| ||Tue Mar 29, 2011|
Coldstream Property Expanded to the North of the High-Grade Iris Lake Gold Discovery, Ontario
| ||Vancouver B.C. March 30, 2011: Alto Ventures Ltd. (ATV: TSX-V) ("Alto") and Foundation Resources Inc. (FDN: TSX-V) ("Foundation") or together "the Companies" are pleased to announce the expansion of the Coldstream Property ("Property") by staking 496 hectares adjacent to their recently discovered high-grade gold in the Iris Lake area (News Release March 22, 2011). The Iris Lake area is a new exploration target for the Companies located approximately 1500 m north of the East Coldstream Deposit ("Deposit") which is currently subject to NI 43-101 compliant resource calculation by Wardrop, a Tetra Tech Company (News Release dated March 01, 2011). Alto owns 40% of the project and Foundation owns the remaining 60% and is the operator of this program.|
Three recently reported drill holes, IL-11-01 to IL-11-03, tested two of five IP anomalies in the Iris Lake area. All three holes intersected anomalous gold with higher grade intercepts of variable core lengths. Hole IL-11-02 was collared into mineralized mafic metavolcanic rocks and intersected mineralization from 3.0 m to 29.0 m core length (26.0 metres). The mineralized intercept returned 8.39 g/t gold over 11.0 m within a 26.0 metre-wide zone averaging 3.68 g/t gold. Hole IL-11-03 was drilled to undercut IL-11-02 and was collared 74 metres as step back from hole IL-11-02. It intersected three strongly anomalous zones with multiple higher-grade gold intercepts of variable core lengths (e.g. 5.09 g/t gold over 2.0 m within 8.85 metre-wide zone averaging 1.76 g/t gold). Drill hole IL-11-01, which is located approximately 240 metres northeast along the same mineralization trend from hole IL-11-02, also intersected sections of anomalous gold mineralization (e.g. 5.9 g/t gold over 1.60 m including 13.55 g/t gold over 0.6 m).
Of the 29-hole (6,000 metres) winter 2011 drilling program, 9 holes, totalling 1613.7 metres, were drilled into the Iris Lake area and the remaining 20 holes (4,426 metres) were completed on the East Coldstream Deposit and adjacent areas. Results from 26 holes are still pending and will be reported as they become available.
The Iris Lake Area
The Iris Lake area is located 1500 metres north of the East Coldstream Deposit (historical resource of 5.1 million tonnes averaging 1.43 g/t gold or 234,000 ounces gold)* in the northeastern part of the Coldstream property. This area is underlain primarily by mafic metavolcanic rocks close to the contact with felsic metavolcanic rocks. Numerous dikes and sills of quartz-feldspar and feldspar porphyries have been emplaced within this mafic-felsic volcanic rock package. All these rock types have been variably altered (silica, hematite, chlorite, pyrite±chalcopyrite) and deformed by up to 500 m wide Iris Lake Deformation Zone (ILDZ) which is a northeast-striking structure with alteration similar to the structure that hosts the East Coldstream Deposit 1.5 km to the south of the Iris Lake area.
* A Qualified Person (QP), as defined in NI43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Alto 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.
About the Coldstream Project
The Coldstream Property includes 6,234 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.
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 Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it is working on a number of projects including the Destiny property. A Resource Estimate of 10.8 million tonnes averaging 1.05 g/t gold Indicated (364,000 ounces) and 8.3 million tonnes averaging 0.92 g/t gold Inferred (247,000 ounces) was filed on Sedar on March 7, 2011 for the DAC Deposit; the DAC Deposit is one of several gold occurrences on the Destiny property. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.
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: Wed Apr 20, 2011, Alto Ventures and Foundation Resources Drill 10 g/t Gold; Expand Main and East Zones at the East Coldstream Deposit, Northwestern Ontario
You can view the Previous News Releases item: Tue Mar 22, 2011, New High-Grade Gold Intersected Approximately 1500 metres North of the East Coldstream Deposit, Ontario
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