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ALTO ACQUIRES GOLD PROPERTY NEAR COLDSTREAM PROJECT, ONTARIO
ALTO ACQUIRES GOLD PROPERTY NEAR COLDSTREAM PROJECT, ONTARIO
About this update from Big Ridge Gold Corp
[{"type":"text","content":"\nALTO ACQUIRES GOLD PROPERTY NEAR COLDSTREAM PROJECT, ONTARIO\n\n\n Jul. 23, 2009 (TheNewswire.ca) -- Vancouver, B.C., July 23, 2009. Alto Ventures Ltd. (TSXV:ATV) (ATV: TSX-V) is pleased to announce the acquisition of a new gold (OOTC:NEGWF) property near its Coldstream Gold project in north western Ontario. The property is located in the Shebandowan greenstone belt, approximately 100 km west of Thunder Bay, and lies adjacent to the Company's Coldstream Gold Project which will be explored later this summer with its Joint Venture partner Foundation Resources (TSXV:FDN) Ltd.Previous work on the newly acquired property resulted in discovery of several gold occurrences, including two drill holes with gold intercepts of 0.74 g/t gold across 11.3 m in one of the holes and two zones containing 1.27 g/t gold across 5.0 m and 1.28 g/t gold across 5.2 m in the other hole. These holes are spaced 400 m apart and mineralization occurs in altered and pyrite bearing mafic volcanic rocks which contain quartz and carbonate veins. The gold mineralized zones lie along an IP anomaly and no follow-up work is reported along this anomaly.Previous work on Alto's adjacent Coldstream property included mining of the North Coldstream deposit in the 1960's with reported production of 102 million pounds of copper, 22,000 ounces of gold and 440,000 ounces of silver as well as the discovery of the East Coldstream gold deposit with historical resources of 5.1 million tonnes averaging 1.4 g/t gold. Numerous other gold occurrences are reported on the Coldstream Property.The East Coldstream gold deposit was discovered by Noranda Exploration Ltd and was delineated by 37 diamond drill holes between 1988 and 1991. Noranda prepared the historical resource estimate in 1991 however a \"qualified person\" (as that term is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as current mineral resources (as defined in NI 43-101) and thus the historical estimate should not be replied upon.Under terms of the Option to Purchase Agreement, Alto has the option to acquire 100% interest in the 400 ha property by making staged cash payments totalling $50,000 and issuing 200,000 Alto shares over three years. The Vendor will retain a 2% Net Smelter Returns royalty a...