| ||Wed Nov 16, 2011|
Alto Identifies District Scale Gold and Base Metal Potential at Oxford Lake, Manitoba; Plans 5,000 M of Drilling
- Property expanded to over 30,000 ha with high potential for both banded iron formation gold deposits and massive sulphide copper, zinc, silver, gold deposits
- Numerous targets for gold and base metals delineated for 30 km upon completion of 1,700 line kilometres helicopter geophysical survey this past summer
- 5,000 m of diamond drilling planned to start in January, 2012
Vancouver, B.C., November 16, 2011. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce its plans for 2012 on the 100% owned Oxford Lake property in central Manitoba. The Company expanded the size of the Oxford Lake property in mid-2011 from 2,870 hectares to over 30,000 hectares with the acquisition of two Mineral Exploration Licences ("MEL"). Upon acquisition of the MEL's, a Geotech Ltd. VTEM and magnetometer survey covering 1,700 line kilometres delineated numerous targets favourable for gold deposits associated with banded iron formations as well as targets that exhibit high potential for massive sulphide copper, zinc, gold and silver deposits. http://www.altoventures.com/i/pdf/AirborneSurveyPotential.pdf. The Company is preparing a 5,000 m diamond drilling program to start in January, 2012.
Gold mineralization in the northern half of the Oxford Lake property is associated with a banded iron formation ("BIF"). Alto's geophysical surveys delineated the main gold target on the property, a trend of aeromagnetic "High" anomalies 30 km long. The historical Rusty Gold Zone (Historical Resource of 800,000 tonnes averaging 6 g/t gold, see "About the Rusty Gold Zone Deposit" below) is one of several significant gold occurrences associated with this magnetic trend. Other occurrences along the trend include the East Rusty Zone and the Blue Jay area. Historical drill intercepts at the East Rusty Zone include 4.6 g/t gold over 3.7 m. The Blue Jay area is located two kilometres east of the Rusty Gold Zone and historical drilling at Blue Jay intersected up to 10 g/t gold over 2.0 m. Gold in both the East Rusty Zone and Blue Jay area is associated with the BIF delineated by Alto's aeromagnetic survey. Mineralization at the Rusty Gold Zone, East Rusty Zone and Blue Jay area remains open along strike and to depth. The target model for this style of mineralization is the Musselwhite Mine in Ontario, located in the west Superior geological province of the Canadian Shield. The Musselwhite Mine has reported past production and reserves of over 5.7 million ounces of gold.
Geological and geophysical targets favourable for massive sulphide deposits rich in copper, zinc, silver and gold have been identified in the southern half of the property. These targets, which also extend for over 30 km on strike, have been tested in the past by only a few drill holes. One of these holes (OX3-1-86) drilled in 1986 intersected 33 m of BIF underlain by 14 m of massive sulphide with showings of zinc within the massive sulphides. The closest drill holes on either side of OX3-1-86 are three kilometres to the west and ten kilometres to the east. Some of the best geophysical targets lie within the large gaps not drilled previously. The target model in this part of the property is the past producing Geco Mine in the Western Superior of Northwestern Ontario. The Geco Mine has reported past production of 58 million tonnes averaging 1.9 % copper, 3.5 % zinc and 50 g/t silver.
Alto is planning a 5,000 m diamond drilling program scheduled to start at the end of January 2012. This Phase One program will test some of the high potential BIF gold targets in the north half of the property, as well as targets considered to have high potential for hosting massive sulphide base metal deposits.
Mike Koziol, P. Geo., P.Eng., Alto's President and Director is the Qualified Person who has reviewed and approved the content of this news release.
About the Rusty Gold Zone Deposit
The Rusty Gold Zone hosts a Historical Resource of 800,000 tonnes at an average grade of 6 g/t and contains approximately 154,000 of gold. It is open along strike and to depth and is consistent in width (average 4.5 metres). The resource was estimated in 1990 and a Qualified Person (QP), as defined by 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 by NI43-101, and thus the historical estimate should not be relied upon. The Rusty Gold Zone is associated with a BIF and is one of several significant gold occurrences associated with a regional trend of aeromagnetic "High" anomalies. This aeromagnetic trend, which extends for 30 km in the northern half of Alto's Oxford Lake property, is interpreted to be the geophysical signature of the BIF that hosts gold mineralization.
About the Oxford Lake Project
The 30,000 ha Oxford Lake gold-base metals property is located in central Manitoba, approximately 150 km southeast of Thompson. Geologically, the property lies in the Oxford Lake-Knee Lake greenstone belt at the west side of the Superior Province of the Canadian Shield. The Western Superior has proven potential for hosting large gold deposits, including the Musselwhite Mine with past production and reserves of over 5.7 million ounces of gold hosted in a BIF. The Western Superior also has proven potential for hosting large massive sulphide base metals deposits, including the past producing Geco Mine with reported production of 58 million tonnes averaging 1.9% copper, 3.5% zinc and 50 g/t silver.
The property has been explored intermittently since the early 1900s with the most concentrated efforts by Noranda Exploration in the mid 1980s to early 1990s. There has been no significant activity on the property since the Noranda work until recently when Alto increased the size of its land holdings to over 30,000 hectares and completed 1,700 line kilometres of helicopter supported VTEM electromagnetic and magnetometer surveying.
Potential for significant gold mineralization has been demonstrated by the historical discovery of the Rusty Gold Zone hosted within a BIF. The BIF trend hosting the Rusty Gold Zone has been traced in the northern half of the property by the airborne geophysics for 30 km along strike. There are several other gold occurrences along this BIF trend that have not been drilled in detail.
Geology favourable for hosting massive sulphide base metals mineralization underlies the southern half of the property. This style of mineralization is characteristically associated with electromagnetic conductors that can be detected by airborne geophysics such as the VTEM survey recently completed by Alto this past summer. Alto's survey delineated numerous electromagnetic conductors, many of which are associated with geology favourable for hosting massive sulphide base metals deposits, such as altered felsic volcanic rocks.. Historical drilling on the property has been limited to only a few holes and no drilling has been reported on Alto's first priority targets.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold and base metals properties. The Company is active in Quebec in the Abitibi greenstone belt on the Destiny gold property and in Ontario, exploring in the Beardmore-Geraldton gold belt. In Manitoba, the Company is focused on the gold and base metals potential of the highly prospective but relatively under-explored Oxford Lake property
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]
Director, Corporate Affairs
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Email: [email protected]
You can view the Next News Releases item: Tue Nov 22, 2011, Alto Ventures and Next Gen Metals Commence 3,500 metres Diamond Drilling Program on Destiny Gold Project, Val d'Or, Quebec
You can view the Previous News Releases item: Wed Nov 9, 2011, Alto Sells its 40% Interest in the Coldstream Gold Project, Ontario to Foundation Resources
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