| ||Thu May 5, 2005|
Alto Provides Additional Information on the East Coldstream Gold Deposit
| ||Vancouver, BC, May 4, 2005. Further to the Company's news release dated May 2, 2005, Alto Ventures Ltd (ATV: TSX-V) wishes to clarify the historical resource estimate for the East Coldstream gold deposit.|
The 100%-owned Coldstream Property, located 100 km west of Thunder Bay, in the Shebandowan greenstone belt of northwestern Ontario is comprised of 1,840 hectares and contains two distinct zones of exploration interest. The former North Coldstream Copper Mine, which produced 102 million pounds of copper, 22,000 ounces of gold and 440,000 ounces of silver from 2.7 million tons of ore between 1957 and 1967, is located in the central part of the property. The western half of the Coldstream property is underlain by a thick sequence of felsic volcanic rocks, on trend with Freewest Resources' recently announced Sungold base metals discovery, located 30 km to the southwest of the Coldstream property. The airborne magnetic and electromagnetic survey data will assist in locating conductive horizons suggestive of volcanogenic massive sulphide mineralization within which copper-zinc-gold-silver ore bodies frequently occur.
The second area of interest, the East Coldstream gold deposit, lies along strike to the east of the Coldstream Copper Mine. This significant zone of undeveloped gold mineralization was discovered in 1988 and was the focus of limited exploration prior to Alto's acquisition of the property. An evaluation by Newhawk Gold Mines Ltd. in 1995 estimated a resource of 7.6 million tonnes grading 2.0 grams per tonne gold (g/t Au) containing approximately 485,000 ounces of gold. This estimate is based on 6,138 metres of core drilling but was not calculated or classified under the current specifications outlined in National Instrument 43-101. Alto has not done the work necessary to verify the classification of this resource, nor should this historical estimate be relied upon. The East Coldstream gold deposit is associated with sulphides and magnetite and lies along a well-developed shear zone. A number of high grade drill intersections (37.7 g/t Au over 1 m; 22.6 g/t Au over 1.3 m) were obtained along the altered shears. Excellent potential exists to both extend the gold deposit along strike and down plunge and improve its grade. The airborne survey will serve to better define the mineralized shear zone, locate sections of more concentrated sulphide-magnetite-gold mineralization and identify new targets.
The Company has engaged Geotech Ltd. of Aurora, Ontario to complete approximately 250 line kilometres (km) of airborne magnetic and electromagnetic surveying on the Coldstream gold and base metals project. Upon evaluation of the airborne survey data, Alto will immediately embark on a systematic program of geological mapping, prospecting and ground geophysical surveys, with a view to delineating targets for a summer drill program on the East Coldstream gold deposit and any gold or base metal targets arising from the summer exploration program. Mike Koziol P.Geo., Alto's Vice President of Exploration, is the qualified person supervising exploration on the Coldstream project.
Further information regarding the Coldstream property including maps may be viewed here: http://www.altoventures.com/projects/coldstream/
Alto is a gold exploration and development company with a portfolio of mid to advanced stage properties in the Canadian Shield. The Company is focused on the acquisition and exploration of mineral projects in the Abitibi greenstone belt in Ontario and Quebec, as well as northwestern Ontario and northern Manitoba. For further information visit www.altoventures.com, or contact us at [email protected], telephone: 604-681-2409.
ON BEHALF OF THE BOARD:
President & CEO
Alto Ventures Ltd.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information, contact:
President & CEO
Email: [email protected]
Email: [email protected]
You can view the Next News Releases item: Wed May 25, 2005, Despinassy Gold Project, Val D'Or, Quebec - Phase One Drill Results
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