🕐19.07.11 - 12:54 Uhr
ALTO VENTURES AND PACIFIC NORTH WEST CAPITAL COMMENCE FIRST PHASE OF EXPLORATION PROGRAM
NEWS RELEASE
Alto Ventures and Pacific North West Capital Commence First Phase of
Exploration Program on the Destiny Gold Project, Val d’Or, Quebec
* Exploration Program planned in two phases including:
* 2500 MMI Geochemistry Program
* 10,000 metre drill program to expand the known Resource in DAC Deposit
* Mobile Metal Ion (MMI) soil geochemistry survey has started.
* MMI results could generate new drill targets at shallow depths
along four kilometre strike of the favourable structure that hosts the
DAC Deposit, with an Indicate Resource of approximately 364,000 ounces
gold and an Inferred Resource of approximately 247,000 ounces of gold
* Diamond drilling is slated to commence on expanded targets in Winter
2011
July 19, 2011, Vancouver, BC Alto Ventures Ltd.
(ATV) TSX-V: ATV and
Pacific North West Capital Corp.
(PFN) TSX: PFN; OTCBB: PAWEF; Frankfurt:
P7J (together the Companies) are pleased to announce that a Mobile Metal
Ion (MMI) soil geochemistry survey has commenced on the Destiny Gold
Project located near Val d’Or, Quebec.
The MMI survey is the first phase
of a two phase exploration program.
The second phase will include 10,000 m
of drilling to expand the known Resource in the DAC Deposit.
The DAC Deposit is one of several significant gold occurrences along a four
kilometre segment of the Despinassy Shear Zone (DSZ).
The deposit is
covered by a 15 m thick blanket of overburden and the other gold occurrences
along the DSZ are also covered by overburden.
The Companies believe there
is excellent potential to expand the gold resources on the property at
shallow depths in the areas covered by overburden and the MMI method is
ideally suited for this type of terrain.
An orientation survey completed in
2010 to test the method on one of the gold zones (Darla Zone) successfully
located gold mineralization below the overburden cover.
The principal objectives of the survey are to extend the known
mineralization in the DAC deposit, test the mineralization continuity
between DAC, DARLA and Zone 20/21 and to better define shallow targets for a
planned diamond drilling program to be completed later this year ).
The diamond drilling program will be designed to expand the NI43-101
Resource Estimate filed for the DAC Deposit with SEDAR on March 7, 2011 and
includes 10.8 million tonnes averaging 1.05 g/t gold (364,000 ounces) as an
Indicated Resource plus 8.3 million tonnes averaging 0.92 g/t gold (247,00
ounces) as Inferred Resource at a cut-off grade of 0.5 g/t gold.
The MMI survey consists of approximately 2,500 soil samples of which almost
60% will be along a four kilometre segment of the DSZ on strike from the DAC
Deposit.
The remaining samples will be collected over other high priority
target areas generated from previous work on the property.
Sample
collection work has been contracted to Geos Sciences Inc of Rouyn-Noranda,
Quebec and is currently in progress.
Geos Sciences has more than 10 years
of experience in MMI sampling and mineral exploration, including soil
sampling, geophysical surveys and prospecting.
Mobile Metal Ion (MMI) Geochemistry is an advanced surface exploration
technique for finding mineral deposits and is a cost effective surface
exploration tool.
This technology measures mobile metal ions in surface
soils.
These mobile metal ions are released from ore bodies and travel
upward toward the surface.
Using sophisticated chemical processes and instrumentation, MMI is able to
measure these ions, in surface soils, to determine accurately where buried
mineralization is located.
The MMI analyses will be performed by SGS
Mineral Services.
Results from the MMI analyses are expected in September.
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 (the Report) was prepared in 2011.
The Report was prepared for the DAC Deposit by Wardrop, a Tetra Tech Company
(Wardrop) and filed with SEDAR on March 7, 2011.
At a cut-off grade of
0.5 g/t gold and using 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.
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 gold mineralization at the other occurrences
also starts near surface, and with additional drilling these other
occurrences may add significantly to the contained ounces on the property
either as satellite zones to the DAC or as new deposits.
Results reported to date from the Destiny Project are very positive.
Previous drilling programs have confirmed anomalous gold values along the
DSZ and give rise to the possibility that additional shallow mineralization
may be added to the currently defined resource through continued
exploration.
The Companies believe that there is excellent potential to
significantly increase the contained ounces on the property.
A four million dollar program including drilling was recommended in the
report by Wardrop.
The recommended drilling is intended to target additional
gold mineralization at shallow depths to increase the viability of an open
pit mining scenario for the project.
The Report can be view on each of the Companies’ websites at
www.altoventures.com and www.pfncapital.com.
Mineral Resources are not Mineral Reserves and by definition do not
demonstrate economic viability.
Qualified Persons
Mike Koziol, P.
Geo., P.Eng.
is the Qualified Person who has reviewed and
approved the technical content in this news release.
About the Destiny Property
The Destiny Project is under option from Alto Ventures Ltd to Pacific North
West Capital.
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.
The property consists of 177 claims totalling
7,421 ha and is located approximately 100 km by road north of the city of
Val-dOr.
The property is accessible by provincial highway 397 which passes
through the property.
Pacific North West Capital has fulfilled its obligations for the first two
years of the option term as outlined in the agreement.
For more details regarding the Companys projects, please visit our website
at www.altoventures.com.
About Pacific North West Capital Corp
Pacific North West Capital Corp.
is a mineral exploration company focused on
Platinum Group Metals (PGM), precious and base metals.
Managements
corporate philosophy is to be a project generator, explorer and project
operator with the objective of option/joint venturing projects with major
and junior mining companies through to production.
To that end, Pacific
North West Capitals current option/joint ventures agreements are with Anglo
Platinum, First Nickel, and Alto Ventures.
In addition, Pacific North West
Capital is a major shareholder of Fire River Gold Corp.
www.firerivergold.com
Pacific North West Capital Corp.
is a member of the International
Metals Group of Companies.
www.internationalmetalsgroup.com
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 Quebec in the Abitibi greenstone belt where it has a number of
projects including the Alcudia and Destiny gold properties.
In Ontario, the
Company is exploring in the Beardmore-Geraldton gold belt and the Coldstream
project in the Shebandowan gold district.
In the Chilcoten Plateau of
British Columbia, the Company is exploring the Chilko project near the
Newton gold deposit.
ON BEHALF OF THE BOARD,
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.
For further information contact:
Mike Koziol,
President and Director
ALTO VENTURES LTD.
Unit 8 - 1351D Kelly Lake Rd
Sudbury, ON., P3E 5P5
Tel: 705-522-6372
Fax: 705-522-8856
Email:
Website: www.altoventures.com
Matt Terriss,
Director of Corporate Affairs
ALTO VENTURES LTD.
910 - 475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-638-3947
Fax: 604-689-3609
Email:
Website: www.altoventures.com
Alto Ventures Ltd.
910 - 475 Howe Street
Vancouver, BC V6C 2B3
Canada
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