logo
  Join        Login             Stock Quote

Alto Confirms High-Grade Gold Trend Over 2 km at 100% Owned Oxford Lake Property, Manitoba

Tuesday, May 8, 2012 9:00 AM


Highlights - 22.5 g/t gold over 0.5 m, 16.5 g/t gold over 1.0m and 11.7 g/t gold over 1.6m intersected approximately 2 km east of the Rusty Zone - Drilling also confirms gold mineralization at the Rusty Zone, which hosts Historical Resources of 800,000 tonnes averaging 6 g/t gold, containing approximately 154,000 ounces of gold - Property is interpreted to lie along a major regional structural corridor that hosts the Monument Bay Gold Deposit operated by Mega Precious Metals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 8, 2012) - Alto Ventures Ltd. (TSX VENTURE:ATV) is pleased to announce the results from six diamond drill holes that were completed in 2012 on its 100% owned Oxford Lake property located in central Manitoba.

Drill hole RUS12-03 intersected two zones of high-grade gold mineralization:

  • Zone One - 2.7m averaging 6.7 g/t gold including 22.5 g/t gold over 0.5m.
  • Zone Two - 6.8m averaging 5.7 g/t gold including 11.7 g/t gold over 1.6m and 16.5 g/t gold over 1.0m.

Drill hole RUS12-03 was drilled 2.2 km east along strike from the Rusty Zone to test the historical Blue Jay Zone. This hole intersected better gold values than the historical drilling (up to 10 g/t over 2.0m) and encountered multiple zones of gold mineralization (Table 1). The mineralization is open at depth and potential for further deposits occurs along a 30 km trend of aeromagnetic "Highs" that are under-explored on Alto's 30,000 hectare property.

Drill holes RUS12-01 and -02 were drilled at shallow depths to confirm the ground location of the historical Rusty Gold Zone (Historical Resources of 800,000 tonnes averaging 6 g/t gold to a depth of 600 metres) and to obtain samples of the mineralization as cores from the 1980s drilling are not readily available. The two holes were spaced 200m apart on strike and each intersected the mineralized zones at their predicted locations (Table 1).

Results from drilling at Oxford Lake are most encouraging confirming gold mineralization for over 2 km along strike and the potential for high gold grades along this trend. The Rusty trend was traced by Alto's 2011 VTEM and aeromagnetic surveys for 30 km along strike but only a few holes were drilled in the past along this trend.

Table -1- Significant Gold Assays From the 2012 Drilling at Oxford Lake, Manitoba
Hole Number From (m) To (m) Width (m) Au (g/t)
**downhole
RUS12-01 108.5 114.0 5.5 1.22
includes 109.35 110.0 1.65 2.8
147.3 147.75 0.45 2.22
RUS12-02 119.2 120.7 1.5 0.97
133.0 134.0 1.0 1.02
144.2 149.2 5.0 0.45
RUS12-03 63.0 65.0 2.0 0.50
102.2 109.35 7.15 0.83
134.8 137.5 2.7 6.7
includes 136.5 137.0 0.5 22.5
198.65 205.45 6.8 5.7
includes 200.6 202.2 1.6 11.7
and 203.0 204.0 1.0 16.5
220.35 229.35 9.0 0.88
includes 227.5 228.5 1.0 3.7
OMA12-03 66.5 67.65 1.15 1.75
** The widths reported are down-hole lengths as there is insufficient drilling density to determine the true widths. Mineralized zones generally start at 0.1 g/t gold and assay averages may include minimal intervals of waste material. No top cuts of assays were used.

Drill Holes OMA12-01 to -03 tested airborne electromagnetic (VTEM) conductors associated with aeromagnetic "Highs" at the south end of the property. These conductors occur in a separate, east trending band that is located approximately three kilometres to the south of the Rusty Gold Zone. Each of the drill holes intersected iron formation and sulphides and drill hole OMA12-03 returned anomalous gold of 1.75 g/t gold over 1.15m. Results from the OMA holes indicate that this second trend also has potential to host significant gold mineralization.

In total, Alto drilled 1,029m in six holes in 2012 during a rather difficult warm winter drill season. Pre-drilling preparation work consisted of 100 line kilometres of line cutting followed by Max Min HLEM and ground magnetometer surveying that was completed in February, 2012.

To view "Figure 1", please click the following link: http://media3.marketwire.com/docs/AltFigone.pdf.

About the Rusty Gold Zone Deposit

The Rusty Gold Zone hosts a Historical Resource of 800,000 tonnes at an average grade of 6 g/t and contains approximately 154,000 of gold. The mineralization was drilled to a depth of 600 metres by Noranda and is open along strike and to depth. The resource was estimated in 1990 and a Qualified Person (QP), as defined by NI43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Alto is not treating the historical estimate as current mineral resources, as defined by NI43-101, and thus the historical estimate should not be relied upon. The Rusty Gold Zone is associated with a banded iron formation (BIF) and is one of several significant gold occurrences associated with a regional trend of aeromagnetic "High" anomalies. This aeromagnetic trend, which extends for 30 km in the northern half of Alto's Oxford Lake property, is interpreted to be the geophysical signature of the BIF that hosts gold mineralization.

About the Oxford Lake Project

The 30,000 ha Oxford Lake gold property is located in central Manitoba, approximately 150 km southeast of Thompson. Geologically, the property lies in the Oxford Lake-Knee Lake greenstone belt near the west end of the Superior Province of the Canadian Shield. The Western Superior has proven potential for hosting large gold deposits, including the Musselwhite Mine with past production and reserves of over 5.7 million ounces of gold hosted in a BIF. The Oxford Lake property lies along a major regional structural corridor that hosts the pre-development Monument Bay Gold Deposit near the eastern end of this corridor. The Monument Bay Deposit hosts reported resources of 1.04 million ounces of gold in the Indicated and Measured categories plus 1.72 million ounces in the Inferred category (see Mega Precious Metals Inc. website) and is located approximately 150 km east of the Oxford Lake project. This corridor is relatively under-explored and could be an early stage analogue to the large gold-producing Destor-Porcupine or Larder-Cadillac corridors in Ontario and Quebec.

Quality Assurance/Quality Control

Core processing included descriptive logging and selection of samples for analyses. The BTW-size cores were sawed in half and one half was delivered to a commercial laboratory. The samples were delivered to the SGS Mineral Services laboratory in Red Lake, Ontario where they were crushed and a 250 gram pulp was prepared. The pulp was then assayed for gold. The gold assaying method uses a standard Fire Assay with AAS finish technique on a 30 gram aliquot taken from the 250 gram pulp. Commercially prepared standards were inserted by Alto at predetermined intervals to ensure precision of the results. The laboratory performs routine repeat check assays on pulps of selected samples to ensure internal lab quality control.

The laboratory was instructed to prepare and analyze a second 250 gram pulp from the reject for those samples that indicated gold values of greater than 1 g/t on the initial analysis. The gold assaying method on the re-split uses a standard Fire Assay with Gravimetric finish technique on a 30 gram aliquot.

Qualified Person Statement

This news release has been reviewed and approved for technical content by Mike Koziol, P. Geo, a qualified person under the provisions of National Instrument 43-101.

About Alto Ventures Ltd.

Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold and base metals properties. The Company is active in Quebec in the Abitibi greenstone belt on the Destiny gold property and in Ontario, exploring in the Beardmore-Geraldton gold belt. In Manitoba, the Company is focused on the gold and base metals potential of the highly prospective but relatively under-explored Oxford Lake property.

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.

(Source: CCN )
(Source: Quotemedia)

Advertisement
Advertisement



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.