The Mud Lake property consists of 1,664 hectares located in the Geraldton - Beardmore gold camp. Historically, the camp has produced over 4.2 million ounces of gold from quartz vein style mineralization related to shear zones and pyritized iron formation deposits. The quartz vein deposits in the camp tended to be high grade (>0.3 oz/ton). The property covers over 6 km of the well defined, altered and mineralized, northeast trending Coyle Lake Fault and the parallel Clarke Shear.
A number of areas were mechanically stripped intermittently along the length of the fault by previous operators exposing shearing ranging in widths from 1 metre to more than 5 metres. Alteration of the sheared rock includes sericite, carbonate, silica, chlorite and pyrite. Quartz and quartz-carbonate veins occur as shear parallel and en-echelon ribbon veins generally extending the length of the stripped areas. Several of the veined shears are cut by stringers of pyrite and it is these areas that carry the best gold values. Past work on the property was limited mainly to prospecting, trenching, and ground magnetometer surveying. Diamond drilling of a few holes on the Oliver-Severn showing in 1989 and 1990 was completed by Noranda. The other showings have not been drilled.
Alto has the option to acquire a 100% interest in the Mud Lake property by making a cash payment of $10,000 and issuing 50,000 shares of Alto on signing of the agreement, a cash payment of $15,000 and issuing 50,000 shares of Alto upon the first anniversary date of the agreement and a cash payment of $15,000 and issuing 50,000 shares of Alto upon the second anniversary date of the agreement. The vendors will retain a 2.5% net smelter return royalty (NSR) and Alto has the right to buyback 1.5% of the NSR for $500,000. This transaction is subject to TSX Venture Exchange approval.
Alto is a gold exploration and development company with an exceptional portfolio of properties in the Canadian Shield. The Company is focused on exploration and acquisition of mineral properties in the Abitibi greenstone belt in Ontario and Quebec as well as properties in the western Superior Province of Ontario and Manitoba.
ON BEHALF OF THE BOARD:
Rick Mazur
President & CEO
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
For further information, contact:
Rick Mazur
President & CEO
Alto Ventures Ltd.
Suite 910-475 Howe Street
Vancouver, B.C. V6C 2B3
Phone: 604-681-2409
Fax: 604-689-3609
Email: info@altoventures.com
