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Alto Enters into Option Agreement on the Destiny Gold Property, Quebec
Vancouver, British Columbia--(Newsfile Corp. - May 15, 2018) - Alto Ventures Ltd. (TSXV: ATV) ...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Alto Enters into Option Agreement on the Destiny Gold Property, QuebecVancouver, British Columbia--(Newsfile Corp. - May 15, 2018) - Alto Ventures Ltd. (TSXV: ATV) is pleased to announce that it has executed an Earn-in Agreement (the \"Agreement\") with Hinterland Metals Inc. (TSXV: HMI) (\"Hinterland\"), whereby Hinterland may earn an interest in Alto's 101-claim (4,010-hectare) Destiny property (the \"Property\") located approximately 75 kilometres (\"km\") north of Val-d'Or in the Abitibi Region of Quebec. An all-season paved road provides direct access to the Property. Excellent mining infrastructure and support facilities are locally available.Richard Mazur, CEO commented, \"We are pleased that a Quebec-based exploration company recognizes the multi-million ounce gold potential of this well located and underexplored region of the Abitibi. With this transaction, Hinterland has an opportunity to advance our Destiny project through to production.\" The most important feature of the Property is the \"DAC\" deposit that is made up of higher grade gold-bearing quartz veins occurring within five parallel, altered shear zones that also carry gold at lower grades. In January 2011, a \"Resource Estimate\" report (1) calculated the gold content of the five parallel, altered shear zones in compliance with NI43-101 standards. The estimate used data from 68 of the total 167 holes drilled on the Property to date. At a cut-off grade of 1.0 grams per tonne gold (\"gpt Au\") from approximately 15 metres below surface to a depth of 400 metres, the DAC deposit was estimated to include:3,858,800 tonnes at an average grade of 1.71 gpt Au Indicated (212,310 contained ounces gold); and2,521,400 tonnes at an average grade of 1.53 gpt Au Inferred (124,390 contained ounces gold).Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. The Resource Estimate used a number of variable parameters including stripping ratio, operating costs, long term gold price, currency conversion, gold recovery etc. The Resource Estimate report is available for viewing on Alto's SEDAR profile.The DAC Deposit is one of several significant gold occurrences on the Property along the Despinassy Shear Zone: a gold bearing structure that has been traced by drilling and geophysics for 6.0 km of strike length on the Property. Some of t...