| ||Tue Mar 1, 2011|
Alto and Foundation Commission an NI43-101 Mineral Resource Estimate on the East Coldstream Deposit, North Western Ontario
| ||Vancouver B.C. March 01, 2011: Alto Ventures Ltd. (ATV: TSX-V) and Foundation Resources Inc. (FDN: TSX-V) ("Foundation") or together ("the Companies") are pleased to announce that Wardrop, a Tetra Tech Company, has been retained to prepare an initial NI 43-101 compliant Mineral Resource Estimate on their East Coldstream Gold Deposit ("Deposit") located within the north eastern part of the Coldstream Property, Ontario. Foundation, the operator of the joint venture, owns a 60% interest in the Property and Alto has the remaining 40% interest.|
The completed Resource Estimate will include information from historical drilling data and the drill results of both infill drilling (approximately 50 m spacing) between widely spaced historical holes and previously untested areas of the Deposit drilled during 2010 winter and summer programs. The results of the 2011 winter drilling program, which is currently in progress, will also be included in this resource calculation. The East Coldstream Deposit, consisting of four northeast-striking zones (Main, North, East and Sanders) extending over approximately 1.5 km strike length, was discovered and developed by Noranda in the late eighties and early nineties. Noranda in 1991 calculated a non-NI 43-101 compliant resource of 5.1 million tonnes grading 1.4 g/t gold (234,000 ounces contained gold)* from three (Main, North and East zones) of the four known zones of the Deposit. The Sanders Zone was not included in this resource calculation because it was not part of Noranda's land holding at the time.
A 6,000-metre winter drilling program is currently in progress on the Coldstream Property. Of the 6,000 metres, 3,000 metres are assigned exclusively towards infilling and expanding the resource of the Deposit and remaining 3,000 metres to be utilized on exploring other potential targets elsewhere on the Property.
* A Qualified Person (QP), as defined in NI43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Foundation is not treating the historical estimate as current mineral resources, as defined in NI43-101, and thus the historical estimate should not be relied upon.
Results of 2010 Drilling on the East Coldstream Deposit
Results from the 2010 winter and summer programs were very positive as they represent some of the best grades and widths drilled on the Property to date (see Alto's 2010 news releases on its website: www.altoventures.com). The 36 holes (C-10-14 through C-10-49) that were completed on the Deposit demonstrate potential for increased grades and widths as compared to the historical drilling. Hole C-10-14 intersected 4.88 g/t gold over 27.3 m and C-10-16 cut a wide section of mineralization averaging 1.12 g/t gold over 111.3 m. Both of these holes were drilled to test the Main Zone. In addition, hole C-10-49 returned two significant intercepts of 45.6 m averaging 1.04 g/t gold and 49.9 m averaging 1.01 g/t gold. These intercepts occur at vertical depths of approximately 180 m and 260 m respectively in an area of the Main Zone that had not been drilled previously. These are encouraging results as they increase the potential for hosting additional gold mineralization in the Main Zone.
Ike Osmani, M.Sc., P.Geo., the President of Foundation is the Qualified Person for the Coldstream Project who has reviewed and approved the technical content of this news release.
About the Coldstream Project
The Coldstream Property includes 5,738 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. 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.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario, the Company is exploring in the Beardmore-Geraldton gold belt and the Coldstream project in the Shebandowan gold district. In the Chilcotin Plateau of British Columbia, the Company is exploring the Chilko project nearby the Newton gold deposit. For more details regarding the Company's projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo.,
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
President and Director
ALTO VENTURES LTD.
Unit 8 -- 1351D Kelly Lake Rd
Sudbury, ON., P3E 5P5
Email: [email protected]
CEO & Director
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Email: [email protected]
You can view the Next News Releases item: Mon Mar 7, 2011, Alto Ventures and Pacific North West Capital Expand Gold Potential and File NI43-101 Resource Estimate Report on SEDAR, Destiny Gold Project, Quebec
You can view the Previous News Releases item: Tue Feb 1, 2011, 6,000 Metres of Diamond Drilling Commences at the Coldstream Property, Ontario
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