| ||Wed Jul 27, 2005|
Alto Reports Progress on Quebec and Ontario Projects; Annouces Aquisition
| ||VANCOUVER, BC, July 27, 2005. Alto Ventures Ltd. (ATV: TSX-V) is pleased to report on recent exploration activities on its gold projects in Quebec and Ontario and announces the acquisition of the Empress gold project near Hemlo, Ontario.|
Despinassy Project, Val d'Or, Quebec
Alto's recently completed 20-hole drill program demonstrated continuity of four veins comprising the DAC gold deposit along a strike length of 250 m and to a depth of 600 m. A total of 5,307 metres (m) were drilled on the DAC veins. Results included gold mineralization intersections grading 14.6 grams per tonne (g/t) over 3.7 m, 6.4 g/t over 5.9 m, 22.0 g/t over 1.4 m, 6.7 g/t over 3.1 m, 7.0 g/t over 7.2 m and 8.1 g/t over 3.5 m within a major mineralized shear structure traceable for at least 6 km through the project claims as previously announced by the Company. Alto is currently evaluating the results of this drill program along with previous drill results from Cameco Corporation with a view to determining future work programs. Alto is earning a 70% interest in the Despinassy gold project.
Coldstream Project, Shebandowan, Ontario
The Company recently completed a helicopter-borne magnetic and electromagnetic survey at its 100% owned Coldstream project located in the Shebandowan greenstone belt 100 kilometres (km) west of Thunder Bay, Ontario. Anomalies identified by the surveys are currently being evaluated and prioritized for both base metal and gold exploration. The western half of the Coldstream property is underlain by a similar package of felsic volcanic rocks which hosts Freewest's Sungold property. An Induced Polarization (IP) survey is planned on the East Coldstream gold deposit previously drilled by Noranda during 1988 to 1991, and by Kinross in 2002.
Beardmore Projects, Beardmore-Geraldton District, Ontario
Alto also commenced exploration programs on its Mud Lake and Cote-Archie Lake gold projects in the Beardmore-Geraldton greenstone belt, Ontario, in which the Company is earning a 100% interest in each project. At Mud Lake, geologic mapping, trenching and sampling have outlined a gold-bearing shear zone traceable for 6 km on the property. Quartz veins within this zone contain gold mineralization up to 50 g/t in recent grab sampling of previously trenched areas. Alto plans a program of IP surveys, MMI geochemical sampling and further mapping and prospecting this summer.
At Cote-Archie Lake, located immediately east of the historic Leitch Gold Mine (860,000 ounces gold produced at an average grade of 31.5 g/t), shear-hosted quartz veins with grades up to 17.3 g/t were uncovered in earlier trenching. The current program includes mapping, trenching and sampling to further delineate and extend this mineralization. The project claims cover 12 km of prospective strike length east of the Leitch Mine. The summer exploration program will bring both Mud Lake and Cote-Archie projects to a diamond drilling stage.
Empress Acquisition, Shreiber-Hemlo Area, Ontario
The Empress gold project is comprised of 1,344 hectares and is located adjacent to the Trans-Canada Highway near Terrace Bay in the productive Schreiber-Hemlo greenstone belt, Ontario. The Company has acquired a 100% interest from Cameco Corporation for cash consideration of $20,000, subject to a 2% net smelter royalty with a buyback of 1% for $1 million.
Gold mineralization on the project claims occurs within a 15-25 m wide shear zone identified at the historic Empress gold mine immediately to the west and traceable for 1.8 km within the property. Past exploration work in the 1980's, and more recently by Cameco, includes trenching and 3,231 m of core drilling in 22 holes. Gold mineralization encountered includes 22.3 g/t across 3 m in trenching and 44.2 g/t over 0.6 m in drilling.
Mike Koziol P.Geo., Alto's Vice President of Exploration, is the qualified person under NI 43-101 conducting and supervising the above exploration programs.
Alto is a gold exploration company with a broad portfolio of mid to advanced stage exploration properties in the Canadian Shield. In addition to the advanced-stage Despinassy project, the Company has a portfolio of 8 other projects, including the Coldstream base metal and gold project in the Shebandowan greenstone belt near Thunder Bay, Ontario, the Oxford Lake gold project in northern Manitoba, and several early-stage discoveries of gold mineralization in the prolific Beardmore-Geraldton Gold Camp. Alto management possesses a track record in mine development and project financing. For further information visit www.altoventures.com, email us at [email protected], or phone 604-681-2409.
ON BEHALF OF THE BOARD
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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