| ||Tue Jul 19, 2011|
Alto Ventures and Pacific North West Capital Commence First Phase of Exploration Program on the Destiny Gold Project, Val d'Or, Quebec
- Exploration Program planned in two phases including:
- 2500 MMITM Geochemistry Program
- 10,000 metre drill program to expand the known Resource in DAC Deposit
- Mobile Metal Ion (MMITM) soil geochemistry survey has started.
- MMITM results could generate new drill targets at shallow depths along four kilometre strike of the favourable structure that hosts the DAC Deposit, with an Indicate Resource of approximately 364,000 ounces gold and an Inferred Resource of approximately 247,000 ounces of gold
- Diamond drilling is slated to commence on expanded targets in Winter 2011
July 19, 2011, Vancouver, BC - Alto Ventures Ltd. ("ATV") TSX-V: ATV and Pacific North West Capital Corp. ("PFN") TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J (together "the Companies") are pleased to announce that a Mobile Metal Ion (MMITM) soil geochemistry survey has commenced on the Destiny Gold Project located near Val d'Or, Quebec. The MMITM survey is the first phase of a two phase exploration program. The second phase will include 10,000 m of drilling to expand the known Resource in the DAC Deposit.
The DAC Deposit is one of several significant gold occurrences along a four kilometre segment of the Despinassy Shear Zone ("DSZ"). The deposit is covered by a 15 m thick blanket of overburden and the other gold occurrences along the DSZ are also covered by overburden. The Companies believe there is excellent potential to expand the gold resources on the property at shallow depths in the areas covered by overburden and the MMI method is ideally suited for this type of terrain. An orientation survey completed in 2010 to test the method on one of the gold zones (Darla Zone) successfully located gold mineralization below the overburden cover.
The principal objectives of the survey are to extend the known mineralization in the DAC deposit, test the mineralization continuity between DAC, DARLA and Zone 20/21 and to better define shallow targets for a planned diamond drilling program to be completed later this year (Figure 1). The diamond drilling program will be designed to expand the NI43-101 Resource Estimate filed for the DAC Deposit with SEDAR on March 7, 2011 and includes 10.8 million tonnes averaging 1.05 g/t gold (364,000 ounces) as an Indicated Resource plus 8.3 million tonnes averaging 0.92 g/t gold (247,000 ounces) as Inferred Resource at a cut-off grade of 0.5 g/t gold.
The MMI survey consists of approximately 2,500 soil samples of which almost 60% will be along a four kilometre segment of the DSZ on strike from the DAC Deposit. The remaining samples will be collected over other high priority target areas generated from previous work on the property. Sample collection work has been contracted to Geos Sciences Inc of Rouyn-Noranda, Quebec and is currently in progress. Geos Sciences has more than 10 years of experience in MMI sampling and mineral exploration, including soil sampling, geophysical surveys and prospecting.
Mobile Metal Ion (MMITM) Geochemistry is an advanced surface exploration technique for finding mineral deposits and is a cost effective surface exploration tool. This technology measures mobile metal ions in surface soils. These mobile metal ions are released from ore bodies and travel upward toward the surface.
Using sophisticated chemical processes and instrumentation, MMITM is able to measure these ions, in surface soils, to determine accurately where buried mineralization is located. The MMI analyses will be performed by SGS Mineral Services. Results from the MMI analyses are expected in September.
Figure 1 Property Geology Map and MMI Sample Areas
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is the DAC Deposit which occurs over a strike length of about 600 m. In this area, five identifiable intervals of quartz veining and shear-related alteration zones carry significant gold mineralization for which a Mineral Resource Estimate Report ("the Report") was prepared in 2011.
The Report was prepared for the DAC Deposit by Wardrop, a Tetra Tech Company ("Wardrop") and filed with SEDAR on March 7, 2011. At a cut-off grade of 0.5 g/t gold and using the Inverse Distance Squared (ID2) estimation method, the five gold zones that make up the DAC Deposit contain an Indicated Resource of approximately 10.8 million tonnes with an average grade of 1.05 g/t gold (364,000 contained ounces). In addition, the Inferred Resource totals approximately 8.3 million tonnes with an average grade of 0.92 g/t gold (247,000 contained ounces). The resources block considers the mineralization to start at approximately 15 m below surface down to a depth of 400 m for the deepest zone. The mineralization remains open below 400 m.
The DAC Deposit remains open along strike and to depth and is one of several significant gold occurrences along a four kilometre segment of the Despinassy Shear Zone. The gold mineralization at the other occurrences also starts near surface, and with additional drilling these other occurrences may add significantly to the contained ounces on the property either as satellite zones to the DAC or as new deposits.
Results reported to date from the Destiny Project are very positive. Previous drilling programs have confirmed anomalous gold values along the DSZ and give rise to the possibility that additional shallow mineralization may be added to the currently defined resource through continued exploration. The Companies believe that there is excellent potential to significantly increase the contained ounces on the property.
A four million dollar program including drilling was recommended in the report by Wardrop. The recommended drilling is intended to target additional gold mineralization at shallow depths to increase the viability of an open pit mining scenario for the project.
The Report can be view on each of the Companies' websites at www.altoventures.com and www.pfn.com.
Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability.
Mike Koziol, P. Geo., P.Eng. is the Qualified Person who has reviewed and approved the technical content in this news release.
About the Destiny Property
The Destiny Project is under option from Alto Ventures Ltd to Pacific North West Capital. Under the terms of the option agreement, PFN can earn a 60% interest in the property over a four year period by completing $3.5 million in exploration expenditures, paying $200,000 and providing a total of 250,000 PFN shares to Alto. The property consists of 177 claims totalling 7,421 ha and is located approximately 100 km by road north of the city of Val-d'Or. The property is accessible by provincial highway 397 which passes through the property.
Pacific North West Capital has fulfilled its obligations for the first two years of the option term as outlined in the agreement.
For more details regarding the Company's projects, please visit our website at www.altoventures.com.
About Pacific North West Capital Corp
Pacific North West Capital Corp. is a mineral exploration company focused on Platinum Group Metals (PGM), precious and base metals. Management's corporate philosophy is to be a project generator, explorer and project operator with the objective of option/joint venturing projects with major and junior mining companies through to production. To that end, Pacific North West Capital's current option/joint ventures agreements are with Anglo Platinum, First Nickel, and Alto Ventures. In addition, Pacific North West Capital is a major shareholder of Fire River Gold Corp. (www.firerivergold.com)
Pacific North West Capital Corp. is a member of the International Metals Group of Companies. www.internationalmetalsgroup.com
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 Chilcoten Plateau of British Columbia, the Company is exploring the Chilko project near the Newton gold deposit.
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]
Director of Corporate Affairs
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Email: [email protected]
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