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- Indicated
Resource contains approximately 364,000 ounces gold
-
- Inferred
Resource contains approximately 247,000 ounces of gold
-
- DAC
Deposit occurs at surface and is open in both strike and dip
-
- Awaiting
assay results from the Phase 3 drilling program
-
Alto Ventures
Ltd. ("ATV") and Pacific North West Capital Corp. ("PFN")
(together "the Companies") are pleased to
announce receipt of a draft of an NI 43-101 Technical Report ( the Report)
including a new Mineral Resource Estimate for the DAC Gold Deposit on the
Destiny Project located near Val d'Or, Quebec. The Report was prepared by Wardrop, a Tetra Tech Company (Wardrop)
and incorporates over 7,600 m of additional drilling that was completed on
the deposit subsequent to an earlier NI 43-101 compliant resource estimate
calculated by W. A. Hubacheck Consultants Ltd and
filed on SEDAR in 2007.
Indicated and
Inferred resources have been determined for the DAC Deposit. The deposit is
made up of narrow high grade gold-bearing quartz veins occurring within five
parallel alteration zones (to view Figures 1 and 2 please click on: http://media3.marketwire.com/docs/atv124.pdf).
These alteration zones carry gold at lower grades than the quartz veins but
are significantly wider. The Wardrop report
indicates that the additional drilling has expanded the DAC Deposit and
significantly increased the contained ounces of gold.
At a cut-off
grade of 0.5 g/t gold and using the Inverse Distance Squared (ID2) estimation
method, the five gold zones contain an Indicated Resource of about 10.8 million
tonnes with an average grade of 1.05 g/t gold
(364,000 contained ounces). In addition, the Inferred Resource totals 8.3
million tonnes with an average grade of 0.92 g/t
gold (247,000 contained ounces). Table 1 summarises
the Resource Estimate at the 0.5 g/t cut-off.
Table
1: DAC Resource Estimation Summary (using ID2 method)
Class
|
Zone
|
Capping
Grade (g/t)
|
Tonnes
Above Capped Grade
|
Average
Grade(g/t)
|
Average
True Width (m)
|
Au
Ounces
|
Indicated
|
1
|
7.53
|
1,395,600
|
0.84
|
16
|
37,760
|
|
2
|
19.63
|
2,942,700
|
1.19
|
30
|
112,644
|
|
3
|
6.66
|
1,370,700
|
0.99
|
12
|
43,675
|
|
4
|
10.80
|
3,542,600
|
1.06
|
21
|
121,221
|
|
5
|
14.00
|
1,573,900
|
0.97
|
15
|
49,231
|
|
Total
|
|
10,825,500
|
1.05
|
|
364,530
|
Inferred
|
1
|
7.53
|
971,900
|
0.70
|
16
|
21,724
|
|
2
|
19.63
|
1,841,100
|
1.06
|
30
|
62,487
|
|
3
|
6.66
|
725,500
|
0.93
|
12
|
21,759
|
|
4
|
10.80
|
3,085,300
|
0.89
|
21
|
88,767
|
|
5
|
14.00
|
1,706,600
|
0.96
|
15
|
52,854
|
|
Total
|
|
8,330,400
|
0.92
|
|
247,590
|
Table
2: Cut-off Sensitivities for the DAC Deposit Resource Estimate
Class
|
ID2
Cut-off (Au g/t)
|
Tonnes
|
Average Grade (Au g/t)
|
Contained
Ounces Au
|
Indicated
|
0.2
|
24,275,300
|
0.65
|
509,960
|
|
0.4
|
14,371,800
|
0.90
|
415,780
|
|
0.5
|
10,825,500
|
1.05
|
364,530
|
|
0.6
|
8,225,700
|
1.21
|
318,840
|
|
0.8
|
5,359,200
|
1.48
|
255,370
|
|
1.0
|
3,858,800
|
1.71
|
212,310
|
|
1.5
|
1,820,100
|
2.26
|
132,490
|
|
2.0
|
979,900
|
2.73
|
86,100
|
|
|
|
|
|
Inferred
|
0.2
|
22,541,600
|
0.55
|
401,190
|
|
0.4
|
12,132,100
|
0.78
|
302,500
|
|
0.5
|
8,330,400
|
0.92
|
247,590
|
|
0.6
|
5,797,600
|
1.09
|
203,210
|
|
0.8
|
3,534,600
|
1.35
|
153,420
|
|
1.0
|
2,521,400
|
1.53
|
124,390
|
|
1.5
|
1,133,600
|
1.93
|
70,360
|
|
2.0
|
385,600
|
2.29
|
28,400
|
A cut off grade
of 0.5 g/t gold was selected to tabulate the total resources based on the results
of similar gold projects located in Ontario and Quebec. In addition, the
following parameters were considered; 4:1 stripping ratio, operating costs of
$14.30/tonne at 10,000 tonnes
per day, long term gold price of $US973/troy ounce, $US to $Cdn conversion of 1.02 and gold recovery of 94%. The
resources block considers the mineralization to start at approximately 15 m
below surface down to a depth of 400m for the deepest zone (Zone 5).
Mineral
Resources are not Mineral Reserves and by definition do not demonstrate
economic viability.
Resource
Classification and Description Block Model
Several factors
were considered in the definition of a resource classification including:
National Instrument 43-101 requirements, Canadian Institute of Mining, Metallurgy
and Petroleum guidelines, the report author's experience with Archean and Proterozoic gold
deposits, and spatial continuity based on variography
of the assays within the drill holes.
Individual
block models were established in Datamine for all
five zones using one parent model as the origin. Drill hole spacing varies,
with the majority of the drilling tightly spaced at 25 m. A block size of 5 x
2 x 5 m was selected in order to accommodate the more closely spaced drilling
and the narrow nature of the mineralization. Sub-celling
of the block model was used to allow the parent block to be split once in
each direction to more accurately fill the volume of the wireframes, thus
more accurately estimate the tonnes in the
resource.
The
interpolations of the five zones were completed using the Inverse Distance
Squared (ID2) estimation method. The global block model statistics for the
ID2 model were compared to the Nearest Neighbour
(NM) model and the Ordinary Kriging (OK) model. In
general there is agreement between the three models and larger discrepancies
were reflected as a result of lower drill density in some portions of the
model.
A copy of the
final Report will be filed on SEDAR within 45 days of the date of this news
release.
Qualified
Person
Todd McCracken,
P.Geo.,
is a Qualified Person ("QP") for purposes of NI 43-101. He is
responsible for preparing the Report and the Resource Estimate disclosed in
the Report. Mr McCracken is an employee of Wardrop, and independent from the Companies as described
in section 1.4 of NI 43-101. He has read and approved the technical
disclosure in this press release.
About the
Destiny Property
The Destiny
Project is under option from Alto Ventures Ltd. 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.
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, Alto Ventures and 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 nearby the Newton gold deposit. 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., CEO
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.
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