Alto-Wescan Joint Venture Approves $300,000 Fall Exploration
Wednesday, August 22nd, 2007
Alto Ventures Ltd. is pleased to announce that a $300,000 surface exploration program and budget have been approved by Joint Venture partners Alto Ventures and Wescan Goldfields Inc. for the Mud Lake property in the
Beardmore- Geraldton Gold Belt. The program will include mechanical stripping and trenching which is scheduled to start in mid September followed by diamond drilling in October or early November when the contracted drill becomes available.
A major auriferous shear zone (Mud Lake Shear – MLS) that extends for over six kilometres along strike has been identified on the property.
Thirteen gold occurrences are exposed in surface trenches along the MLS and sampling of these has returned gold assays as high as 50 g/t in grab samples (see Alto’s news release from November 27, 2006). The planned mechanical stripping and washing program will concentrate on areas of mapped shearing in-between some of the previously identified surface occurrences along the MLS to determine if these segments of the shear zone contain mineralized quartz veins.
Previous drilling by Alto (see Alto’s news releases from March 5 and March 20, 2007) has intersected gold in each of three surface occurrences tested along the MLS, up to 13.9 g/t gold/1.0 m. The 2007 fall drill program will consist of 18 to 20 holes and will in part follow-up on gold mineralization intersected at two of the three occurrences drilled previously and test for the first time, another three occurrences along the MLS not yet drilled.
The current program is part of a longer term strategy to evaluate each of the surface occurrences with diamond drilling and start to delineate in detail those that display continuity of mineralization and grade and show potential for the concentration of economic mineralization.
Under the terms of the Mud Lake Option Agreement, Wescan can earn 50% in the property by funding $600,000 in exploration and issuing a total of 150,000 Wescan shares to Alto over two years. This program is funded by Wescan as per terms of the Option Agreement.