Alto Ventures

Published : January 17th, 2012

Next Gen Metals Inc. and Alto Ventures Ltd. Resume 3,500 metres Drill Program on Destiny Gold Projec

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Keywords :   Canada | Diamond | Gold | Silver |

 NEWS

January 17, 2012 Vancouver, Canada

Next Gen Metals Inc. and Alto Ventures Ltd.
Resume 3,500 metres Drill Program on Destiny Gold Project, Val d'Or Area, Quebec

 

 

  • 3,500 metre Diamond drill program in progress to test the strike extension of the DAC Deposit

  • Drilling will test the under-explored one kilometre section of the Despinassy Shear between the DAC Deposit and the Darla Zone

  • As of January 2011, the DAC Deposit contains an Indicated Resource of 364,000 ounces of gold plus an Inferred Resource of 247,000 ounces of gold.

 

Next Gen Metals Inc. ("Next Gen") TSX.V: N and Alto Ventures Ltd. ("Alto") TSX.V: ATV (together "the Companies") are pleased to announce the resumption of exploration Diamond drilling on the Destiny Gold project, located near Val-d'Or, Quebec.

The drill program is focused mainly on testing the under-explored area between the DAC Deposit and the Darla Zone at shallow depths (Figure 1). The DAC Deposit is one of several significant gold zones along a four kilometre segment of the Despinassy Shear Zone. As of January 2011, the DAC Deposit has Indicated Resources of 10.8 Mt grading 1.05 g/t Au (at 0.5 g/t Au cutoff) for 364,000 ounces of gold, and Inferred Resources of 8.3 Mt grading 0.92 g/t Au (at 0.5 g/t Au cutoff) for 247,000 ounces of gold.

Previous drilling at the Darla Zone, one kilometre to the east, intersected high gold grades, including 19.5 g/t Au over 2.1 m and 20.6 g/t Au over 0.8 m within strongly altered rocks similar to those that host DAC Zone. The one kilometre of strike length between the DAC Deposit and the Darla Zone has previously been tested by only two drill holes, and therefore remains under explored. The assay results for the two holes indicate that the gold-mineralizing system was active between DAC and Darla, such that there is excellent potential for discovery of new gold zones here (Figure 1). If results from these widely spaced holes are positive, infill drilling will be planned to generate sufficient data for the preparation of an updated NI43-101 compliant Mineral Resource Estimate report incorporating results from previous Darla drilling and all new data from between the Darla Zone and the DAC Deposit.

About the Destiny Project:

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.

On September 26, 2011, Pacific North West Capital Corp. (PFN) assigned its interest in the initial Option Agreement with the property owner, Alto Ventures Ltd., to Next Gen Metals Inc. Under the terms of the Option Agreement, Next Gen is responsible for all remaining cash payments and exploration expenditures due to be paid or incurred, as the case may be under the initial option with Alto Ventures Ltd.

PFN has fulfilled its obligations for the first two years of the Option Agreement and will continue to be responsible for issuances of common shares to Alto.


Figure 1- Map showing the location of the 2011 drill program in the under-explored area between DAC deposit and Darla Zone.


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 was prepared in 2011.

The Mineral Resource Estimate Report was prepared for the DAC Deposit by Wardrop, a Tetra Tech Company (Wardrop) and filed on Sedar on March 7, 2011. Using a cut-off grade of 0.5 g/t gold and 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. For details regarding the resource estimate methods and calculation parameters used in preparation of the Report please see the news releases issued by Alto and PFN on March 7, 2011. The Report can be view on each of the Company's websites at www.nextgenmetalsinc.com and www.altoventures.com . Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability.

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 Darla Zone, which lies one km east of the DAC Zone, was discovered in 2006. At this location, drilling intersected 19.5 g/t gold across 2.1 m and 20.6 g/t over 0.8 m . The occurrence of high grade gold mineralization in the Darla, DAC and 20 and 21 zones clearly indicates that the mineralizing system occurs across a significant portion of the property. The gold mineralization at these occurrences starts near surface, and with additional drilling these targets could add significant contained ounces to the already defined resources at the DAC Deposit.

Qualified Person Statement

This news release has been reviewed and approved for technical content by Mike Koziol, P. Geo, a qualified person under the provisions of national instrument 43-101.

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.

About Next Gen Metals Inc.

