Alto Ventures Ltd.

Alto Ventures Ltd.

March 22, 2011 10:58 ET

Alto Ventures Ltd.: New High-Grade Gold Intersected Approximately 1500 metres North of the East Coldstream Deposit, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) - Alto Ventures Ltd. (TSX VENTURE:ATV) -

Key Point Summary:

  • 8.39 g/t gold over 11.0 m within 26.0 metre-wide zone averaging 3.68 g/t gold in drill hole IL-11-02
  • 5.09 g/t gold over 2.0 m within 8.85 metre-wide zone averaging 1.76 g/t gold and 3.55 g/t gold over 1.50 m within 13.0 metre-wide zone averaging 1.24 g/t gold in drill hole IL-11-03
  • New high-grade gold results are from the "Iris Lake area" located approximately 1500 metres north of the East Coldstream Deposit (234,000 ounces gold: Non-NI 43-101 compliant historic resource)*

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 a new target area, the Iris Lake area, located approximately 1500 m north of the East Coldstream Deposit ("Deposit") on their Coldstream Property ("Property"), north western Ontario. More drill results from the Iris Lake area 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 committed to exploring new potential targets such as Iris Lake. The remaining 3,000 metres were utilized for further expansion of the East Coldstream Deposit which is currently subject to NI 43-101 compliant resource calculation by Wardrop, a Tetra Tech Company (News Release dated March 01, 2011). Alto owns 40% of the project and Foundation owns the remaining 60% and is the operator of this program.

Table of Significant Gold Assays

  From To Width Gold
Drill Hole (metres) (metres) (metres)** (grams/tonne)
IL-11-01 82.00 83.60 1.60 5.29
  including 83.00 83.60 0.60 13.55
IL-11-02 3.00 29.00 26.00 3.68
  Including 18.00 29.00 11.00 8.39
  including 20.00 20.95 0.95 17.5
  including 24.75 25.9 1.15 61.7
IL-11-03 102.00 110.85 8.85 1.76
  Including 102.00 104.00 2.00 5.09
  129.00 136.90 7.90 0.85
  Including 136.00 136.90 0.90 4.73
  151.00 164.00 13.00 1.24
  Including 161.00 162.50 1.50 3.55

**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. There is insufficient drill-hole density to estimate true widths.

The three holes completed in the Iris Lake area are located in the northeastern part of the Coldstream Property along the Iris Lake Deformation Zone ("ILDZ"). The ILDZ is approximately 0.5 km wide and 2.1 km long and is characterized by medium to strong schistosity and numerous sub-parallel shear structures that are of variable dimensions. There are five historical northeast striking IP Chargeability anomaly trends associated with the ILDZ. The purpose of these drill holes is to test the potential of the historical IP anomalies that are coincident with anomalous surface gold values (up to 15.8 g/t gold) obtained as a result of Foundation's 2009-2010 prospecting and litho-geochemical sampling program in this area.

Drill holes IL-11-01 to IL-11-03 tested two of the five IP anomalies. Each of the drill holes intersected anomalous gold with higher grade gold intercepts of variable core lengths. Hole IL-11-02 was collared into mineralized mafic metavolcanic rocks and intersected mineralization from 3.0 m to 29.0 m core length (26.0 metres). The mineralized intercept returned 8.39 g/t gold over 11.0 m within a 26.0 metre-wide zone averaging 3.68 g/t gold. Hole IL-11-03 was drilled to undercut IL-11-02 and was collared 74 metres as step back from hole IL-11-02. It intersected three strongly anomalous zones with multiple higher-grade gold intercepts of variable core lengths (e.g., 5.09 g/t gold over 2.0 m within 8.85 metre-wide zone averaging 1.76 g/t gold). Drill hole IL-11-01, which is located approximately 240 metres northeast along the same mineralization trend from hole IL-11-02, also intersected sections of anomalous gold mineralization (e.g., 5.9 g/t gold over 1.60 m including 13.55 g/t gold over 0.6 m).

The Iris Lake Area

The Iris Lake area is located 1500 metres north of the East Coldstream Deposit (historical resource of 5.1 million tonnes averaging 1.43 g/t gold or 234,000 ounces gold)* in the northeastern part of the Coldstream property. This area is underlain primarily by mafic metavolcanic rocks close to the contact with felsic metavolcanic rocks. Numerous dikes and sills of quartz-feldspar and feldspar porphyries have been emplaced within this mafic-felsic volcanic rock package. All these rock types have been variably altered (silica, hematite, chlorite, pyrite±chalcopyrite) and deformed by up to 500 m wide Iris Lake Deformation Zone (ILDZ) which is a northeast-striking structure with alteration similar to the structure that hosts the East Coldstream Deposit 1.5 km to the south of the Iris Lake area.

* A Qualified Person (QP), as defined in 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 in NI43-101, and thus the historical estimate should not be relied upon.

Quality Assurance/Quality Control (QA/QC)

Drill core processing included descriptive logging and selection of samples for geochemical analyses. The NQ-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, M.Sc., P.Geo. the President of Foundation is the Qualified Person for the Coldstream Project who has reviewed and approved the technical content of this news release.

About the Coldstream Project

The Coldstream Property includes 5,738 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. Mineralization at the East Coldstream Deposit is hosted in intensely sheared, silicified and iron-carbonate altered mafic to felsic metavolcanics and porphyries in a zone extending northeast over a 1.5 km strike length.

About Alto Ventures Ltd.

Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is active in Quebec in the Abitibi greenstone belt where it is working on a number of projects including the Destiny property. A Resource Estimate of 10.8 million tonnes averaging 1.05 g/t gold Indicated (364,000 ounces) and 8.3 million tonnes averaging 0.92 g/t gold Inferred (247,000 ounces) was filed on Sedar on March 7, 2011 for the DAC Deposit; the DAC Deposit is one of several gold occurrences on the Destiny property. In Ontario the Company is exploring in the Beardmore-Geraldton gold belt and the Shebandowan gold district. Recently, with the acquisition of the Chilko project in British Columbia, the Company has added large tonnage bulk-mineable porphyry style deposits to its exploration targets.

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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