Vancouver, B.C., October 6, 2009. Alto Ventures
Ltd. (ATV:
TSX-V) is pleased to announce that the 2009 summer exploration program has
been completed on the Coldstream gold project located 115 km west of the
City of Thunder Bay, Ontario. Foundation Resources Inc (FDN: TXS-V) is
earning an interest in the project and is the operator.
The program consisted of geological mapping,
trenching and rock sampling. The main objectives of the program were to
gain a better understanding of the geology, alteration, and structural
controls on mineralization to better define existing gold zones and
generate new high quality drill targets. Initial work focused on the Span
Lake, East Coldstream, and other
areas of historical gold occurrences including the Goldie
Lake zone.
Previous systematic work in the Span Lake area was
carried out by Inco in the late 1980's when 9 gold zones were identified
and limited drilling by Inco returned results including 3.01 g/t Au over
7.45 m and 3.67 g/t Au over 4.63 m. Current work at Span Lake focused on
confirming results from Inco's channel sampling and geological mapping was
completed to delineate controls on gold mineralization in the area. The Span
Lake area lies adjacent to the Moss
Lake gold deposit to the
southwest where the deposit is reported to contain National Instrument
43-101 compliant inferred resource of 1.5 million ounces of gold.
At the East Coldstream
area, work focused on understanding controls on mineralization and
generating drill targets to confirm and expand the historical resource. The
East Coldstream gold deposit, with
historical resources of 5.1 million tonnes averaging 1.4 g/t gold, was
discovered by Noranda Exploration Ltd and was delineated by 37 diamond
drill holes between 1988 and 1991. Noranda prepared the historical resource
estimate in 1991 however a "qualified person" (as that term is
defined in NI 43-101) has not done sufficient work to classify the
historical estimate as current mineral resources. The Company is not
treating the historical estimate as current mineral resources (as defined
in NI 43-101) and thus the historical estimate should not be replied upon.
Wide zones of gold mineralization were drilled by Alto in 2006 including 68
m averaging 1.21 g/t gold.
Trenching, geological mapping and channel sampling
work was completed at Goldie
Lake where historic gold
occurrences were reported to contain from 2.06 to 5.48 g/t gold. These gold
occurrences are coincident with IP Conductivity anomalies but have not been
drilled previously.
Results from this program will be released as they
become available.
About the Coldstream Project
The Coldstream Property includes 5,394 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.
The property is under an Option Agreement with
Foundation Resources Inc. Under the terms of the Agreement, Foundation can
acquire an initial 60% interest in the Property by issuing a total of
1,000,000 common shares of Foundation to Alto plus incur $3,000,000 in
expenditures on the Property over four years. Foundation can acquire a
further 10% interest by completing a feasibility study on the property.
Foundation is the project operator.
For more details regarding the Company's projects,
please visit our website at www.altoventures.com
Mike Koziol, P. Geo., P.Eng. and Alto's President
and CEO is the Qualified Person who has reviewed and approved this news
release.
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. Alto's Management and
Board of Directors have a long and successful track record of creating
shareholder value through systematic exploration, acquisitions and
discovery. The Company is currently active in Quebec
where it is focussed on the Destiny Gold project in the Abitibi Greenstone
Belt and in Ontario
in the Beardmore and Shebandowan gold districts.
ON BEHALF OF THE BOARD,