Next Gen is a mineral exploration company whose current focus is on silver, gold and base metals projects in North America. The Company has acquired a 60% option interest (TSX.V: N) on the Destiny Gold Project (Indicated Resource of 364,000 ounces plus an Inferred Resource of 247,000 ounces of gold) In addition, Next Gen is presently advancing the Silver Chalice Project, located in Alaska, and the Fate Gold Project adjacent to the Destiny Gold Project, both of which are located in the Abitibi Greenstone Belt of Northwest Qu�bec, one of the most famous gold and base metals regions in the world. Next Gen continues to aggressively negotiate for additional advanced-stage silver, gold and base metal projects on an international scale.

Next Gen http://www.nextgenmetalsinc.com is the newest company to join the International Metals Group ("IMG") (www.internationalmetalsgroup.com). The Board of Directors is comprised in part with directors from other companies within the IMG group who, along with management, have a combined 150 years or more of experience in all aspects of managing public companies related to the resource industry.


Please send requests for further information to:
Ali H.Alizadeh, Vice President, Exploration, Tel: 604-685-1870, info@nextgenmetalsinc.com


On behalf of the Board of Directors

"Harry Barr"

Harry Barr
President & CEO
Next Gen Metals Inc.

 

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.

Note: this release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

Except as required by law, the Company undertakes no obligation to update any forward-looking statements.


For Further information, call toll free 1.800.667.1870, Tel: 604.685.1870
www.nextgenmetalsinc.com   info@nextgenmetalsinc.com


Click HERE to Unsubscribe to Next Gen Metal's Email List

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Alto Ventures

EXPLORATION STAGE
CODE : ATV.V
ISIN : CA0215502075
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Alto Ventures is a gold and cobalt exploration company based in Canada.

Alto Ventures holds various exploration projects in Canada.

Its main exploration properties are COLDSTREAM, DOG LAKE, EXPANSION LAKE, ALCUDIA, EAST COLDSTREAM, OXFORD LAKE, WINDFALL LAKE, COTE ARCHIE LAKE, MUD LAKE, EMPRESS PROJECT ( ALTO), THREE TOWERS, GREENOAKS, DESTINY GOLD and DESPINASSY in Canada.

Alto Ventures is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 6.0 millions as of today (US$ 4.6 millions, € 3.9 millions).

Its stock quote reached its highest recent level on May 22, 1998 at CA$ 9.10, and its lowest recent point on December 03, 2019 at CA$ 0.02.

Alto Ventures has 40 170 000 shares outstanding.

