- Exploration Program planned in two
phases including:
- 2500 MMI™ Geochemistry Program
- 10,000 metre drill program to expand the known Resource in
DAC Deposit
- Mobile Metal Ion (MMI™) soil geochemistry survey has
started.
- MMI™ results could generate new drill targets at shallow
depths along four kilometre strike of the favourable structure that
hosts the DAC Deposit, with an Indicate Resource of approximately
364,000 ounces gold and an Inferred Resource of approximately
247,000 ounces of gold
- Diamond drilling is slated to commence on expanded
targets in Winter 2011
Alto Ventures Ltd. ("ATV") (News
- Market
indicators) and Pacific North West Capital Corp. ("PFN")
(TSX:PFN)(OTCBB:PAWEF)(FRANKFURT:P7J) (together "the Companies")
are pleased to announce that a Mobile Metal Ion (MMI™) soil geochemistry
survey has commenced on the Destiny Gold Project located near Val d'Or,
Quebec. The MMI™ survey is the first phase of a two phase exploration
program. The second phase will include 10,000 m of drilling to expand
the known Resource in the DAC Deposit.
The DAC Deposit is one of several significant gold occurrences along a
four kilometre segment of the Despinassy Shear Zone ("DSZ"). The
deposit is covered by a 15 m thick blanket of overburden and the other
gold occurrences along the DSZ are also covered by overburden. The
Companies believe there is excellent potential to expand the gold
resources on the property at shallow depths in the areas covered by
overburden and the MMI method is ideally suited for this type of
terrain. An orientation survey completed in 2010 to test the method
on one of the gold zones (Darla Zone) successfully located gold
mineralization below the overburden cover.
The principal objectives of the survey are to extend the known
mineralization in the DAC deposit, test the mineralization continuity
between DAC, DARLA and Zone 20/21 and to better define shallow targets for
a planned diamond drilling program to be completed later this year (Figure
1). The diamond drilling program will be designed to expand the
NI43-101 Resource Estimate filed for the DAC Deposit with SEDAR on March
7, 2011 and includes 10.8 million tonnes averaging 1.05 g/t gold (364,000
ounces) as an Indicated Resource plus 8.3 million tonnes averaging 0.92
g/t gold (247,000 ounces) as Inferred Resource at a cut-off grade of 0.5
g/t gold.
The MMI survey consists of approximately 2,500 soil samples of which
almost 60% will be along a four kilometre segment of the DSZ on strike
from the DAC Deposit. The remaining samples will be collected over
other high priority target areas generated from previous work on the
property. Sample collection work has been contracted to Geos Sciences
Inc of Rouyn-Noranda, Quebec and is currently in progress. Geos
Sciences has more than 10 years of experience in MMI sampling and mineral
exploration, including soil sampling, geophysical surveys and
prospecting.
Mobile Metal Ion (MMI™) Geochemistry is an advanced surface exploration
technique for finding mineral deposits and is a cost effective surface
exploration tool. This technology measures mobile metal ions in surface
soils. These mobile metal ions are released from ore bodies and travel
upward toward the surface.
Using sophisticated chemical processes and instrumentation, MMI™ is
able to measure these ions, in surface soils, to determine accurately
where buried mineralization is located. The MMI analyses will be
performed by SGS Mineral Services. Results from the MMI analyses are
expected in September.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/atv_Fig01.pdf.
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 ("the Report") was prepared in 2011.
The Report was prepared for the DAC Deposit by Wardrop, a Tetra Tech
Company ("Wardrop") and filed with SEDAR on March 7, 2011. At a
cut-off grade of 0.5 g/t gold and using 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.
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 gold mineralization at the other
occurrences also starts near surface, and with additional drilling these
other occurrences may add significantly to the contained ounces on the
property either as satellite zones to the DAC or as new deposits.
Results reported to date from the Destiny Project are very
positive. Previous drilling programs have confirmed anomalous gold
values along the DSZ and give rise to the possibility that additional
shallow mineralization may be added to the currently defined resource
through continued exploration. The Companies believe that there is
excellent potential to significantly increase the contained ounces on the
property.
A four million dollar program including drilling was recommended in the
report by Wardrop. The recommended drilling is intended to target
additional gold mineralization at shallow depths to increase the viability
of an open pit mining scenario for the project.
The Report can be view on each of the Companies' websites at www.altoventures.com and www.pfncapital.com.
Mineral Resources are not Mineral Reserves and by definition do not
demonstrate economic viability.
Qualified Persons
Mike Koziol, P. Geo., P.Eng. is the Qualified Person who has reviewed
and approved the technical content in this news release.
About the Destiny Property
The Destiny Project is under option from Alto Ventures Ltd to Pacific
North West Capital. 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.
For more details regarding the Company's projects, please visit our
website at www.altoventures.com.
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, and Alto Ventures. In addition,
Pacific North West Capital 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
near the Newton gold deposit.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo., CEO
