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Coldstream, Ontario Highlights
* Historical Resource not compliant with NI43-101 standards Location and Access
Geology
Size
Ownership
Prospecting in the Coldstream area dates back to 1870's when copper and gold were first discovered. The Coldstream Copper Mine was in production from 1959 to 1967 and operated by Noranda Inc. The mine produced in excess of 102 million pounds of copper, 22,000 ounces of gold and 440, 000 ounces of silver from 2.7 million tons of ore. Besides production from the Coldstream Copper Mine, the property hosts significant undeveloped gold mineralization. The East Coldstream Gold Deposit was discovered in 1988 by Noranda who subsequently drilled 6,138 m in 38 holes. Drilling intersected wide zones of gold mineralization that include 66.0 m averaging 1.06 g/t gold and 36.0 m averaging 1.87 g/t gold. Higher grades were also obtained within the wide zones including 37.7 g/t gold across 1.0 m, 22.6 g/t gold across 1.3 m, 8.1 g/t gold across 3.0 m and 15.7 g/t gold across 1.0 m. Noranda estimated a preliminary resource of 5.1 million tonnes at an average grade of 1.4 g/t gold to contain 234,000 ounces. This resource estimate is historical and was not completed to NI43-101 standards. Kinross Gold drilled 1,668 m in seven holes on the East Coldstream Gold Deposit in 2002. The Kinross drilling intersected wide zones of gold mineralization averaging from 1.0 to 1.5 g/t gold. Higher grades from the Kinross drilling include 15.2 g/t gold across 2.0 m, 12.8 g/t gold across 1.0 m, and 6.2 g/t gold across 1.0 m. In 2005 Alto completed Induced Polarization and Chargeability surveys over the east end of the property including the East Coldstream Gold Deposit. The survey detected 19 anomalies thought to be associated with sulphides. Some of these anomalies are coincident with surface gold occurrences that were discovered in the past but not drilled. Alto drilled 2,062 m in 13 holes in 2006 at the East Coldstream Gold Deposit. The drilling intersected wide zones of alteration and mineralization, up to 68 m averaging 1.21 g/t gold. Higher grades were also intersected within the wide zones including 4.27 g/t gold across 8.0 m, 12.2 g/t gold across 1.0 m, and 2.9 g/t gold across 12.0 m. These wide mineralized intersections confirm the potential for large tonnage deposits on the property. It was also recognized then that the extensive alteration which includes quartz, carbonate, albite, sericite, chlorite, pyrite, magnetite, hematite, and rare earth minerals has many similarities to the giant Iron-Oxide-Copper-Gold (IOCG) deposits being explored in other parts of the world including Brazil and Australia. Gold occurs as inclusions in pyrite and chalcopyrite and along microfractures in pyrite and quartz veinlets. Near the southwest end of the property, drilling by INCO Ltd in the early to mid 1980's intersected wide zones of gold mineralization, including 0.95 g/t gold across 34 m, 0.32 g/t gold across 55 m and 1.05 g/t gold across 19 m, in a geological setting similar to the East Coldstream Gold Deposit. The QES Zone of the 51 million tonnes (1.5 million ounces) Moss Lake Gold Deposit lies adjacent to the southwest boundary of Alto's Coldstream Property and the wide gold zones identified by INCO can be interpreted to lie along strike of this deposit. 2008 Exploration A prospecting program was carried out in August and September to follow up previously delineated geophysical targets. Prospectors located several gold bearing sulphide occurrences including three which are new showings with gold values of up to 2.0 g/t in grab samples. The showings occur within an interpreted gold mineralized corridor that extends for over 10 km on the Coldstream Property and which encompasses Alto's historical East Coldstream Gold Deposit and the Moss Lake Gold Deposit. Discovery of these gold showings partially fills the data gap between the two gold deposits and confirms management's theory of the presence of a sizable gold system. |
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