100 FEET OF 5 GRAMSJUST RELEASED
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Alto Ventures Ltd (C-ATV) - News Release
Alto operator drills 27.3 m of 4.88 g/t gold
2010-03-29 17:13 ET - News Release
Shares issued 100,995,455
ATV Close 2010-03-29 C$ 0.05
Mr. Mike Koziol reports
27.3 METRES OF 4.88 G/T GOLD DRILLED ON ALTO VENTURES COLDSTREAM PROPERTY
Alto Ventures Ltd. has released the results for the first two holes of the recently completed diamond drilling program on the East Coldstream deposit at the Coldstream property in Ontario. Foundation Resources Inc. is the operator and is financing this exploration program to earn an interest in the project.
The first two holes (C-10-14 and C-10-15) are located 50 metres apart from each other and were drilled at the Main zone of the deposit. Both drill holes intersected wide zones of gold mineralization which include multiple higher-grade sections. Gold in both drill holes is associated with 1 per cent to 8 per cent disseminated pyrite and occurs within strongly sheared and hydrothermally altered (silica, albite, sericite, magnetite and hematite) mafic to intermediate metavolcanics and quartz-feldspar porphyry intrusive rocks. Significant results are in the table.
SIGNIFICANT GOLD ASSAYS FROM THE FIRST TWO HOLES OF THE 2010 WINTER DRILLING PROGRAM Drill hole No. From (m) To (m) Width (m) Gold (g/t) C-10-14 includes 190.45 237.70 47.25 1.30 192.30 198.20 5.90 3.01 216.95 218.95 2.00 6.15 227.30 229.75 2.45 9.62 228.55 229.75 1.20 11.80 C-10-15 169.45 196.73 27.28 4.88 includes 193.73 196.73 3.0 13.55
Drill hole C-10-14 was drilled to a depth of 358.75 metres and C-10-15, located approximately 50 metres south-southwest of C-10-14, was drilled to a depth of 297.79 m. All intervals are represented as downhole core lengths with true widths estimated to be about 75 per cent of core length. Assay results for the remaining seven holes completed in the 2010 program will be released as they become available.
The objectives of the nine-hole, 2,090-metre drilling program were to infill gaps between the widely spaced historical drill holes and increase confidence in the continuity of gold grades at the historical deposit. The program was designed to intersect significant gold mineralization at the North, Main, East as well as the Sanders zones and start to advance the East Coldstream gold deposit toward a National Instrument 43-101-compliant resource estimate. These first two holes are very positive as they are some of the best results to date from the Coldstream project and they increase the potential for delineation of a large, bulk-tonnage gold deposit.
Quality assurance and quality control
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, Ont. One-half of the core was delivered to the sample preparation lab of ALS Chemex Laboratory in Thunder Bay where it was crushed and a 1,000-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 1,000-gram split from the submitted sample. Any sample that exceeded upper detection limit of 10 parts per million or grams was reanalyzed by the same fire assay method 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. The lab for regular fire assay technique with an ICP-AES finish inserted one blank at the beginning, two standards at random intervals and three duplicates were analyzed at the end of the batch of every 84 samples. For the fire assay method with gravimetric finish, inserting one blank, two standards and one duplicate followed the same procedure on a batch of every 20 samples.
Ike Osmani. PGeo, is the qualified person for Foundation Resources who supervised the program.
About the East Coldstream deposit
The East Coldstream gold deposit, with historically reported resources of 5.1 million tonnes averaging 1.4 grams per tonne gold (234,000 contained ounces of gold) was discovered by Noranda Exploration Ltd. and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a qualified person (as that term is defined in National Instrument 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Gold mineralization starts on surface and this resource estimate was based on relatively shallow drilling at three zones (the Main, North and East zones). The historical resource does not include the gold mineralization at the Sanders zone, located east of the Main zone, which was drilled by Lacana Mining Corp. (1989) and Alto Ventures (2006).
About the Coldstream project
The Coldstream property includes 5,394 hectares of staked and patented mining claims along the Trans-Canada Highway, 115 kilometres west of Thunder Bay, Ont. The area is road accessible and has excellent infrastructure with a major power line and CN railway passing just north of the property. Skilled labour is readily available locally.
The property is under an option agreement with Foundation Resources. Foundation is the operator and is financing the current exploration program to earn an initial 60-per-cent interest. Foundation then has the option to earn an addition 10 per cent.
For more details regarding the company's projects, please visit the company's website.
Mike Koziol, PGeo, PEng, and Alto's president and chief executive officer, is the qualified person who has reviewed and approved this news release