Alto Ventures and Next Gen Metals Commence 3,500 Metres Diamond Drilling Program on Destiny Gold Project, Val d'Or, Quebec
22 11월 2011 - 11:00PM
Marketwired
Alto Ventures Ltd. (TSX VENTURE:ATV) and Next Gen Metals Inc. (TSX
VENTURE:N) -
-- 3,500 metre diamond drill program in progress to test the strike
extension of the DAC Deposit.
-- The objective of the drilling program is to increase the contained
ounces on the Destiny Property at shallow depths.
-- Drilling will test the under-explored one kilometre section of the
Despinassy Shear between the DAC Deposit and the Darla Zone.
-- If drilling results are positive, potential for expanding the current
resources on the property can increase significantly.
-- The DAC Deposit contains an Indicated Resource of 364,000 ounces of gold
plus an Inferred Resource of 247,000 ounces of gold.
Alto Ventures Ltd. ("Alto") and Next Gen Metals Inc. ("Next
Gen") (together "the Companies") are pleased to announce the
commencement of diamond drilling on the Destiny Gold project,
located near Val-d'Or, Quebec.
The drilling program will focus mainly on testing the
under-explored area between the DAC Deposit and the Darla Zone. If
the results from this drilling are positive, then the gold
discovered in this area can significantly add to the total ounces
contained on the Destiny property. Currently, the DAC Deposit has
an Indicated Resource of 364,000 ounces of gold plus an Inferred
Resource of 247,000 ounces of gold. The deposit remains open along
strike and at depth.
The current drill program will consist of 3,500 m in eighteen
holes. The objective of the drilling program is to increase the
contained ounces on the Destiny Property at shallow depths. This
program will test the one kilometre gap in drilling between the DAC
Deposit and the Darla Zone at shallow depths to determine if the
gold mineralization continues between these two areas. If results
from these widely spaced holes are positive, an infill program will
be proposed to generate sufficient data to prepare an updated
NI43-101 compliant Resource Estimate Report incorporating results
from the Darla Zone as well as the area between the Darla Zone and
the DAC Deposit.
The DAC Deposit is one of several significant gold zones along a
four kilometre segment of the Despinassy Shear Zone. The Darla Zone
lies one kilometre east of the DAC Deposit and previous drilling
has intersected high grades including 19.5 g/t gold over 2.1 m and
20.6 g/t over 0.8 m within strongly altered rocks similar to those
hosting the gold zones at the DAC Deposit. The large area of almost
one kilometre between the DAC Deposit and the Darla Zone has been
tested by only two drill holes in the past. Both holes intersected
the Despinassy Shear Zone containing anomalous gold values (Figure
1). This is an indication that the gold system persisted between
these two areas and that there is excellent potential for discovery
of new gold zones between the DAC Deposit and the Darla Zone
(Figure 2).
To view Figure 1 and Figure 2 please click on:
http://media3.marketwire.com/docs/atv1122.pdf
About the Destiny Property
The property consists of 177 claims totalling 7,421 ha and is
located approximately 100 km by road north of the city of Val-d'Or.
The property is accessible by provincial highway 397 which passes
through the property.
The Destiny Project is under an Option Agreement between Alto
Ventures Ltd and Pacific North West Capital Corp (PFN). Under the
terms of the option agreement, PFN can earn a 60% interest in the
property over a four year period by completing $3.5 million in
exploration expenditures, paying $200,000 and providing a total of
250,000 PFN shares to Alto. On September 26, 2011, PFN assigned its
interest to Next Gen Metals Inc. Next Gen is responsible for all
remaining cash payments and exploration expenditures due to be paid
or incurred, as the case may be, under the Initial Option with
Alto, along with any costs and expenditures associated with any
resultant joint venture that arises between Next Gen and Alto. PFN
will continue to be responsible for issuances of common shares to
Alto under the Initial Option until the date of exercise of the
Initial Option and the transfer and registration of the Option
Interest from PFN to Next Gen in accordance with the terms of the
Letter Agreement between Next Gen and PFN.
PFN has fulfilled its obligations for the first two years of the
option term as outlined in the agreement.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is
the DAC Deposit which occurs over a strike length of about 600 m.
In this area, five identifiable intervals of quartz veining and
shear-related alteration zones carry significant gold
mineralization for which a Mineral Resource Estimate Report was
prepared in 2011.
The Mineral Resource Estimate Report was prepared for the DAC
Deposit by Wardrop, a Tetra Tech Company (Wardrop) and filed on
Sedar on March 7, 2011. Using a cut-off grade of 0.5 g/t gold and
the Inverse Distance Squared (ID2) estimation method, the five gold
zones that make up the DAC Deposit contain an Indicated Resource of
approximately 10.8 million tonnes with an average grade of 1.05 g/t
gold (364,000 contained ounces). In addition, the Inferred Resource
totals approximately 8.3 million tonnes with an average grade of
0.92 g/t gold (247,000 contained ounces). The resources block
considers the mineralization to start at approximately 15 m below
surface down to a depth of 400 m for the deepest zone. The
mineralization remains open below 400 m. For details regarding the
resource estimate methods and calculation parameters used in
preparation of the Report please see the news releases issued by
Alto and PFN on March 7, 2011.
The Report can be view on each of the Company's websites at
www.nextgenmetalsinc.com and www.altoventures.com.
Mineral Resources are not Mineral Reserves and by definition do
not demonstrate economic viability.
The DAC Deposit remains open along strike and to depth and is
one of several significant gold occurrences along a four kilometre
segment of the Despinassy Shear Zone. The Darla Zone, which lies
one km east of the DAC Zone, was discovered in 2006. At this
location, drilling intersected 19.5 g/t gold across 2.1 m and 20.6
g/t over 0.8 m. The occurrence of high grade gold mineralization in
the Darla, DAC and 20 and 21 zones clearly indicates that the
mineralizing system occurs across a significant portion of the
property. The gold mineralization at these occurrences starts near
surface, and with additional drilling these targets could add
significant contained ounces to the already defined resources at
the DAC Deposit.
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 Next Gen Metals Inc.
Next Gen is a mineral exploration company whose current focus is
on silver, gold and base metals projects in North America. The
Company has acquired a 60% option interest (TSX VENTURE:ATV) on the
Destiny Gold Project (Indicated Resource of 364,000 ounces plus an
Inferred Resource of 247,000 ounces of gold). In addition, Next Gen
is presently advancing the Silver Chalice Project, located in
Alaska, and the Fate Gold Project adjacent to the Destiny Gold
Project, both of which are located in the Abitibi Greenstone Belt
of Northwest Quebec, one of the most famous gold and base metals
regions in the world. Next Gen continues to aggressively negotiate
for additional advanced-stage silver, gold and base metal projects
on an international scale.
Next Gen http://www.nextgenmetalsinc.com is the newest company
to join the International Metals Group ("IMG")
(www.internationalmetalsgroup.com).
About Alto Ventures Ltd.
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,
Rick Mazur, P.Geo., CEO & Director
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.
Contacts: Alto Ventures Ltd. Mike Koziol President and Director
705-522-6372 705-522-8856 (FAX)koziol@altoventures.com Alto
Ventures Ltd. Matt Terriss Director, Corporate Affairs 604-638-3947
604-689-3609 (FAX)info@altoventures.comwww.altoventures.com
Alto Ventures (TSXV:ATV)
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