Key Point Summary:
- 27.75 metre-wide zone averaging 0.75 g/t gold including 2.58 g/t gold over 3.30 metres: Hole C-11-56
- 12.10 metre-wide zone averaging 1.20 g/t gold including 3.45 g/t gold over 3.00 metres: Hole C-11-59
- 9.25 metre-wide zone averaging 1.78 g/t gold including 5.18 g/t gold over 1.80 metres: Hole C-11-63
Vancouver B.C. June 14, 2011: Alto Ventures Ltd. (ATV: TSX-V) ("Alto") and Foundation Resources Inc. (FDN: TSX-V) ("Foundation") or together "the Companies" are pleased to announce the results of the last four holes from the Sanders and East zones of the East Coldstream Deposit ("Deposit") and 12 exploration holes from other areas of the Coldstream Property ("Property") in north western Ontario. The Deposit is currently subject to an NI 43-101 compliant resource calculation by Wardrop, a Tetra Tech Company (News Release dated March 01, 2011). Alto owns 40% of the project. Foundation is the operator of this program and owns a 60% interest.
Table 1: Significant Gold Assays - East Coldstream Deposit
| Drill Hole | Zone | From (metres) |
To (metres) |
Gold** (grams/tonne) |
Width** (metres) |
|---|---|---|---|---|---|
| C-11-56 | Sanders | 145.25 | 173.00 | 0.75 | 27.75 |
| including | 145.25 | 149.50 | 1.93 | 4.25 | |
| including | 165.70 | 169.00 | 2.58 | 3.30 | |
| C-11-57 | Sanders | 7.60 | 10.00 | 1.82 | 2.40 |
| 150.00 | 160.50 | 0.22 | 10.50 | ||
| C-11-59 | Sanders | 81.80 | 93.90 | 1.20 | 12.10 |
| including | 81.80 | 84.80 | 3.45 | 3.00 | |
| C-11-63 | Sanders | 21.00 | 52.00 | 0.39 | 31.00 |
| East | 208.00 | 217.25 | 1.78 | 9.25 | |
| including | 213.80 | 215.60 | 5.18 | 1.80 |
**Mineralized zones generally start at 0.1 g/t gold and assay averages may include minimal intervals of waste material.
No top cuts of assays were used.
All intervals are represented as down-hole core lengths with true widths estimated at 70 to 75 percent.
Of the four holes drilled at the Deposit, three (C-11-56, 57 and 59) were drilled into the Sanders Zone, whereas drill hole C-11-63 was deliberately drilled from the Sanders into the East Zone. Drill hole C-11-56 targeted the mineralization approximately 50 metres down plunge from drill hole C-10-39, confirming the depth of gold mineralization to over 100 metres of vertical depth. Drill holes C-11-57, 59 and 63 tested the western edge of the Sanders Zone at respective vertical depths of 130, 80, and 50 metres. All four holes intersected gold mineralization of variable lengths and grades as shown above in Table 1. Drill hole C-11-56 intersected the widest mineralization intercept of the four holes. It intersected a 27.75-metre wide mineralized zone averaging 0.75 g/t gold, including 1.93 g/t and 2.58 g/t gold over 4.25 m and 3.30 m, respectively.
Results of Exploration Holes
Of the 6,040 metres of drilling completed during the 2011 winter program, 15 holes totalling approximately 2,970 metres were drilled to test targets other than the East Coldstream Deposit. This drilling successfully discovered new high grade gold mineralization in the Iris Lake area, including 8.39 g/t gold over 11.0m (see News Release dated March 22, 2011). The Iris Lake discovery is a new gold zone located approximately 1500 metres to the north of the Deposit and will be the focus of future drilling.
Exploration drilling to the south and southeast of the Deposit has also produced several significant gold targets for follow-up exploration. Results from the remaining exploration holes from the Iris Lake and other areas are listed below in Table 2.
Table 2: Significant Gold Assays - Exploration Holes
| Drill Hole | Exploration Area/target |
From (metres) |
To (metres) |
Gold (grams/ton) |
Width (metres) |
|---|---|---|---|---|---|
| IL-11-08 | Iris Lake | 48.60 | 52.00 | 0.52 | 5.20 |
| C-11-50 | South/Southeast | 130.85 | 133.00 | 1.26 | 2.15 |
| C-11-51 | South/Southeast | 137.66 | 143.00 | 0.19 | 5.34 |
| C-11-52 | South/Southeast | 270.00 | 281.15 | 0.31 | 11.15 |
*Holes IL-11-04, 05, 06, 07 and 09 are from the Iris Lake area and C-11-53, 54 and 55 are from the south and South-east of the Deposit which have yielded no significant gold values
Quality Assurance/Quality Control (QA/QC)
Foundation has implemented a quality control (QA/QC) program which includes the use of commercially produced standards and blanks. Samples of split NQ core are transported by Company personnel to the sample preparation lab of ALS Chemex Laboratory in Thunder Bay where they were crushed and a 1000-gram pulp was prepared. The pulp was then shipped to ALS Chemex Laboratory in North Vancouver, B.C. for analyses. The gold assaying method uses a standard Fire Assay with ICP-AES technique on a 30-gram pulp material taken from a 1000g split from the submitted sample. For more details of QA/QC procedures, please refer to Foundations July 21, 2010 news release.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person for the Coldstream Project supervised the drill program and has reviewed and approved the technical content of this news release.
About the East Coldstream Deposit
The East Coldstream Deposit is hosted within mafic to intermediate metavolcanic rocks which have been intruded by dike/sill-like bodies of quartz-feldspar porphyries and gabbros. All these rock types have been variably altered (silica, hematite, carbonate, chlorite) and deformed by east- to east-northeast striking North Coldstream Shear/Deformation Zone. Gold is associated with 1 to 5 percent, fine-grained pyrite.
About the Coldstream Property
The 6234-hectare Coldstream Property is located 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.
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 developing advanced projects at its Destiny gold property in Quebec and its Coldstream gold property in Ontario. Further exploration activities are planned on its Beardmore-Geraldton gold properties, the Oxford Lake gold project in Manitoba and the Chilko gold project in British Columbia. 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.,
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: koziol@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: info@altoventures.com
