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Highlights
Ownership 100% Alto Ventures Ltd; Kodiak Exploration Ltd has the option to earn 51% interest in the property by undertaking staged expenditures totaling $1 million over three years and by making staged payments of $100,000 in cash or Kodiak shares to Alto over three years. Once a 51% interest has been earned, Kodiak will have the option to earn an additional 19% interest (for a total interest of 70%) by completing and delivering to Alto, a feasibility study for the development of a mine. Once Kodiak earns 70% interest, Alto will have the option to participate in a 70%-30% Joint Venture or convert its interest to a 2.5% Net Smelter Return royalty. History Exploration work on the property dates back to the 1940's and included mainly prospecting, trenching and limited ground geophysical work. In 1989 Placer Dome Inc completed a large surface program including line cutting, geological mapping and prospecting over the eastern part of the property. Placer also drilled 5 holes in the Archie Lake area. The most recent work prior to Alto's participation was carried out by prospectors Robert and Richard Cote. Their work spanned from 1995 to 2003 and included prospecting, trenching and mechanical stripping. Several gold occurrences were discovered including the Cote occurrence which returned up to 0.79 oz/ton (27 g/t) gold in grab samples. Alto started work on the property in 2004 and carried out geological mapping, prospecting and mechanical stripping programs. Trenching at the Cote occurrence exposed several north-northwest trending shears with quartz veins that are mineralized with pyrite and arsenopyrite. Grab samples from the veins returned up to 17.3 g/t gold. In 2005, mechanical stripping exposed the altered and mineralized Cote-Archie Shear Zone (CASZ) that is up to 12 m wide and locally contains quartz veins with pyrite and arsenopyrite. This shear zone trends east-northeast and is interpreted to lie on strike with the shear zone hosting the Leitch Mine quartz veins. Grab samples containing up to 10.2 g/t gold were obtained from this shear zone. Two holes were drilled in 2007 to undercut the CASZ exposed by surface trenching. A well developed and altered shear zone was intersected in COT07-01. The zone is 20 m wide and contains variable quartz veining including a 2.4 m wide quartz vein/vein breccia that contains minor amounts of sulphides. Hole COT07-02 is located along strike 50 m west of COT07-01. The hole was terminated at 44 metres due to logistical problems and well short of its primary target. A weakly developed shear with 1 to 3% sulphides was intersected from 19 to 22 m and it too contains anomalous gold. Table of Significant Results from Cote-Archie Lake 2007 Winter Drilling -------------------------------------------------------------- From To Width Au Hole (m) (m) (m) (g/t) Zone -------------------------------------------------------------- COT07-01 70.6 76.6 6.0 0.35 Cote Shear Includes 74.6 75.6 1.0 1.13 Quartz vein 80.6 89.0 8.4 0.5 Cote Shear Includes 80.6 83.0 2.4 1.35 Quartz vein -------------------------------------------------------------- COT07-02 19.1 22.0 2.9 0.52 Weak shearing 2008 Exploration Programs Kodiak has informed Alto that it plans an aggressive exploration program consisting of mapping, sampling, stripping and eventually drilling the most prospective targets identified by Alto. Kodiak will also conduct detailed reconnaissance on the property seeking to locate additional shear hosted mineralization. |
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