🕐07.03.11 - 15:54 Uhr
Alto Ventures and Pacific North West Capital Expand Gold Potential and File NI43
-101 Resource Estimate Report
Alto Ventures and Pacific North West Capital Expand Gold Potential and
File NI43-101 Resource Estimate Report on SEDAR, Destiny Gold Project,
Quebec
Significant increases in contained ounces for the DAC Deposit, with
approximately 364,000 ounces gold indicated and approximately 247,000
ounces of gold inferred
* All holes from 2010 drilling campaign intersect anomalous gold
mineralization
* Four kilometres of strike potential identified by drilling
* Report recommends a $4M expansion drilling program
March 7, 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 the filing on Sedar
of an NI43-101 Technical Report (the Report), including a new Mineral
Resource Estimate for the DAC Gold Deposit, on the Destiny Project located
near Val d’Or, Quebec.
The Companies have also received final assay data for
the 3-hole exploratory drill program conducted in late 2010 and provide an
update on future plans to expand the mineral resource at the Destiny Gold
Project.
NI43-101 Mineral Resource Estimate Report
The Mineral Resource Estimate was initially reported in news releases from
the Companies on January 24, 2011.
The Report was prepared by Wardrop, a
Tetra Tech Company (Wardrop) and incorporates over 7,600 m of additional
drilling that was completed on the deposit subsequent to an earlier NI43-101
compliant resource estimate calculated by W.
A.
Hubacheck Consultants Ltd
and filed on SEDAR in 2007.
The Wardrop report indicates that the
additional drilling has expanded the DAC Deposit and significantly increased
the contained ounces of gold over that which was reported in 2007.
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 400m 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 from the Companies on
January 24, 2011.
Mineral Resources are not Mineral Reserves and by definition do not
demonstrate economic viability.
2010 Drilling Results
Results from the three-hole diamond drilling program completed on the
Destiny property in December were received.
Each of the three drill holes
(DES10-139, 140 and DES08-113X) had a specific objective with respect to
defining controls on the mineralization at the Destiny Gold Project.
These
are summarized as (1) to test selected Borehole Electromagnetic (BHEM)
conductors and assess the association of areas of sulphide mineralization
with gold mineralization, and (2) to test for shallow gold mineralization to
the south of the DAC deposit where the recently completed high resolution
magnetic survey identified magnetic signatures similar to DAC (see news
release dated December 16, 2010).
Previous drilling revealed massive sulphide mineralized lenses locally
adjacent to the gold mineralization (see NR dated April 12, 2010).
The
Companies interpreted these sulphide lenses as important to the gold
mineralizing system and completed BHEM surveys in certain drill holes to
trace the extent of the massive sulphide mineralization and to help guide
drilling at depth.
Drill hole DES10-139 tested an off-hole conductor near the west end of the
DAC Deposit.
The hole was also drilled deeper to fully intersect the five
DAC gold zones.
Three lenses of massive sulphides were intersected from 36
m to 374 m downhole.
The lenses vary in width from one metre to 3.2 m and
are made up of mainly pyrrhotite and pyrite and carry anomalous amounts of
base metals confirming that the BHEM method is effective at targeting the
massive sulphide mineralization.
The hole also intersected anomalous
amounts of gold at the western end of the DAC gold zones.
These results
confirm that the wide envelope of anomalous gold mineralization at the DAC
deposit persists DES10-140 tested the geology south of the DAC Deposit.
This hole cut
several areas of shearing, alteration and weakly anomalous gold
mineralization.
The hole returned one assay of 3.45 g/t across 0.3 m
indicating the prospectivity for more gold mineralization at
shallow depths across strike, making for a potentially thicker deposit.
At the Zone 20 target area, more than 3 km east of the DAC deposit, drill
hole DES08-113X was deepened from 200 m to 550 m to test an off-hole BHEM
conductor and test Zone 20 at greater depths.
The conductor is explained by
narrow veins of pyrrhotite and pyrite mineralization.
Anomalous gold
coincident with Zone 20 was intersected from 468.7 m to 488 m.
The results from this hole confirm that the gold system associated with
the Despinassy Shear is extensive along strike extending from the west of
the DAC Deposit for four kilometres to Zone 20.
The gold mineralization
also persists at depth both at the DAC Deposit to below 600m and Zone 20 to
below 400m.
Summary and Future Plans
The NI 43-101 resource estimate indicates that the gold zones start near
surface and are considered by the Companies to be amenable to an open pit
mining scenario.
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.
The
recent drill program has confirmed anomalous gold values across strike 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 exploration and expansion program was recommended in
the report by Wardrop.
Major exploration programs for later this year are in
the planning stages.
The programs will consist of surface geochemical
surveys over the Despinassy Shear, to help locate specific drill targets,
followed by diamond drilling.
The drilling is intended to target additional
shallow gold mineralization to increase the viability of an open pit mining
scenario for the project.
Qualified Persons
Todd McCracken, P.Geo, is a Qualified Person (QP) for purposes of NI
43-101 Report.
He is responsible for preparing the Report and the Resource
Estimate disclosed in the Report.
Mr McCracken is an employee of Wardrop,
and independent from the Companies as described in section 1.4 of NI
43-101.
He has read and approved the technical disclosure in this press
release pertaining to the Report.
Mike Koziol, P.
Geo., P.Eng.
is the Qualified Person who has reviewed and
approved the other technical content in this news release.
About the Destiny Property
The Destiny Project is under option with 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.
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, 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 Chilcotin Plateau of
British Columbia, the Company is exploring the Chilko project nearby the
Newton gold deposit.
For more details regarding the Companys projects,
please visit our website at www.altoventures.com.
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
Rick Mazur,
CEO & Director
ALTO VENTURES LTD.
910-475 Howe Street
Vancouver, BC, V6C 2B3
Tel: 604-689-2599
Fax: 604-689-3609
Email:
Website: www.altoventures.com
Alto Ventures Ltd.
910 - 475 Howe Street
Vancouver, BC V6C 2B3
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