Alto Ventures Ltd. (TSX VENTURE:ATV) has announced the assay results of five more drill holes completed on the Coldstream property in Ontario.
HIGHLIGHTS
- 61.70 metre-wide zone averaging 0.97 g/t gold including 1.90 g/t gold over 23.75 m and 4.57 g/t gold over 6.05 m (Hole C-10-48)
- 23.55 metre-wide zone averaging 0.76 g/t gold including 2.80 g/t gold over 1.60 m and 3.73 g/t gold over 2.30 m (Hole C-10-47)
- 25.50 metre-wide zone averaging 0.50 g/t gold including 1.03 g/t gold over 7.70 m (Hole C-10-44)
The holes reported are part of a recently completed 8,000 m program which was designed to test the East Coldstream gold deposit. The work is being carried out by Foundation Resources Inc. (TSX VENTURE:FDN) which is the Project Operator and is funding this exploration program to earn an interest in the Coldstream Property.
All intervals are represented as down-hole core lengths. True widths are estimated at 70-75 percent of core length.
Holes C-10-44, C-10-47 and C-10-48 were drilled through the Main Zone and holes C-10-35 and C-10-41 were drilled through the East Zone. The principal purpose of these holes is to continue filling the gaps between well-mineralized historic holes to both confirm and expand the historic resource of the Deposit and to generate sufficient drill data required for the preparation of a new resource estimate that is compliant with NI 43-101 standards.
The three holes (C-10-44, 47 and 48) drilled into the Main Zone intersected multiple gold intercepts of variable grades and core lengths. Of these three holes, hole C-10-48 intersected the widest gold intercepts at a vertical depth of approximately 160 m. This hole provides the necessary spacing between two mineralized historic holes C-88-12 (1.79 g/t gold over 12.60 m) and CSM06-07 (0.74 g/t gold over 58.50 m) to confirm gold continuity within the Main Zone. Furthermore, the Main Zone intercept in hole C-10-48 is approximately 100 m east from hole C-10-47 and both of these holes pierce the upper portion of a large open and still untested area at depth. The hole C-10-48 intersected gold mineralization from 182.45 m to 244.15 m and averages 0.97 g/t gold over 61.70 m core length, including 1.90 g/t gold over 23.75 m, 1.33 g/t gold over 8.45 m and a higher grade intercept of 4.57 g/t gold over 6.05 m. These are encouraging results as the western portion of the Main Zone remains untested at depth.
The two holes (C-10-35 and C-10-41) in the East Zone intersected anomalous gold of lesser widths and gold grades.
Both the Main and East zones were also drilled during the 2010 winter drill program and results from drilling in these zones were previously reported on March 29, April 6, and 21, 2010. These two zones along with the North and Sanders zones together comprise the 1.5 km long, northeast-striking East Coldstream Deposit. All four zones were tested by the current program (20 holes) with results reported on July 21, September 8 and 22, and October 5 and 28, 2010. All holes drilled to date contain gold and most have intersected wide mineralized zones with multiple intersections of high-grade gold mineralization in variable core lengths. Gold is associated with disseminated pyrite and occurs within strongly sheared and hydrothermally altered (silica, albite, sericite, iron carbonate, magnetite and hematite) mafic to intermediate metavolcanic and intrusive quartz-feldspar porphyry rocks.
Additional results from the remaining drill holes completed will be released as they become available.
Quality Assurance and Quality Control
Drill core processing included descriptive logging and selection of samples for geochemical analyses. The NQ2-size core was cut in two halves using a stationary rock saw at the field camp in Kashabowie, Ontario. One-half of the core was delivered to the sample preparation lab of ALS Chemex Laboratory in Thunder Bay where they were crushed and a 1000-gram pulp was prepared. The pulp was then shipped to ALS Chemex Laboratory in North Vancouver, B.C. for analyses. The gold assaying method uses a standard Fire Assay with ICP-AES technique on a 30-gram pulp material taken from a 1000g split from the submitted sample. Any sample that exceeded upper detection limit of 10 ppm or grams was re-analyzed by the same Fire Assay method but with gravimetric finish. Commercially prepared standards and blanks were inserted by Foundation every 20 samples to insure precision of the results. ALS Chemex inserted its own standards, blanks and carried out duplicate analyses on sample pulps to ensure internal lab quality control. For regular Fire Assay technique with an ICP-AES finish, the lab inserted 1 blank at the beginning, 2 standards at random intervals, and 3 duplicates were analyzed at the end of the batch of every 84 samples. For the Fire Assay method with gravimetric finish, inserting 1 blank, 2 standards, and 1 duplicate followed the same procedure on a batch of every 20 samples.
Ike Osmani, P.Geo., is the Qualified Person for Foundation Resources Inc. who has supervised the program.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
The property is under an Option Agreement with Foundation Resources Inc. Foundation is the operator and is funding the current exploration program to earn an initial 60% interest. Foundation then has the option to earn an addition 10%.
Mike Koziol, P.Geo., P.Eng., and Alto's President and CEO, is the Qualified Person who has reviewed and approved this news release.
Source: Alto Ventures Ltd.