Alto Ventures Ltd.

Alto Ventures Ltd.

May 11, 2011 08:00 ET

Alto Ventures Ltd.: Drilling Indicates Continuity of Gold Mineralization, East Coldstream Deposit, North-Western Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2011) - Alto Ventures Ltd. (TSX VENTURE:ATV) -

Key Point Summary:

  • 23.0 metre-wide zone averaging 1.04 g/t gold within 47.0 metre-wide mineralized envelope grading at 0.72 g/t gold: Hole C-11-62 (North Zone)
  • 16.0 metre-wide zone averaging 1.06 g/t gold including 2.62 g/t gold over 4.0 m: Hole C-11-62 (Main Zone)
  • 23.0 metre-wide zone averaging 1.0 g/t gold including 2.66 g/t gold over 5.75 m: Hole C-11-64 (Main Zone)
  • 12.0 metre-wide zone averaging 1.14 g/t gold within 38.0 metre-wide mineralized envelope grading 0.54 g/t gold: Hole C-11-64 (North 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 more holes from the Main and North zones of the East Coldstream Deposit ("Deposit") on their Coldstream Property ("Property") in north western Ontario. More drill results from the Deposit will be reported as they become available. 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). Alto owns 40% of the project. Foundation is the operator of this program and owns a 60% interest.

Table of Significant Gold Assays

Drill Hole
(grams /tonne)
(Main Zone)25.0041.0016.001.06
(North Zone)87.00134.0047.000.72
(Main Zone)104.00110.306.301.52
(North Zone)216.00254.0038.000.54
(Main Zone)100.00106.006.000.74

**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.

Holes C-11-62 and 64 are infill holes to determine continuity of gold mineralization between the core of the Main Zone and drill holes C-11-58 and 60 (News Release April 20, 2011). Holes C-11-58 and 60 have 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. In addition to expanding the Main Zone, drill hole C-11-64 also extended the western limit of the previously defined North Zone's mineralized core by 65 metres at a vertical depth of 200 metres.

Drill holes C-11-62 and 64, each intersected an upper and a lower mineralized intercept, corresponding well with the interpreted Main and North zones, respectively. Hole C-11-62 intersected an upper 16.0 metre-wide intercept within the Main Zone, averaging 1.06 g/t gold, including 2.62 g/t gold over 4.0 meters. The lower intercept, corresponding to the North Zone, returned 1.04 g/t gold over 23.0 metres within a 47.0 metre-wide envelope averaging 0.72 g/t gold. Drill hole C-11-64 also intersected two gold intercepts, an upper and lower, corresponding to the Main and North zones. The upper intercept averages 1.0g/t gold over 23.0 metres including 2.66 g/t gold over 5.75 metres. The lower intercept, corresponding to the North Zone, returned 1.14 g/t gold over 12.0 metres within a 38.0 metre-wide envelope averaging 0.54 g/t gold. Drill hole C-11-69 returned 0.74 g/t gold over 6.0 metres.

About 2011 Winter Drilling

Of the 6,000 meters winter drilling program recently completed on the Property, approximately 3,000 metres were drilled with the objective of expanding the four zones (Main, North, East and Sanders) at the East Coldstream Deposit. The remaining 3,000 metres were utilized in exploring other areas of the Property such as the Iris Lake 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.

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. Further exploration 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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