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Alto Ventures News Release
NEWS
RELEASE
ALTO PROVIDES EXPLORATION UPDATE ON BEARDMORE AREA
PROJECTS, PLANS 3,000
METRES OF DIAMOND DRILLING
Vancouver, B.C., September 4, 2008. Alto Ventures Ltd. (ATV: TSX-V)
is pleased to provide a progress report for exploration activities on its
projects in the Beardmore-Geraldton Gold Belt. The Company has been
active on each of four projects it operates as well as on one project
operated by a joint venture partner. The prolific Beardmore-Geraldton
Gold Belt has produced over four million ounces of gold in the past at grades
that are comparable to the Red Lake mining camp in north western Ontario and is experiencing a resurgence
of exploration since 2006. The following is a summary of work completed
on each of the projects and results as they are currently available.
Greenoaks Property
The Greenoaks property is located 43 km northeast of the Town
of Beardmore
and approximately 5 km
west of the Golden Mile gold zone discovered by Kodiak Exploration Ltd.
Mechanical stripping and sampling programs were completed earlier this summer
returning significant results of up to 59.5 g/t gold (see Alto news release
dated July 24, 2008). The gold values were obtained from grab samples
collected at various locations along a north to northwest trending structure
consisting of micro-faults and fractures. This structure was injected
with semi-continuous quartz-sulphide veins, some up to 30 cm thick. The
structure has been sampled intermittently for more than 500 m along strike earlier
this summer and now the Company has completed channel sampling of the readily
accessible veins using a diamond saw. The assay results from this
sampling program are pending.
Three Towers Property (formerly Cote-801)
Mechanical stripping was completed and followed by
geological mapping and channel sampling at the Golden Link Trench, a 500 m long corridor of
anomalous gold mineralization and quartz veining. Once the assay
results from the current program are received, they will be combined with
previous results (up to 15.5 g/t gold -see Alto news release dated December
11, 2007) and incorporated into the geological model to select drill targets
for testing in October.
Mud Lake Property
The Mud
Lake property is
operated as a Joint Venture between Alto and Wescan Goldfields Inc
(WGF-TSX-V) and Alto is the operator. The property lies adjacent to the
Hercules Project operated by Kodiak Exploration Ltd and hosts the Mud Lake
Shear Zone (MLS), a major gold-bearing shear structure that extends for over
six kilometres along strike. In the past, several gold occurrences have
been exposed in surface trenches along the MLS and sampling of these returned
gold assays as high as 50
grams per tonne (g/t) in grab samples and up to 13.9
g/t gold/1.0 metre in drill cores. The Joint Venture partners approved
a $300,000 exploration program in June (see Alto news release dated June 25,
2008) and prospecting has already been completed. Mechanical stripping
and sampling are currently in progress. Targets generated from this
program will be combined with those identified from previous work and will be
drilled in October.
Under the terms of the Mud Lake Option Agreement,
Wescan can earn 50% interest in the property by funding $600,000 in
exploration and issuing a total of 150,000 Wescan shares to Alto over two
years. Upon completion of the planned work, Wescan will have satisfied
the expenditures commitments to earn its interest in the project.
Expansion Lake Property
Phase 1 prospecting was completed in July and assay
results are pending. A second phase of prospecting will be carried out
in September after results from Phase 1 are received.
Cote-Archie Lake Property
The Cote-Archie
Lake property is
operated as a Joint Venture between Alto and Kodiak Explorations Ltd and
Kodiak is the operator. Twelve diamond drill holes were completed and
significant amounts of gold were intersected in eight of the holes. The
table below provides a summary of significant gold values.
