Alto Ventures Ltd.

Alto Ventures Ltd.

April 20, 2011 07:00 ET

Alto Ventures and Foundation Resources Drill 10 g/t Gold; Expand Main and East Zones at the East Coldstream Deposit, Northwestern Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2011) - Alto Ventures Ltd. (TSX VENTURE:ATV) -

Key Point Summary:

  • The Main and East zones of the East Coldstream Deposit are expanded by 180 and 120 metres, respectively and these drill results will be included in the upcoming NI 43-101 resource estimate.
  • 10.0 g/t gold over 4.0 metres within 13.0 metre-wide zone averaging 3.49 g/t gold - Main Zone
  • 5.16 g/t gold over 2.0 m and 1.14 g/t gold over 10.0 within 56.0 metre-wide zone averaging 0.50 g/t gold - Main Zone
  • 4.7 g/t gold over 2.0 m and 2.03 g/t gold over 2.0 m within 44.0 metre-wide zone averaging 0.53 g/t gold - Main Zone
  • 1.29 g/t gold over 13.05 m and 1.12 g/t gold over 12.0 m within 42.55 metre-wide zone averaging 0.93 g/t gold - East Zone

Alto Ventures Ltd. ("Alto") and Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation"), or together, "the Companies", are pleased to announce the results of three holes from the Main and East zones of the East Coldstream Deposit ("Deposit") on their Coldstream Property ("Property") in northwestern Ontario. More drill results from the Deposit will be reported as they become available. Of the 6,000 meters winter drilling program recently completed on the Property, approximately 3,000 metres were drilled with the objective of expanding all four zones (Main, North, East and Sanders) comprising the Deposit. The Deposit is currently subject to a NI 43-101 compliant resource calculation by Wardrop, a Tetra Tech Company (News Release dated March 01, 2011). The remaining 3,000 metres were utilized in exploring other areas of the Property such as the Iris Lake target where the Companies have discovered new high-grade gold mineralization (e.g., 8.39 g/t gold over 11.0 m) in three holes (News Release – March 22, 2011). The Iris Lake high-grade gold area is located approximately 1500 metres north of the East Coldstream Deposit. Foundation is the operator of this program and owns a 60% interest in the Property and Alto owns the remaining 40%.

"The management and Board of both companies are very pleased to report continued drilling successes at the East Coldstream Deposit," comments Alto's President, Mike Koziol, P. Geo. Further, "These drill hole results have demonstrated greater strike lengths from the Main and East Zones of the East Coldstream Deposit which should add significant gold resources to the historic resource calculated by Noranda in 1990 (234,000 ounces gold: Non-NI 43-101 compliant historic resource*)."

Table of Significant Gold Assays

Drill Hole
(grams /tonne)
(Main Zone)64.00120.0056.000.50
(Main Zone)158.00202.0044.000.53
(East Zone)21.4564.0042.550.93
(Main Zone)226.00239.0013.003.45
**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.

All intervals are represented as down-hole core lengths with true widths estimated at 70 to 75 percent.

Of the three drill holes completed on the Deposit, two holes (C-11-58 and 60) expanded the Main Zone laterally by intersecting gold mineralization approximately 180 and 120 metres from the western limit of the previously defined Main Zone at their respective vertical depths of 100 and 160 metres. Drill hole C-11-68 expanded both the East and Main Zone laterally by intersecting mineralization approximately 120 metres from the western limit of the previously defined East Zone and 50 metres east of the Main Zone at their respective vertical depths of 15 and 180 metres. Drill hole C-11-68 intersected two significant gold intercepts, an upper and a lower. The upper 42.55 metre-wide intercept within the East Zone, averaged 0.93 g/t gold, including 1.29 g/t gold over 13.05 meters and 1.12 g/t gold over 12.0 metres. The lower intercept within the Main Zone has returned 10.0 g/t gold over 4.0 metres within 13.0 metre-wide zone averaging 3.49 g/t gold. Drill hole C-11-58 intersected 1.14 g/t gold over 10.0 metres within 56.0 metre-wide envelope, averaging 0.50 g/t gold. Drill hole C-11-60 returned 0.53 g/t gold over 44.0 metres including 4.70 g/t gold over 2.0 metres and 2.03 g/t gold over 2.0 metres.

Results from 23 holes are still pending and will be reported as they become available.

* A Qualified Person (QP), as defined in NI43-101, has not done sufficient work to classify this historical estimate as current mineral resources. Foundation is not treating the historical estimate as current mineral resources, as defined in NI43-101, and thus the historical estimate should not be relied upon.

Quality Assurance/Quality Control (QA/QC)

Foundation has implemented a quality control (QA/QC) program which includes the use of commercially produced standards and blanks. Samples of split NQ core are transported by Company personnel 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. For more details of QA/QC procedures, please refer to Foundations July 21, 2010 news release.

Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person for the Coldstream Project supervised the drill program and has reviewed and approved the technical content of this news release.

About the East Coldstream Deposit

The East Coldstream Deposit is hosted within mafic to intermediate metavolcanic rocks which have been intruded by dike/sill-like bodies of quartz-feldspar porphyries and gabbros. All these rock types have been variably altered (silica, hematite, carbonate, chlorite) and deformed by east- to east-northeast striking North Coldstream Shear/Deformation Zone. Gold is associated with 1 to 5 percent, fine-grained pyrite.

About the Coldstream Property

The 6234-hectare Coldstream Property is located 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.

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 developing advanced projects at its Destiny gold property in Quebec and its Coldstream gold property in Ontario. Furthereploration activities are planned on its Beardmore-Geraldton gold properties, the Oxford Lake gold project in Manitoba and the Chilko gold project in British Columbia. For more details regarding the Company's projects, please visit our website at


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.

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