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Financings of Alto Ventures
11/7/2007Announces Closing Of Second And Final Tranches Of Private Pl...
Option Grants of Alto Ventures
12/18/2007 Elects Directors, Approves $1.8 Million Exploration Budget ...
Nominations of Alto Ventures
3/13/2007Appoints Koziol President
Project news of Alto Ventures
6/18/2013(Oxford Lake)Increases Land Holdings to 35,300 Hectares on Its 100% Owned...
6/27/2012(Coldstream)Foundation and Alto Ventures Amend Terms of Coldstream Acqui...
5/14/2012(Destiny Gold)Next Gen Metals Inc. and Alto Ventures Ltd. Intersect 22.7 G...
1/17/2012(Destiny Gold)Next Gen Metals Inc. and Alto Ventures Ltd. Resume 3,500 met...
7/19/2011(Destiny Gold)and Pacific North West Capital Commence First Phase of Explo...
7/6/2011(Coldstream)6,000 Metres of Diamond Drilling Commences at the Coldstream...
5/19/2011(East Coldstream)Drilling Continues to Hit Gold at the East Coldstream Deposi...
4/1/2011(Coldstream)Coldstream Property Expanded to the North of the High-Grade ...
3/22/2011(East Coldstream)New High-Grade Gold Intersected Approximately 1500 metres No...
3/17/2011(Alcudia)Receives Drilling Results From the 2011 Alcudia Project in t...
3/7/2011(Destiny Gold)and Pacific North West Capital Expand Gold Potential and Fil...
3/1/2011(East Coldstream)and Foundation Commission an NI43-101 Mineral Resource Estim...
1/24/2011(Destiny Gold)Updated NI 43-101 Mineral Resource Estimate Reports Signific...
10/5/2010(Coldstream)35.65 m Averaging 2.10 g/t Gold Intersected at the Sanders Z...
10/6/2009(Coldstream)Summer Exploration Program Completed on Coldstream Gold Proj...
12/11/2008(Mud Lake)2008 Exploration Program Identifies New Targets and Confirms...
10/1/2008(Greenoaks)CHANNEL SAMPLES UP TO 34.1 g/t (0.99 oz/ton) GOLD AT GREENOA...
9/4/2008(Greenoaks)PROVIDES EXPLORATION UPDATE ON BEARDMORE AREA PROJECTS
5/9/2008(Despinassy)Completes Winter Program, Receives Final Results From Drilli...
3/25/2008INTERSECTS HIGH GRADE GOLD AT DESPINASSY, QUEBEC
3/3/2008COMPLETES PURCHASE OF DESPINASSY PROJECT, QUEBEC AND STARTS ...
2/21/2008(Mud Lake)ALTO-WESCAN JOINT VENTURE CONTINUES TO INTERSECT GOLD ON THE...
1/29/2008(Mud Lake)GOLD INTERSECTED ON THE ALTO-WESCAN MUD LAKE PROJECT
10/4/2007(Mud Lake)Wescan Finalize Drill Contract For Mud Lake Project, Beardmo...
7/5/2007(Cote Archie Lake)Samples 8 g/t Gold at Cote-Archie Lake Project, Beardmoreger...
3/20/2006(Despinassy)continues to intersect high-grade gold at the DAC deposit, D...
Corporate news of Alto Ventures
8/18/2016Alto Stakes More Gold Claims at its 100% Owned Miner Lake Pr...
5/30/2016Final $150,000 Cash Payment Received From Sale Of Coldstream...
11/4/2015Alto Recovers 578 Gold Grains From Glacial Till Samples At M...
5/18/2015Priority Targets Identified From High-resolution Airborne Ma...
4/22/2015Priority Targets Identified From High-Resolution Airborne Ma...
4/1/2015Recovers Kimberlite Indicator Minerals on the West Fisher Cl...
4/1/2015Alto Ventures Recovers Kimberlite Indicator Minerals on the ...
2/26/2015Alto Ventures Ltd.: Priority Targets Identified From High-Re...
2/23/2015Alto Ventures Identifies Multiple Kimberlite Indicator Miner...
1/22/2015Alto Ventures Confirms Kimberlite Indicator Minerals on the ...
1/14/2015Alto Reviews 2014 Highlights and 2015 Exploration Plans
12/17/2014Alto Initiates Airborne Magnetometer Survey on Its Pikoo Are...
10/7/2014Alto Ventures Completes Till Sampling on Its Pikoo Area Diam...
9/9/2014Alto Ventures Commences Exploration on its Pikoo Area Diamon...
4/8/2014Alto Receives $750,000 in Virginia Mines Shares and Complete...
3/24/2014Alto Agrees to Sell its NSR Royalties on the Windfall and Al...
3/24/2014Alto Agrees to Sell Its NSR Royalties on the Windfall and Al...
3/19/2014Martin Doyle Adds Diamond Expertise To Alto's Board Of Direc...
3/19/2014Martin Doyle Adds Diamond Expertise to Alto's Board of Direc...
8/15/2013(Oxford Lake)Grab Samples 37.2 g/t Gold on Its 100% Owned Oxford Lake Pro...
4/11/2013Confirms Gold Potential for Over 1.6 km at Its 100% Owned Em...
9/19/2012Appoints New Director and Grants Stock Options
6/23/2011Summer Program Started at Miner Lake, Beardmore-Geraldton Go...
6/14/2011(East Coldstream)Drilling Intersects 5.18 g/t Gold at the East Coldstream Dep...
5/31/2011Announces Addition to Management Team
5/11/2011(East Coldstream)Drilling Indicates Continuity of Gold Mineralization, East C...
4/20/2011(East Coldstream)and Foundation Resources Drill 10 g/t Gold; Expand Main and ...
1/21/2009Provides Results from the Fall 2008 Exploration Programs
6/25/2008ALTO-WESCAN JOINT VENTURE
5/28/2008COMMENCES BUSY EXPLORATION SEASON ON BEARDMORE AREA GOLD PRO...
4/7/2008 e-invite to the Calgary Investment Conference
1/16/2008ACQUIRES MORE GROUND IN BEARDMORE-GERALDTON
12/11/2007 Samples 15.5 G/T Gold At Cote-801 Project, Beardmore-Gerald...
11/22/2007-Wescan Start Drilling Mud Lake Project, Beardmore-Geraldton...
10/17/2007Increases Financing To $2.65 Million
9/5/2007Acquires New Project In The Beardmore-Geralton Gold Belt
8/21/2007Wescan Joint Venture Approves $300,000 Fall Exploration Prog...
5/17/2007Retains Investor Relations Professional
3/20/2007Gold Intersected At Clarke Occurrence, Beardmore Area, Ontar...
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