Alto Ventures Ltd.: 254.00 g/t and 7.05 g/t Gold Intersected over 0.50 m and 3.20 m Respectively at Iris Lake in Northwestern...
27 Octobre 2011 - 1:00PM
Marketwired
Alto Ventures Ltd. (TSX VENTURE:ATV) -
Key Point Summary:
-- 254.00 g/t gold over 0.50 m in drill hole IL-11-12
-- 7.05 g/t gold over 3.20 m within 29.70 metre-wide zone averaging 1.27
g/t gold in drill hole IL-11-20
-- Results of Iris Lake drill holes were not included in the recently
released compliant resource estimate for the East Coldstream Deposit
(763,276 ounces gold Inferred and 96,400 ounces gold Indicated)
Alto Ventures Ltd. ("Alto") and Foundation Resources Inc. (TSX
VENTURE:FDN) ("Foundation") or together "the Companies" are pleased
to announce the results of all drill holes from the Iris Lake area,
located approximately 1.5 km north of the East Coldstream Deposit
("Deposit") on their Coldstream Property ("Property"), northwestern
Ontario. Upon recently completing the 6,133 metre drill program
this summer on the Property, 2,236 metres were drilled in the Iris
Lake area for a total of eleven holes. The remaining 3,897 metres
were utilized for further expansion of the East Coldstream Deposit
for which a NI 43-101 compliant resource estimate of 763,276 ounces
gold Inferred and 96,400 ounces gold Indicated has been calculated
and reported on September 20, 2011. Foundation is the operator of
this program and owns a 60% interest in the Property and Alto owns
the remaining 40%.
Table of Significant Gold Assays
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From To Width Gold
Drill Hole (metres) (metres) (metres) (grams/tonne)
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IL-11-10 77.40 78.55 1.15 5.55
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IL-11-12 199.60 200.10 0.50 254.00
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IL-11-17 24.00 34.00 10.00 0.45
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and 62.40 71.00 8.60 1.09
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Including 62.40 63.55 1.15 4.74
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Including 69.65 71.00 1.35 2.15
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IL-11-19 82.10 84.00 1.90 1.33
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and 134.25 141.80 7.55 1.15
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Including 140.50 141.80 1.30 4.21
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IL-11-20 100.80 130.50 29.70 1.27
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Including 100.80 104.00 3.20 7.05
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Including 128.50 130.50 2.00 2.23
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(i) 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 with
true widths estimated at 70 to 75 percent.
All holes completed in the Iris Lake area are located 1.5 km
north of the East Coldstream Deposit within the northeastern part
of the Coldstream Property (see Figure 1). The purpose of these
drill holes is to expand the gold mineralization laterally to both
northeast and southwest directions from the site of high-grade gold
discovered during the 2011 winter drilling program (see news
release dated March 22, 2011). Together, these holes and the holes
that were completed previously define a gold mineralization area
that measures approximately 25 to 70 metres in width and 630 metres
in length (Figure 1). The mineralized area occurs within a broad
deformation zone consisting of variably sheared and altered
(silica, chlorite, hematite and epidote) mafic and felsic
metavolcanic rocks.
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/atv1027-fig1.pdf
Drill hole IL-11-20 was collared approximately 120 metres
southwest of the high-grade hole IL-11-02 (8.39 g/t gold over 11.00
m) reported on March 22, 2011. IL-11-20 intersected 7.05 g/t gold
over 3.20 m within a 29.70 metre-wide zone averaging 1.27 g/t gold.
Drill hole IL-11-19, located about 70 metres northeast from the
hole IL-11-02 intersected 4.21 g/t gold over 1.30 m within a 7.55
metre-wide zone averaging 1.15 g/t gold. Drill hole IL-11-17,
located approximately 105 m northeast from hole IL-11-19 along the
same mineralization trend, intersected, albeit discontinuously,
anomalous to strongly anomalous gold values over a 47.00 metre-wide
core length. The two best mineralized intercepts within this zone
include a 4.74 g/t gold over 1.15 m within a 8.60 metre-wide zone
averaging 1.09 g/t gold and a 0.45 g/t gold averaging over 10.00
metre core length.
Drill holes IL-11-10 and 12, which define the northeastern part
of the 630 metre long mineralized Iris Lake Zone, intersected 5.55
g/t and 254.00 g/t gold over 1.15 and 0.50 m, respectively. Holes
IL-11-13 to 16, and 18 returned weakly anomalous gold values within
this newly defined Iris Lake Zone. The bonanza gold grade (254.00
g/t Au) in hole IL-11-12 is attributed to the presence of visible
gold observed in the core at the time of sampling. The visible gold
sample was subjected to pulp metallic screening procedures by the
ALS Chemex Lab to ensure that the value is an accurate
representation of gold content in the core sample.
"Management of the both Foundation and Alto are extremely
pleased with very positive drill results from the 2011 drilling
program at the Iris Lake which successfully delineated additional
new potentially economic mineralized zones located 1.5 km north of
the East Coldstream Deposit," states Ike Osmani, President and
Director of Foundation. He adds, "The persistent and widespread
distribution of anomalous to high-grade gold mineralization
occurring along the northern margin of the Iris Lake Deformation
Zone has carved out a 25 to 70metre by 630metre mineralized horizon
open in all directions for further exploration and
development."
The Iris Lake Area
The Iris Lake Zone is located 1.5 km north of the East
Coldstream Deposit (763,276 ounces gold Inferred and 96,400 ounces
gold Indicated) in the northeastern part of the Coldstream
property. The Iris Lake area is underlain primarily by mafic and
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, epidote),
mineralized (pyrite and chalcopyrite) and deformed by up to 500 m
wide and 2,100 m long Iris Lake Deformation Zone (ILDZ). The ILDZ
is a northeast-striking structure with alteration similar to the
North Coldstream Shear Zone (NCSZ) structure hosting the East
Coldstream Deposit located 1.5 km south of the Iris Lake area.
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. One
core sample with visible gold was analyzed using pulp metallic
screening procedures to ensure that the value is an accurate
representation of gold content in the 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 supervises the drill
program and has reviewed and approved the technical content of this
news release.
About the Coldstream Property
The 6,234-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.
For more details regarding the Coldstream Property, please visit
our website at www.altoventures.com.
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 on
the Destiny gold property and in Ontario, exploring in the
Beardmore-Geraldton gold belt and the Coldstream project in the
Shebandowan gold district.
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.
Contacts: Alto Ventures Ltd. Mike Koziol President and Director
705-522-6372 705-522-8856 (FAX)koziol@altoventures.com Alto
Ventures Ltd. Rick Mazur CEO & Director 604-689-2599
604-689-3609 (FAX)info@altoventures.comwww.altoventures.com
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