Vancouver, British Columbia--(Newsfile Corp. - February 27, 2019) - Alto Ventures Ltd. (TSXV: ATV) is pleased to provide an update on its Destiny project in Quebec, Miner Lake project in Ontario and Oxford Lake project in Manitoba. The Company will feature a booth, number 2622A in the Investors Exchange at the 2019 PDAC Convention in Toronto on Sunday March 3 and Monday March 4, 2019 to provide additional information on these projects.
The Destiny project hosts the DAC Gold Deposit, one of several mineralized zones along a six kilometre segment of the Despinassy shear which splays from the regionally extensive Chicobi Fault in the Abitibi subprovince. The DAC Deposit has Indicated Mineral Resources of 10.8 million tonnes at an average grade of 1.05 g/t gold and Inferred Mineral Resources of approximately 8.3 million tonnes at an average grade of 0.92 g/t gold using a 0.5 g/t gold cut-off grade. The estimated contained ounces in the Indicated category are 364,000 plus 247,000 ounces in the Inferred classification*. The gold mineralization is open to depth and along strike.
Alto has completed compilation of all drill, geophysical and geochemical data available for the project to determine if there are targets on the Destiny property that when drilled could significantly increase the gold resources on the project. In addition to the Gap and Darla zones, the compilation work has identified three target areas for follow up drilling (see Figure 1).
- Target 1 is located 800 m west of the DAC Deposit and is interpreted to lie along the western extension of DAC mineralization. This area was drilled previously by two holes, one of which intersected several intervals of anomalous gold. From the compilation work and interpretation of geology, it is believed that these holes stopped short of the main DAC target horizon and further drilling is required.
- Target 2 comprises Zones 20 and 21, located three km east of the DAC Deposit. These were sparsely tested by drilling and mineralization in both zones remains open on strike to the east and west and to depth.
- Target 3 is located approximately 500 m south of the DAC Deposit and is interpreted to be along the folded extension of the DAC mineralization. Previous drilling was limited to only two holes 300 m apart, and each intersected intervals of anomalous gold values.
If financing becomes available, selected holes could be drilled on each of these targets during the summer of 2019.
Figure 1: Destiny Project - Location of target areas for drilling to increase the gold resources on the property
To view an enhanced version of Figure 1, please visit:
In addition to gold, the Destiny property has high potential for VMS type deposits as indicated by the presence of airborne VTEM anomalies and the large number of previous drill holes at the DAC Deposit that intersected significant copper, zinc and lead mineralization associated with an exhalite unit containing semi-massive and massive sulphides (see Alto news releases dated February 18, 2010, April 12, 2010). Grades up to 5.79% copper, 3.42% zinc, 1.21 g/t gold and 117.0 g/t silver were intersected over 0.7 m core length at the DAC Deposit.
Zones of semi-massive and massive sulphide bands and veins containing anomalous base metals were also intersected in a historical drill hole two kilometres northwest of the DAC Deposit. These sulphide intersections were detected by Alto's 2008 VTEM survey. There are numerous other airborne electromagnetic anomalies on the property that have not been drilled.
Miner Lake, Ontario
In October, 2018 the Company completed 1,010 m of diamond drilling in five holes. The program was designed to further test the main East-West mineralized corridor previously drilled by holes MIN11-06 and 07 as well as other targets on the property. This program continued to build on Alto's previous work which identified persistent anomalous gold mineralization in widespread breccia zones hosted by feldspar porphyritic diorite. Gold values greater than 100 ppb (0.1 g/t) were intersected in each of the five holes, including 0.48 g/t Au/15.0 m in MIN18-10; 4.48 g/t Au/1.5 m and 0.36 g/t Au/10.5 m in MIN18-11; 0.94 g/t Au/1.5 m in MIN18-12; and 0.23 g/t Au/23 m in MIN18-14. In 2011, drill hole MIN11-06 returned 0.6 g/t Au/39.2 m including higher grade intercept 4.24 g/t Au/1.5m; mineralization in this hole starts at 9.8 m depth.
Results from compilation of previous work indicate that mineralization occurs in two parallel structures approximately 500 m apart. Drill holes MIN18-10 to 13 as well as MIN11-06 and 07 were drilled in the "Main E-W Mineralized Corridor" and hole MIN18-14 tested the structure 500 m to the north. Both of these structures are open along strike and to depth.
Prospecting in 2018 located a third area of anomalous gold mineralization a further 500 m north of the northern structure. Several bedrock grab samples returned gold values greater than 100 ppb (0.1 g/t), including one sample that assayed 2.88 g/t Au. This area is still relatively poorly explored but may be indicative of a third mineralized structure occurring parallel to the other two.
Oxford Lake, Manitoba
In December 2018, Alto received a work permit to carry out exploration programs consisting of line cutting, ground geophysics and 3,000 m of diamond drilling. The work permit was issued with certain conditions including a requirement that a heritage resource impact assessment (HRIA) study satisfactory to the Historic Resource Branch of Manitoba Sport, Culture and Heritage be completed before work begins. Requests for quotations were sent out to several archaeological consultants to obtain costs estimates for the HRIA, which is anticipated to be carried out during summer 2019. Alto remains open to working with the Bunibonibee Cree Nation (BCN) to resolve the outstanding issues in order to advance the Oxford Lake Project and plans to engage with the BCN in the future.
Alto had planned a 2017-18 winter program of ground geophysics and approximately 3,000 m of diamond drilling. However, in December, 2017 the Company was advised of last minute challenges to obtaining a work permit for its 2017-18 winter program and decided not to proceed with the planned program during the 2017-18 winter season.
The Oxford Lake property is being explored for iron formation hosted gold mineralization. The Rusty Gold Deposit is hosted by iron formation and has a Historical Resource of 800,000 tonnes averaging 6 g/t gold and containing approximately 154,000 ounces of gold**. In 2012 the Company drilled hole RUS12-03 in the Blue Jay area, another iron-formation gold target approximately two kilometres on trend and to the east of the Rusty Deposit. RUS12-03 intersected two zones of high-grade gold mineralization: Zone One - 2.7 m averaging 6.7 g/t gold including 22.5 g/t gold over 0.5 m and Zone Two - 6.8 m averaging 5.7 g/t gold including 11.7 g/t gold over 1.6 m and 16.5 g/t gold over 1.0 m. Gold mineralization at both the Rusty Gold Deposit and the Blue Jay Zone is open along strike and to depth.
*The Resource Estimates were calculated consistent with guidelines set out in National Instrument 43-101 and filed on Sedar on March 7, 2011. Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability.
**The Historical 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.
Alto's President, Mike Koziol, P. Geo. is a qualified person under the provisions of National Instrument 43-101 and approves the technical data and conclusions in this news release.
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 active in the Abitibi greenstone belt in Quebec on the Destiny gold property and is exploring in the Beardmore-Geraldton gold belt in Ontario. 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.,
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.
For further information contact:
President and Director
ALTO VENTURES LTD.
Unit 7 - 1351C Kelly Lake Rd
Sudbury, ON., P3E 5P5
CEO and Director
ALTO VENTURES LTD.
Suite 615-800 W. Pender Street
Vancouver, BC, V6C 2V6
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43071