Alto Ventures Ltd. is pleased to announce the final results and provide a summary from its recent diamond drilling program on the 100% owned Coldstream gold project in the Shebandowan gold district, Ontario. The twin objectives of the 13 hole, 2,062 metre program were to establish continuity of mineralization and to determine if the Sanders Zone, which was tested previously by only two holes, has the potential to extend the East Coldstream gold deposit along strike.
Infill drilling has confirmed the occurrence of wide zones of gold mineralization (see table below) with grades similar to those previously reported by Noranda in earlier work on the property (1 to 4 grams gold per tonne over drill intercepts of up to 55 metres). Drilling along strike of the Main Zone has extended gold mineralization with similar widths and grades for a further 300 metres to the east and onto the Sanders Zone. Gold mineralization has now been intersected for 1.2 kilometres along strike and to vertical depths exceeding 200 metres. The mineralized system remains open to depth at the west end. To the east, the Sanders Zone remains open along strike and to depth below 30 metres.
A summary of significant results from the 2006 drilling program are shown below.
Summary of 2006 Coldstream Diamond Drilling Assay Results
The styles of alteration and mineralization at East Coldstream display many of the characteristics of Iron Oxide-Copper-Gold (IOCG) deposits found elsewhere in the world. IOCG deposits can have very large geological resources like the Salobo Deposit in Brazil with published resources of 789 million tonnes averaging 0.96% copper and 0.52 g/t gold. These deposits contain significant reserves of precious, base and other metals and are a major source of iron, copper, gold, uranium, rare earth elements as well as other metals. Alteration associated with the gold at East Coldstream includes low titanium magnetite, pyrite, silica, albite and sericite within hematized and locally brecciated volcanic rocks and felsic intrusives. Following work completed this summer, Alto has identified evidence of this style of mineralization at its recently acquired Burchell Lake property. Mineralization with similarities to IOCG deposits is also reported to have been recognized by others working in the Shebandowan area.
The East Coldstream gold deposit occurs within a linear corridor that extends west-southwest for over 20 kilometres and encompasses the North Coldstream Copper Mine (historical production of 2.7 million tons averaging 2.7% copper), Alto’s Burchell property (multiple wide zones, including 0.95 g/t gold over 34 metres and 0.32 g/t gold over 55 metres intersected by historical drilling), the Moss Lake Gold Deposit (historical resources of 60 million tonnes averaging 1.1 g/t gold) and the Hamlin Project operated by East West Resources (an IOCG-type deposit on which East West Resources reported drill intercepts including hole HAM06-53 which intersected 84.5 metres averaging 0.23% copper in their press release date April 5, 2006). Alto’s land holdings cover approximately 10 kilometres of this corridor and are considered prospective for IOCG-type deposits.
Alto is planning their second phase drill program on the Coldstream Project for 2007.
Mike Koziol, P.Geo. P.Eng. and Alto’s Vice President, Exploration is the Qualified Person who reviewed and approved this news release.
Quality Assurance/Quality Control
Core processing included descriptive logging and selection of samples for analyses. The BTW-size cores selected for analyses were sawed in half and one half was delivered to a commercial laboratory for analyses and the other half retained for future reference. Gold assays were performed at Accurassays Laboratories in Thunder Bay, Ontario. The gold assaying method uses a standard Fire Assay with AA finish technique on a 30 gram sub-sample taken from a 500 gram split from the submitted sample. The laboratory was instructed to prepare a second 500 gram split from the reject for those samples that indicated greater than 2 g/t Au on the initial analysis and to assay the second split for gold. The results reported represent composites using weighted averages of all analyses performed on each specific sample. Commercially prepared standards were inserted by Alto every 25 samples to ensure precision of the results. The laboratory ran internal check assays every 10 samples to ensure lab quality control.
About Alto Ventures Ltd.
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of nine properties in the Canadian Shield. The Company is focused on the Coldstream project in the Shebandowan gold district and the Despinassy project in the Abitibi Greenstone Belt, Quebec, where an independent evaluation by Hubacheck Consulting Geologists (”HCG”) in 2005 (see news release dated November 28, 2005), indicated that the DAC deposit may contain between 303,000 and 670,000 tonnes grading 6.8 to 7.8 grams gold per tonne. The classification of resources was not a mandate of the HCG study at this time. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource on the property. It is uncertain if further exploration will result in the discovery of a mineral resource on the property.
ON BEHALF OF THE BOARD,
Richard Mazur, P.Geo.
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Manager of Corporate Communications
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC V6C 2B3
CLARK AVENUE COMPANY INC.
103 Clark Avenue East
Thornhill, ON L3T 1T1