. Some of these sulphide-rich shear zones exceed 50m in width. Gold is associated with the sulphides, mainly with chalcopyrite, a copper bearing mineral and the higher (greater than 1 g/t) gold grades correlate well with higher (greater than 0.1%) copper grades. Very little recent systematic exploration work was carried out on the property other than six diamond drill holes completed in 2008 by a previous operator. Extensive mechanical stripping, washing and cursory sampling programs were completed in the late 1990's and early 2000's by Beardmore prospectors Robert and Richard Cote. The prospectors were very successful in following the extensive sulphide zones and obtained several significant gold values including 25.2 g/t gold in grab samples. They also recognized the significance of the gold-copper association. However, no extensive surface sampling and detailed geological mapping programs were completed in the past.
Alto acquired this property in October 2009 because it has remained largely under-explored and lies in close proximity to the Company's Greenoaks property only 5 km west of Kodiak's Hercules discovery. Work at Greenoaks has uncovered a system of narrow but high grade gold quartz veins extending for over 500m on surface, including values up to 34.16 g/t across 1.0m in saw cut channel samples (see Alto news release dated September 30 2008).
Planning is underway for exploration work to commence in May and to include prospecting, mechanical stripping, geological mapping and sampling. This is in preparation for diamond drilling that may be undertaken after results from the 2010 summer program are integrated into the data base.
The Company operates five strategically located projects in the Beardmore-Geraldton Gold Belt located between the Hercules property (Golden Mile gold zones) being actively explored by Kodiak Exploration Ltd and the Brookbank gold deposit which is being drilled by Goldstone Resources Inc. The Company's other project in the gold belt, the Cote-Archie Lake project lies on strike with the Leitch-Sand River property operated by Goldstone Resources and is under an Option Agreement with Kodiak Exploration. Under the terms of the Agreement, Kodiak can earn an initial 51% interest by spending $1 million on the property over three years. Kodiak is the operator and is required to spend approximately $480,000 before September 2010 to earn its interest.
To view the map accompanying this press release please click on the following link: http://www.altoventures.com/i/nr/2010-02-25-beardmore-geralton.jpg
Mike Koziol, P. Geo., P.Eng., Alto's President and Director is the Qualified Person who has reviewed and approved the content of this news release.
Quality Assurance/Quality Control
Channel samples are 5 cm wide and cut perpendicular to the strike of the target being sampled (vein, shear zone or sulphide horizon). The channels are cut continuously across the width of the sample with a motorized saw using a diamond saw blade to a depth of 10 cm and then the cut rock is chipped out with hammer and chisel. The samples are described by Alto geologists noting rocks types and mineralization and then bagged for delivery to the assay laboratory for quantitative analyses for gold and selected elements. The samples were then delivered by Alto staff to Accurassay Laboratories in Thunder Bay. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram sub-sample taken from a 500 gram split from the submitted sample. The laboratory ran internal check assays every 10 samples to ensure lab quality control. Commercially prepared standards were inserted every 25 samples to ensure precision of results.
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.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng., President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Alto Ventures Ltd.