Alto Ventures receives work permit for Oxford Lake
FURTHER TO its news release dated Nov. 6, 2017, Alto Ventures Ltd. has received a work permit to carry out exploration programs consisting of line cutting, ground geophysics and 3,000 metres of diamond drilling on its Oxford Lake project in Manitoba. The work permit was issued with certain conditions, including a requirement that a heritage resource impact assessment (satisfactory to the Historic Resources Branch of Manitoba Sport, Culture and Heritage) be completed before work begins.
Given the conditions of the permit, and given that the planned work can best be carried out during the winter, Alto does not plan to undertake the work this winter season. However, the company will proceed with the heritage resource impact assessment and continue to engage the Bunibonibee Cree Nation (BCN) on opportunities associated with the project. Alto has, in the past, retained a number of BCN members and companies for a range of services, including line cutting, ground geophysics, ice road maintenance, camp personnel and fuel purchases from the community for the geophysical survey and drill program. A decision as to whether to proceed with a drill program will be made prior to the winter of 2020.
Mike Koziol, PGeo, Alto’s president, is a qualified person under the provisions of National Instrument 43-101. Mr. Koziol approves the technical data and conclusions in this news release.
About the Oxford Lake project
The Oxford Lake gold property targets banded iron formation-associated (BIF) gold deposits in central Manitoba, approximately 150 kilometres southeast of Thompson. The property includes the banded iron formation-hosted Rusty gold deposit, with historical resources of 800,000 tonnes averaging six grams per tonne gold (approximately 154,000 contained ounces of gold) as well as several other gold occurrences. The Blue Jay gold zone lies on trend and two kilometres east of the Rusty deposit; it too is associated with BIF. Drilling by Alto in 2012 on the Blue Jay zone intersected two zones of high-grade gold mineralization in hole RUS12-03: zone No. 1 returned 2.7 metres averaging 6.7 grams per tonne gold, including 22.5 grams per tonne gold over 0.5 metre; and zone No. 2 returned 6.8 metres averaging 5.7 grams per tonne gold, including 11.7 grams per tonne gold over 1.6 metres and 16.5 grams per tonne gold over one metre.
Both the Rusty deposit and Blue Jay zone lie along the Carrot River-Rusty-Blue Jay trend, a linear trend of magnetic highs that was traced by Alto’s 2011 airborne geophysical surveys for over 30 kilometres, but only a few holes were drilled along this trend, including historical hole CR92-2. CR92-2 was drilled 10 kilometres west of the Rusty deposit in the Carrot River area, intersecting 0.98 gram per tonne gold over 3.1 metres hosted by 10.3-metre-wide BIF units.
BIF deposits, such as the Musselwhite mine in Ontario, tend to be large and relatively high grade. Past production at the Musselwhite mine to the end of 2017 was 25.67 million tonnes at an average grade of 5.92 grams per tonne gold (4.88 million ounces of gold). Proven and probable reserves to June 30, 2017, were 8.8 million tonnes averaging 6.5 grams per tonne gold (1.85 million ounces) as well as over eight million tonnes in various re source est imate categories.
About Alto Ventures Ltd.
Alto Ventures is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The company is active in the Abitibi greenstone belt in Quebec on the Destiny gold property and is exploring in the Beardmore-Geraldton gold belt in Ontario.
David John Cowan, Marian A Koziol, Richard James Mazur, Michael Albert Steeves, Gary Frank Joseph Zak
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