Alto Ventures Ltd. has announced the assay results of four additional recently completed drill holes on the Coldstream property in Ontario.
HIGHLIGHTS
- 44.5 metre-wide zone averaging 1.26 g/t gold including 3.83 g/t gold over 7.4 m, 7.14 g/t gold over 2.95 m and 2.13 g/t gold over 8.5 m (Hole C-10-45)
- 30.1 metre-wide zone averaging 1.34 g/t gold including 10.01 g/t gold over 2.95 m (Hole C-10-42)
- 27.5 metre-wide zone averaging 1.15 g/t gold including 1.55 g/t gold over 17.7 m and 2.62 g/t gold over 3.3 m (Hole C-10-46)
The holes reported are part of an 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-10-42, C-10-45 and C-10-46 were drilled into the Main Zone and hole C-10-40 was drilled into 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 (C10-42, 45 and 46) drilled into the Main Zone intersected multiple gold intercepts of variable grades and core lengths. Hole C-10-45 is the deepest of the three holes and it confirms continuity of the extensive mineralization at vertical depths of approximately 225 m in the Main Zone. The large gold system remains open down the interpreted plunge. The Main Zone was intersected from 365.0 m to 409.5 m and it averages 1.26 g/t gold over 44.5 m core length including multiple higher gold grades including 3.83 g/t and 7.14 g/t over 7.40 m and 2.95 m respectively. A second significant intercept of gold mineralization in C-10-45 occurs from 241.0m - 252.7 m and is along the eastern edge of the North Zone. This section averages 1.44 g/t gold over 11.7 metres including 2.04 g/t gold over 5.05 metres.
Results from other holes testing the Main, North, East and Sanders zones were reported previously on July 21, September 8 and 22, and October 5, 2010. These four northeast striking zones comprise the East Coldstream gold deposit and have been traced by drilling for 1.5 km along strike. Gold is associated with disseminated pyrite and occurs within strongly sheared and hydrothermally altered (silica, albite, sericite, magnetite and hematite) mafic to intermediate metavolcanic rocks and quartz-feldspar porphyry intrusive rocks.
Additional results will be released as they are made 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 East Coldstream Deposit:
The Deposit, with historically reported resources of 5.1 million tonnes averaging 1.4 g/t gold was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a "qualified person" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon. Gold mineralization starts on surface and this resource estimate was based on relatively shallow drilling at three zones (the Main, North, and East zones). The historical resource does not include the gold mineralization at the Sanders Zone which was drilled by Lacana Mining Corp. (1989) and Alto Ventures Ltd. (2006). The Sanders Zone is located northeast of the Main Zone and south of the East Zone and was further tested by one hole (C-10-22) during the 2010 winter program. Hole C-10-22 intersected 27.46 m wide zone averaging 1.16 g/t gold, including 10.05 g/t gold over 2.1 m.
The Coldstream property lies adjacent to the Moss Lake gold deposit where recently reported NI 43-101 resource estimates include 1.1 million ounces in total indicated and 0.52 million ounces in the total inferred categories.
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.f
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.