Vancouver, B.C., October 6, 2009. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that the 2009 summer exploration program has been completed on the Coldstream gold project located 115 km west of the City of Thunder Bay, Ontario. Foundation Resources Inc (FDN: TXS-V) is earning an interest in the project and is the operator.
The program consisted of geological mapping, trenching and rock sampling. The main objectives of the program were to gain a better understanding of the geology, alteration, and structural controls on mineralization to better define existing gold zones and generate new high quality drill targets. Initial work focused on the Span Lake, East Coldstream, and other areas of historical gold occurrences including the Goldie Lake zone.
Previous systematic work in the Span Lake area was carried out by Inco in the late 1980's when 9 gold zones were identified and limited drilling by Inco returned results including 3.01 g/t Au over 7.45 m and 3.67 g/t Au over 4.63 m. Current work at Span Lake focused on confirming results from Inco's channel sampling and geological mapping was completed to delineate controls on gold mineralization in the area. The Span Lake area lies adjacent to the Moss Lake gold deposit to the southwest where the deposit is reported to contain National Instrument 43-101 compliant inferred resource of 1.5 million ounces of gold.
At the East Coldstream area, work focused on understanding controls on mineralization and generating drill targets to confirm and expand the historical resource. The East Coldstream gold deposit, with historical resources of 5.1 million tonnes averaging 1.4 g/t gold, was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a "qualified person" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Wide zones of gold mineralization were drilled by Alto in 2006 including 68 m averaging 1.21 g/t gold.
Trenching, geological mapping and channel sampling work was completed at Goldie Lake where historic gold occurrences were reported to contain from 2.06 to 5.48 g/t gold. These gold occurrences are coincident with IP Conductivity anomalies but have not been drilled previously.
Results from this program will be released as they become available.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
The property is under an Option Agreement with Foundation Resources Inc. Under the terms of the Agreement, Foundation can acquire an initial 60% interest in the Property by issuing a total of 1,000,000 common shares of Foundation to Alto plus incur $3,000,000 in expenditures on the Property over four years. Foundation can acquire a further 10% interest by completing a feasibility study on the property. Foundation is the project operator.
For more details regarding the Company's projects, please visit our website at www.altoventures.com
Mike Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person who has reviewed and approved this news release.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. Alto's Management and Board of Directors have a long and successful track record of creating shareholder value through systematic exploration, acquisitions and discovery. The Company is currently active in Quebec where it is focussed on the Destiny Gold project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
Mike Koziol, P. Geo., P. Eng.
President & CEO
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3