Business
Final $150,000 Cash Payment Received From Sale of Coldstream Gold Project Interest; Review of Gold Project Activities
VANCOUVER, BC--(Marketwired - May 30, 2016) - Alto Ventures Ltd. (TSX VENTURE: ATV) is pleased to announce the receipt of $150,000 final cash payment from Canoe
About this update from Big Ridge Gold Corp
[{"type":"text","content":"VANCOUVER, BC--(Marketwired - May 30, 2016) - Alto Ventures Ltd. (TSX VENTURE: ATV) is pleased to announce the receipt of $150,000 final cash payment from Canoe Mining Ventures Corp. for the Debenture discharge securing the sale of its 40% interest in the Coldstream Project, located in northwestern Ontario. Upon discharge of the Debenture, Canoe has granted Alto Ventures net smelter returns (\"NSR\") royalties ranging from 0.5% to 1.5% on certain portions of the Coldstream Property (see Canoe Mining news release dated October 21, 2014). Rick Mazur, Alto Ventures CEO and Director commented, \"With the recently announced sale of the Coldstream Property by Canoe to Wesdome Gold Mines Ltd and potential development of the Moss Lake gold deposit, Alto Ventures shareholders stand to benefit from potential future production on the property through the NSR royalties granted to Alto Ventures.\" Alto is also pleased to provide an update on its key gold exploration activities in Quebec, Manitoba and Ontario. Destiny, QuebecThe Destiny Property is 100% owned by Alto Ventures and located in the Abitibi greenstone belt, approximately 100 road km north of Val d'Or. The property hosts one gold deposit (DAC Deposit) and several other significant gold zones that require further drilling. Resource estimates were prepared for the DAC Deposit in compliance with NI43-101* standards in January 2011 and include 10.8 million tonnes at an average grade of 1.05 g/t Au in the Indicated (364,000 ounces) plus 8.3 million tonnes averaging 0.92 /t Au in the Inferred (247,000 ounces) categories at a cut-off grade at 0.5 g/t Au (*NI43-101 Technical Report and Resource Estimation of the DAC Deposit, Destiny Property, Quebec; March, 2011 by Todd McCracken, P. Geo.). The DAC Deposit is open to depth and on strike to the east where it extends into the Gap and Darla Zones. Drilling in 2012 tested a one kilometer segment (Gap Zone) of the Despinassy Shear Zone immediately east of the DAC Deposit. The drill holes were spaced 100 m apart and each hole intersected gold mineralization but the density of drilling is still insufficient for completion of an NI43-101 resource estimate for the Gap Zone. Significant gold intersections include hole DES12-147 with high grade values up to 78.7 g/t gold over 1.0 m within a wider mineralized envelope averaging 11.3 g/t gold over 8.0 ...