Vancouver B.C. November 16, 2009: Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce results of the summer field program demonstrating strong potential to expand the historic resource (non 43-101 compliant) on the East Coldstream Deposit of the Coldstream Property in Ontario. The exploration work was completed by Foundation Resources Inc (FDN: TSX-V) who is earning an interest in the project and is the operator.
This news release presents the results for the East Coldstream Deposit only. Further news releases providing results for the Coldstream Property are planned in coming weeks.
Highlights of the East Coldstream Deposit:
- 2009 grab sample results include 15.8, 16.55, 16.75, and 34.8 g/t Au, with 35 results over 0.5 g/t
- Historical, non 43-101 compliant resource of 5.1 million tonnes with 234,000 ounces contained gold calculated by Noranda in 1990
- Strong potential to add tonnage along strike to the east, and at depth
- 2009 channel sampling results up to 2.48 g/t over 3.2 m and 5.26 g/t over 1.6 m in an area targeted for eastern expansion of the deposit
Mineralization at the East Coldstream Deposit is hosted in intensely sheared, silicified and iron-carbonate altered mafic to felsic metavolcanics and porphyries in a zone extending northeast over a 1.5 km strike length.
The East Coldstream Deposit is located on the 5,394 hectare Coldstream Property. The East Coldstream Deposit is easily accessed by logging and drill roads from the nearby Trans Canada highway.
The East Coldstream Deposit, with historical resources of 5.1 million tonnes averaging 1.4 g/t gold, with 234,000 contained ounces of 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. This resource estimate was based on relatively shallow drilling at 3 zones (the Main, North, and East zones).
2009 field work has succeeded in identifying areas with strong potential to add tonnage to the East Coldstream Deposit. Channel sampling and mapping has identified the Sanders Zone as a potential extension along strike to the east. It has also been noted that historic drilling at all zones has been shallow and significant potential to expand the deposit to depth remains.
From a total of 78 grab samples taken in the area of the East Coldstream Deposit, 35 returned gold results greater than 0.5 g/t Au, and 9 of the samples returned greater than 5 g/t Au. These results confirm the historic mineralization and demonstrate a mineralized strike length of at least 1.5 km.
Some of the most significant gold assays obtained from 2009 channel sampling include:
These very positive channel samples were taken at the Sanders Zone, east of a drill hole completed in 2006 by Alto Ventures with results including 1.1 g/t Au over 23 m. The Sanders Zone was not included in the Noranda resource calculation. It shows excellent potential to expand the historic East Coldstream Deposit resource along strike to the east.
Foundation plans to complete drilling to test these potential extensions of the East Coldstream Deposit at depth, and to the east in the area of the Sanders Zone, in addition to confirmation drilling aimed at moving the East Coldstream Deposit toward a 43-101 compliant resource estimate.
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. Foundation is the operator and is funding the current exploration program to earn an initial 60% interest.
For more details regarding the Company's projects, please visit our website at www.altoventures.com
Channel samples were cut approximately 5 cm wide perpendicular to the strike of the sampled material (foliated/sheared rock units). The channels were cut continuously across the desired width of the sample with a diamond-blade rock saw to an approximate depth of 10 cm and then the cut rock was chipped out with hammer and chisel. Geologists described the samples such as rock types, mineralization and then bagged and brought to the campsite where blanks and standards were placed into after every 25 sample series. The bagged samples were then placed into large rice bags and marked for delivery to the assay lab for analyses of gold and other selected elements. The staff of the Coast Mountain Geological Ltd, the contractor for Foundation, delivered the samples to certified ALS Laboratory (ISO 9001:2000 and ISO 17025:2005) in Thunder Bay, Ontario. The samples were weighed, crushed (70% - <2mm), pulverized (split to better than 85% passing 75 microns), and then analyzed for gold and other trace elements by the lab. Gold is analyzed by the lab for up to 10ppm upper detection limit using the fire assay procedure on a 30g sample with ICP finish. Any sample exceeding this upper limit value was then re-analyzed by the same fire assay method but with gravimetric finish.
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 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