Phase 2 Drilling Commences on the Destiny Gold Project, Québec
ALTO VENTURES LTD.
Vancouver, B.C. V6C 2B3 Tel: 604.689.2599 Fax: 604.689.3609 www.altoventures.com [email protected]
NEWS RELEASE
Phase 2 Drilling Commences on the Destiny Gold Project, Québec
- 2000 metre Phase 2 diamond drilling program in progress
- DAC Deposit hosts high grade gold mineralization in quartz veins within multiple zones
of wide alteration
- NI 43‐101 compliant indicated resource of 166,863 tonnes grading 6.88 grams per tonne (g/t)
gold and an inferred resource of 444,753 tonnes grading 4.46 g/t gold
- Open along strike and at depth
January 27th, 2010 Vancouver, BC – Alto Ventures Ltd. (ATV: TSX‐V) and Pacific North West Capital Corp. (PFN) (TSX: PFN; OTCBB: PAWEF; Frankfurt: P7J) are pleased to announce that the Phase 2 diamond drilling program has commenced at the DAC Deposit on the Destiny Gold Project. The Phase 2 program will consist of approximately 2,000 m of diamond drilling to follow up positive results from the Phase 1 program that was completed in December 2009. Results from the last six holes of the Phase 1 program will be released as they become available.
Results from the first eight of 14 holes completed during the Phase 1 program returned high grade values up to 44.39 g/t gold (1.29 ounces/ton) over 0.5m. The high grade quartz veins occur within multiple zones of wide shear‐related alteration systems which carry gold values of interest including 21.0m averaging 1.39 g/t (see Alto’s and PFN’s news releases dated December 3, 2009 and January 15, 2010). The results from these first eight holes are very positive as they confirm continuity of gold mineralization between previously drilled holes, some of which were spaced from 100m to 200m apart. The mineralization remains open along strike and at depth.
The Phase 1 and Phase 2 programs are designed to expand the known NI43‐101 compliant resources at the DAC Deposit through infill and step‐out drilling. A Phase 3 program is slated for later this year and its size will depend on final results from Phase 1 and results from the current Phase 2 program. PFN has funded the $600,000 Phase 1 program and will continue to fund Phase 2. The Phase 1 and Phase 2 programs are managed by Alto.
The property is located approximately 75 km north of Val d’Or in the Abitibi‐Témiscamingue region of Quebec. The geological environment at Destiny including the shear‐hosted high grade quartz veins is similar to the main Val d’Or gold belt. Val d’Or is one of the major gold mining centres in the Province of Québec, and currently active with many new mine development projects. The property is road accessible with excellent mining infrastructure and support facilities nearby.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is the DAC zone, which occurs over a strike length of about 600 m. In this area, four to five identifiable intervals of quartz veining and shear‐related alteration zones carry high grade gold mineralization, with drill intersections up to 178.5 g/t gold over a drill
width of 1m. The DAC zone hosts a NI 43‐101 compliant indicated resource of 166,863 tonnes grading 6.88 g/t gold (36,892 ounces) and an inferred resource of 444,753 tonnes grading 4.46 g/t gold (63,839 ounces) calculated by W.A. Hubacheck Consultants Ltd. in 2007 (see “A Resource Estimate of the DAC Gold Deposit, Despinassy Twp., Val d’Or, Quebec” dated January 9, 2007, available on the Alto Ventures website). Drill‐hole cross sections and a 3D model were generated for the DAC Deposit in 2008 and are posted on www.corebox.net.
The Destiny Gold Property is under Option to Pacific North West Capital Corp. Under the terms of the Option Agreement, Pacific North West Capital will pay Alto $200,000, provide Alto with 250,000 common shares of Pacific North West Capital, and complete a total of $3,500,000 in exploration expenditures over a four year period to earn a 60% interest in the Destiny Gold Property. Subsequent to vesting of its interest, Pacific North West Capital will form a joint venture with Alto to further develop the project
Mike Koziol, P. Geo., P.Eng. and Alto’s President and CEO is the Qualified Person who has reviewed and approved this news release.
About Pacific North West Capital Corp:
Pacific North West Capital Corp. (TSX: PFN; OTCBB: PAWEF; FSE: P7J.F) is a mineral exploration company focused on Platinum Group Metals (PGM), precious and base metals. Managementʹs corporate philosophy is to be a Project Generator, Explorer and Project Operator with the objective of option/joint venturing projects with major and junior mining companies through to production. To that end, Pacific North West Capitalʹs current option/joint ventures agreements are with Anglo Platinum, First Nickel, Alto Ventures and is a major shareholder of Fire River Gold Corp. (www.firerivergold.com)
Pacific North West Capital Corp. is well funded with an experienced management team and the ability to take advantage of the tremendous under funded opportunities that are available in the mining sector today.
About Alto Ventures Ltd
Alto Ventures Ltd. is a gold exploration and development company with a portfolio of highly prospective properties in the Canadian Shield. The Company is currently active in Quebec where it is focussed on the Destiny Gold project in the Abitibi Greenstone Belt and in Ontario in the Beardmore and Shebandowan gold districts.
For more details regarding the Company’s projects, please visit our website at www.altoventures.com.
ON BEHALF OF THE BOARD,
Mike Koziol, P. Geo., P. Eng.
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Mark Prosser Investor Relations Manager ALTO VENTURES LTD.
Vancouver, BC, V6C 2B3 Tel: 604-638-3947 Fax: 604-689-3609 Email: [email protected] Website: www.altoventures.com