(ATV.V) Dec. 6, 2018 – Alto Ventures Ltd. has now 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 Resource 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. The company will however 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.
The Oxford Lake gold property targets anded iron formation (BIF) associated gold deposits in central Manitoba, approximately 150 kilometres southeast of Thompson. The property includes the BIF-hosted Rusty gold deposit, with historical resources of 800,000 tonnes averaging 6 g/t 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 and 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 One at 2.7 metres averaging 6.7 g/t Au including 22.5 g/t Au over 0.5 metres; and Zone Two at 6.8 metres averaging 5.7 g/t Au including 11.7 g/t Au over 1.6 metres and 16.5 g/t Au over 1 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 deeposit in the Carrot River area intersecting 0.98 g/t Au over 3.1 metres hosted by 10.3-metre-wid 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 g/t Au (4.88 million ounces of gold). Proven and probable reserves to June 30, 2017 were 8.8 million tonnes averaging 6.5 g/t Au (1.85 million ounces) as well as over 8 million tonnes in various resource estimate categories.
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. In Manitoba, the company is focused on the gold and base metals potential of the highly prospective but relatively underexplored Oxford Lake property.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.