Friday 2nd December 2022 Font size:

Alto Ventures Ltd.

Friday, August 10th, 2007

Alto Ventures Ltd. is pleased to announce that it has entered into an agreement with Kodiak Exploration Ltd. to explore and develop Alto’s Cote-Archie Lake Property. The property is located six kilometres north of the Town of Beardmore, Ontario, near the west end of the Beardmore-Geraldton Gold Belt. Over 4.1 million ounces of gold are reported to have been produced from this gold belt in the past at an average grade of almost
0.4 ounces per ton (13.7 g/t).
Under the terms of the agreement, Kodiak can earn 51% interest in the Cote-Archie Lake property by undertaking staged expenditures totalling $1 million over three years and by making staged payments of $100,000 in cash or Kodiak shares to Alto over three years. Once a 51% interest has been earned, Kodiak will have the option to earn an additional 19% interest (for a total interest of 70%) by completing and delivering to Alto, a feasibility study for the development of a mine. Once Kodiak earns 70% interest, Alto will have the option to participate in a 70%-30% Joint Venture or convert its interest to a 2.5% Net Smelter Return royalty.
Initial exploration by Alto has identified at least two gold occurrences, including an east-northeast trending shear zone, up to 12 metres wide, believed by Alto to represent the on-strike projection of the structure that hosts gold mineralization at the Leitch mine, located approximately 5 kilometres to the west.
Kodiak has informed Alto that it plans an aggressive exploration program consisting of mapping, sampling, stripping and eventually drilling the most prospective targets identified by Alto. Kodiak will also conduct detailed reconnaissance on the property seeking to locate additional shear hosted mineralization.
The Beardmore Geraldton Gold Belt is experiencing a resurgence of gold exploration and Alto is pleased to have Kodiak participate in the exploration of the Cote-Archie Lake Property. In addition to the Cote-Archie Lake property, Alto has two other projects in the belt on which it is planning exploration programs for the third and fourth quarters of 2007.

< go back