|
HOLE ID
|
FROM (M)
|
TO (M)
|
LENGTH (M)
|
GOLD G/T
|
|
CA08-01
|
41.88
|
42.8
|
0.92
|
1.48
|
|
|
44.53
|
45.15
|
0.62
|
1.24
|
|
|
45.37
|
45.8
|
0.43
|
1.35
|
|
|
94.9
|
95.2
|
0.3
|
3.0
|
|
CA08-02
|
52.1
|
52.5
|
0.4
|
1.19
|
|
|
115.4
|
115.6
|
0.2
|
1.63
|
|
CA08-04
|
84.6
|
84.8
|
0.2
|
2.06
|
|
|
86
|
86.5
|
0.5
|
1.01
|
|
CA08-05
|
57.5
|
58.6
|
1.1
|
1.29
|
|
|
59.15
|
59.5
|
0.35
|
1.32
|
|
|
77.85
|
78.85
|
1
|
1.11
|
|
|
100.7
|
101.4
|
0.7
|
1.54
|
|
CA08-06
|
37.1
|
37.4
|
0.3
|
1.75
|
|
|
42.4
|
42.8
|
0.4
|
1.23
|
|
|
46.7
|
47
|
0.3
|
1.17
|
|
|
84.2
|
84.5
|
0.3
|
3.48
|
|
CA08-07
|
94.2
|
94.8
|
0.6
|
2.05
|
|
CA08-11
|
59.25
|
59.45
|
0.2
|
1.17
|
|
CA08-12
|
146.8
|
147.4
|
0.6
|
1.15
|
Under the terms of a 2007 Option Agreement between
Kodiak and Alto, Kodiak has the option to earn 51% interest in the project by
spending $1,000,000 on exploration and paying Alto $100,000 in cash or Kodiak
shares over three years. This program was funded by Kodiak as per terms
of the Option Agreement and fulfills Kodiak's first year commitments.
Other Activities
Despinassy, Quebec
Drill-hole cross sections and a 3D model were
generated for the DAC Deposit and posted on http://www.corebox.net/, a website dedicated to providing easy-to-use, interactive analytical
tools that help investors visualize drill results. Alto has already
delineated NI43-101 compliant resources for the DAC Deposit of 167,000 tonnes
grading 6.88 g/t gold in the Indicated plus 445,000 tonnes grading 4.46 g/t
gold in the Inferred categories. The deposit is open to expansion at
depth and along strike to the west. Readers are invited to visit http://www.corebox.net/
or http://www.altoventures.com/
to learn specific details about the deposit or to get a general overview.
Geophysical data generated from the 2008 airborne
VTEM survey over the Despinassy property was interpreted and
compiled. The survey detected several strong electromagnetic
conductors including one that was drilled previously by hole DES00-53. This
hole intersected anomalous zinc ("Zn") and lead ("Pb")
values at several locations down-hole including two sections of stronger
mineralization containing 0.31% Zn and 0.66% Pb across 4.5 m in one and 0.3% Zn
and 0.11% Pb across 8.0 m
in the other. The hole was drilled to test an electromagnetic conductor
that has been detected with the current VTEM survey for 1.2 km along strike.
Only one other hole is reported to have been drilled on this conductor and it
too intersected anomalous zinc and lead values. The detection of
several strong electromagnetic conductors, some of which have Zn and Pb
associated with then, is encouraging as it opens the possibility of base
metals mineralization on the property in addition to the shear hosted gold
associated with the Despinassy Shear Zone.
Plans for September and October
The Company will complete the planned surface work
in September. A 3,000
m diamond drilling program is scheduled to start in
early October to test some of the high priority targets include those at the
Three Towers and Mud Lake projects.
Mike Koziol, P. Geo., P.Eng. and Alto's President
and CEO is the Qualified Person who has reviewed and approved this news
release.
QualityAssurance/ Quality Control
Rock samples from Alto operated projects were
collected by Company geologists and their locations confirmed in the
field. The samples were then delivered by Alto staff to Accurassay
Laboratories in Thunder Bay for analyses. 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 ran internal check
assays every 10 samples to ensure lab quality control.
For Cote-Archie Lake, drill cores were split down
the centre with a typical table feed circular rock saw. Sample
intervals were selected according to geologic contacts, visible mineralization,
and alteration, placed into sample bags and shipped to the assay lab where
they were quantitatively analysed for gold. Drill cores were boxed,
covered, and sealed at the drill rig and moved to the Kodiak logging and
sample preparation facilities by Kodiak personnel. The samples were
assayed at Activation Laboratories Limited, Ancaster, ON, L9G 4V5. Blank
and standard samples were routinely submitted with all sample batches sent to
the lab for assay. Screened metallic assays are routinely run on all anomalous
gold results as a check on nugget effects. Kodiak sends samples
routinely to other labs for additional checks.
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. Alto's Management and Board of Directors have a long and
successful track record of creating shareholder value through systematic
exploration, acquisitions and discovery. The Company is currently active in
Quebec where it is focussed on the Despinassy project in the Abitibi
Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold
districts.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser
Investor Relations Manager
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email: mark@altoventures.com
Website: http://www.altoventures.com/
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