Vancouver, B.C., February 3, 2016. Alto Ventures Ltd. (ATV: TSX-V) is pleased to announce an extension of time to complete the terms of the GEFA Option Agreement where it can earn a 60% interest in the GEFA claims immediately adjacent to the southeast of the North Arrow Minerals Inc. Pikoo diamond discovery (see Figure 1). Under the revised terms, Alto must make a cash payment of $35,000 and complete an aggregate of $750,000 in exploration work on the property by July 20, 2017. To date, the Company has completed approximately $500,000 in exploration work on the GEFA claims resulting in the identification of a number of diamond targets. In compensation for the extension, Alto Ventures will issue 1,000,000 common shares to the vendors. The share issuance is subject to TSX Venture Exchange approval and all securities are subject to a four month hold period.
The GEFA claims cover approximately 13,150 ha and are located contiguous to the Pikoo diamond property where to date North Arrow Minerals Inc. has discovered four diamondiferous kimberlites. Results from till sampling programs completed by Alto Ventures in 2014 identified multiple KIM dispersion trains containing Cr-pyrope garnets, Mg-ilmenites and chromites (see Figure 1). One of the KIM trains on the eastern half of GEFA features an eclogite garnet comparable to most eclogite inclusions in diamond (see Alto news release dated January 22, 2015). This dispersion train also includes a chromite similar to chromite inclusions in diamond, Cr-pyrope garnet, Mg-ilmenites (picroilmenites) and a second orange garnet comparable to Cr-poor megacrysts (a distinctive component of some kimberlites). Additional KIM grains were recovered in samples collected from the western half of the GEFA property. High resolution airborne magnetic surveys were flown over the Fisher and GEFA properties using 50 m flight line separation. The surveys have delineated numerous magnetic anomalies that are interpreted to be related to kimberlite intrusions (see Alto Ventures news release date February 26, 2015).
In addition, all terms of the Fisher and West Fisher property acquisitions have been completed for a 100% interest in seven mineral claims covering 4,666 ha of prospective diamond exploration ground in the Pikoo diamond district. Till sampling by Alto Ventures in 2014 recovered Cr-rich chromite kimberlite indicator mineral (KIM) grains including five chromite grains from four different samples that contain very high chromium, ranging from 62.08% to 66.33%, which is above the usual 62% threshold for diamond inclusions (see Alto Ventures news release dated April 1, 2015).
Alto's President, Mike Koziol, P. Geo. has reviewed field procedures, technical data, and conclusions described in this news release. He is a qualified person under the provisions of National Instrument 43-101 and approves of technical data and conclusions in this news release.
Figure 1 Alto's claims are outlined in red. North Arrow Minerals claims are outlined in orange. Alto has identified at least four kimberlite indicator mineral dispersion trains to date on its properties.
About Alto Ventures Ltd
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian diamond, gold and base metals properties. Alto's diamond land holdings total approximately 89,536 hectares in northern Saskatchewan near the recent discovery of diamonds on the Pikoo Project. 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