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Destiny Project, Quebec Highlights
Location and Access
Geology
Size
Ownership
Prior to 1998, the property was subject to limited exploration. In 1998 Cameco Gold Inc, a subsidiary of Cameco Corporation, entered into a 70/30 JV with Commander Resources. Their work identified a strong shear-deformation corridor and resulted in the discovery of several parallel zones of anomalous gold including the Cameco named Area 1, Area 2, and Area 3. Cameco initially focused on Area 1 and intersected gold down to 600 m vertical depth at what is now the DAC Deposit. At least four parallel zones of shearing and alteration ranging in horizontal width from 2.5 m to more than 60 m were identified and gold values range from 0.1 to 1.8 g/t across these wide zones. Higher grade veins were intersected within these wide zones including veins containing up to 78 g/t gold across 1.0m as well as wider zones averaging 5.1 g/t gold across 9.7 m. Area 2 is located 1.5 km east of Area 1 and was tested by several holes spaced from 100 to 300 m apart. Sporadic gold was intersected, up to 34.8 g/t over 0.3 m. Alto's Darla Zone lies at the west end of Area 2. Area 3 is located approximately 1.5 km east of Area 2. This area was tested by a single fence of six holes which intersected two gold zones, Zone 20 and 21. Zone 20 returned 4.6 g/t gold across 2 m and Zone 21 includes 2.4 g/t gold across 6 m. Several targets were also identified to the west of Area 1 and east of Area 3. These targets have similar geophysical signatures (magnetic and IP) as the areas where gold has already been found. In 2002, Cameco stopped work on the project as part of corporate restructuring. In 2004, Alto entered into an agreement with Cameco to purchase Cameco's 70% interest. Alto purchased Commander's remaining 30% interest in 2008. Exploration by Alto The exploration model for gold mineralization at Destiny is the classic Archean shear controlled gold-quartz vein system associated with a major regional fault-deformation zone (Despinassy Shear Zone). The property is mostly covered with overburden and has very little exposures of bedrock. Therefore, the most effective exploration tool is diamond drilling and the best time for drilling is in the winter when the ground and muskegs are frozen. Exploration by Alto included the drilling of 10,400 m in 40 holes and this work allowed preparation of a resource estimate compliant with NI-43-101 standards for the DAC Deposit*. The DAC deposit has an indicated resource of 167,000 tonnes averaging 6.88 g/t gold plus an inferred resource of 445,000 tonnes averaging 4.46 g/t gold for total of approximately 101,000 contained ounces. The mineralization is open along strike and to depth. Fine visible gold was observed in many drill holes and high grade intersections, up to 178.5 g/t gold, were obtained in several of the drill holes. Exploration by Alto in Cameco's Area 2 resulted in the intersection of 19.5 g/t across 2.1m at Alto's Darla Zone located one kilometres east of the DAC Deposit. This zone is open to the west, east and to depth. Cameco's Zones 20 and 21 are located approximately 3 km east of DAC and these are being explored as part of Alto's 2008 winter program. Exploration by Alto to the west of DAC outlined the mineralized Destiny Shear Zone for another 1.5 km to the west. The results are encouraging because drilling intersected similar geology and alteration as at DAC including anomalous gold of 0.1 to 0.2 g/t gold across widths of 10 m as well as higher gold grades including 3.4 g/t across 0.7 m. This 1.5 km segment was tested with only 3 holes spaced 500 m apart. Gold on the Destiny Project occurs mainly as free-gold in quartz veins associated with strongly altered shear zones. 2008 Exploration Program The 2008 winter diamond drilling program consisted of 17 holes in the Darla zone, and in Zones 20 & 21, and intersected gold in each, including high grade gold of 20.6 g/t across 0.8 m at the Darla Zone. This high grade occurs within a wider mineralized section averaging 7.0 g/t gold across 2.5 m in DES08-104. DES08-114 intersected 5.3 g/t across 0.5 m at Zone 21 in Area 3. Helicopter borne electromagnetic (using the Geotech Ltd. VTEM system) and magnetometer surveys were flown over the entire Despinassy property. The survey detected several strong electromagnetic conductors including one that was drilled previously by hole DES00-53. This hole intersected anomalous zinc ("Zn") and lead ("Pb") values at several locations down-hole including two sections of stronger mineralization containing 0.31% Zn and 0.66% Pb across 4.5 m in one and 0.3% Zn and 0.11% Pb across 8.0 m in the other. The detection of several strong electromagnetic conductors, some of which have Zn and Pb associated with then, is encouraging as it opens the possibility of base metals mineralization on the property in addition to the shear hosted gold associated with the Despinassy Shear Zone. Drill-hole cross sections and a 3D model were generated for the DAC Deposit and posted on www.corebox.net, a website dedicated to providing easy-to-use, interactive analytical tools that help investors visualize drill results. Readers are invited to visit www.corebox.net or www.altoventures.com to learn specific details about the deposit or to get a general overview. *Independent evaluation by HCG Ltd classified under National Instrument 43-101 ("NI43-101") guidelines |
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