Alto Ventures News
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ALTO COMMENCES BUSY EXPLORATION SEASON ON BEARDMORE
AREA GOLD PROJECTS, ONTARIO
Vancouver, B.C., May 28, 2008. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce that summer exploration
programs have commenced on its Beardmore-Geraldton area projects. 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. The gold belt is experiencing a resurgence of
exploration since 2006 and Alto currently owns 100% interest in five projects
with two of these being explored jointly with partners. The initial
exploration will consist of surface work in preparation for diamond drilling
that will follow. The work will be carried out as described below:
Greenoaks
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. Past exploration on the property
resulted in discovery of four gold-quartz vein zones that extend for over 400
m along a northwest trending shear zone. Historical diamond drilling tested
the No 1 Zone to 30 m below surface intersecting significant gold including
35.3 grams per tonne ("g/t") gold across 3.2 m. In 1982, 1,171 tons
of vein material was mined and milled from the No 1 Zone returning an average
grade of 6.1 g/t gold and an additional 53 tons that was mined and milled
separately returned an average grade of 17.1 g/t gold. During the winter of
2007 Alto drilled 5 holes and intersected quartz veins containing visible
gold with assays that include 12.5 g/t across 0.4 m and 7.08 g/t across 0.8
m. Prospecting and mapping during the 2007 summer program have relocated
several of the previously reported quartz veins. The veins were initially
exposed in hand dug trenches in the 1940's and are now covered with fallen
trees and overburden. The 2007 prospecting has also discovered a new vein
that occurs at the base of a rock cliff but it is mostly covered by fallen
trees and overburden.
The current summer program will consist of
mechanical stripping, washing, sampling and mapping of the various veins in
preparation for diamond drilling. Prospecting will also be carried out on the
remainder of the property to discover new veins.
Cote-801
The Cote-801 property is located approximately 23 km
east of the Town of Beardmore near the junction of Provincial Highway 11 and
Tertiary Highway 801. Previous work has identified an east trending shear
zone that has returned anomalous gold values for more than 200 m along
strike. Gold assays from past work include 61.5 g/t gold in grab samples and
4.5 g/t gold across 0.3 m in saw cut channel samples. Surface work
by Alto in 2007 has traced the gold mineralized shear for more than 400 m
along strike returning gold values up to 15.5 g/t in grab samples. No
drilling has been reported along this shear on Alto's property.
The
current summer program will include high resolution magnetometer and XDS/VLF
EM airborne surveys, line cutting, prospecting, mechanical stripping,
washing, sampling and mapping of the areas trenched before the 2008 winter as
well as newly exposed bedrock in preparation for diamond drilling.
Mud Lake
The
company will be meeting with its Joint Venture partner Wescan Goldfields Inc
in mid June to finalize a program and budget for the summer and fall. Under
the terms of the Option Agreement between Wescan and Alto, Wescan has the
option to earn 50% interest in the Mud Lake property by spending $600,000 and
issuing 150,000 Wescan shares to Alto over two years. Wescan has fulfilled
its first year obligations and is entering into the final year of the Option
Agreement.
Previous
work by Alto has identified a six km segment of a northeast trending shear
zone (Mud Lake Shear "MLS") that is strongly altered and hosts
several surface gold occurrences along strike. The MLS strikes parallel to
the shear that hosts the Brookbank Gold Deposit currently being drilled by
Ontex Resources Ltd. Drilling by the JV partners in 2007 and the winter of
2008 tested six of the surface occurrences intersecting gold bearing quartz
veins at each site including 13.9 g/t gold across 1.0 m. Prospecting and
mechanical stripping have identified other areas along the MLS that require
additional work including more prospecting, mechanical stripping and diamond
drilling.
Once
approved by the Joint Venture, the work program will start in June.
Expansion Lake
The
Expansion Lake property lies immediately east of Mud Lake and south of
Kodiak's Hercules property. This property was acquired by Alto in late 2007
and little is known about its geology and structures. The summer program will
initially include high resolution magnetometer and XDS/VLF EM airborne
surveys to be followed by prospecting and mapping.
Cote-Archie Lake
The
Cote-Archie Lake property is located 6 km north from the Town of Beardmore
and is interpreted by Alto to lie on strike with the historic Leitch Mine
which had a reported production of 860,000 ounces of gold at 0.92 oz/ton
(31.5 g/t). The Company was informed by Kodiak Exploration Ltd, the operator
of the project, that a diamond drilling program is planned for this summer
and will include approximately 10 holes to test some of the targets generated
previously by Alto as well as new targets identified by Kodiak. Kodiak is
also planning trenching on the Angle Lake portion of the property. The
planned work could start as early as June. Under the terms of an 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. Kodiak will be funding this
program as per terms of the Option Agreement.
The
Company has laid out a busy summer schedule and is excited about the
potential targets that will be generated for the subsequent drilling
programs. The Company is also very encouraged by the high level of
exploration in the Beardmore-Geraldton Gold Belt. Currently, drill programs
are being carried out by Kodiak Exploration, Sage Gold, Ontex Resources,
Premier Gold Mines and Roxmark Mines.
For
more details regarding the Company's Beardmore area projects, please visit
our website at www.altoventure.com
Mike
Koziol, P. Geo., P.Eng. and Alto's President and CEO is the Qualified Person
who has reviewed and approved this news release.
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. With a pipeline of
quality projects, the Company's approach to maximizing opportunities while
minimizing exploration risk is to attract well financed partners with the
technical expertise to take projects on to feasibility and subsequently
production.
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 and CEO
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For
further information contact:
Mark
Prosser
Manager
Investor Relations
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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