Drill results released on Oct. 5 from the Coldstream gold project in Ontario buoyed Vancouver-based junior Alto Ventures (ATV-V). Shares of the penny stock ended the day 20% higher at 6¢ on 2.4 million shares traded.
Three holes drilled into the Sanders zone of the deposit in the Burchell Lake area of Ontario, about 100 km west of Thunder Bay, intersected significant mineralization.
Hole 37 hit near-surface mineralization and returned 9.7 metres of 1.06 grams gold per tonne. Holes 38 and 39 tested the interpreted northeast-trending plunge line below hole 37 and both intersected significant gold. Hole 38 cut 27.35 metres averaging 1.06 grams gold including 11.95 metres of 1.82 grams gold and 2.20 metres of 9.23 grams gold. Hole 39 returned multiple higher-grade gold intercepts of 4.42 grams gold over 9 metres and 4.72 grams gold over 4.50 metres within a 35.7 metre-wide mineralized zone averaging 2.10 grams gold. Results from hole 39 verify that gold mineralization extends down-plunge and is open at depth.
The three holes are part of an 8,000-metre drill program designed to further test the deposit’s three zones (Main, East and North) for which historical resources have been estimated, and to test the Sanders zone to the north of the Main zone.
Sanders is about 500 metres northeast of the Main zone and was not included in the deposit’s historical resource of 5.1 million tonnes averaging 1.4 grams gold.
The main goal of the current drill program is to fill in the gaps between wide-spaced historic holes, expand the area of mineralization, and create enough data to prepare a National Instrument 43-101 compliant resource calculation.
Results reported from the first 13 holes of the program on July 21, Sept. 8, and Sept. 22, and those reported from the 2010 winter program, suggest that each of the gold zones contain sections of higher gold grades within wide envelopes of gold mineralization such as 3.07 grams gold per tonne over 13.9 metres within a 34.5-metre-wide interval averaging 1.93 grams gold and wide zones of lower grade including 111.3 metres of 1.12 grams gold with a higher-grade section of 8.68 grams gold over 6.3 metres. During the winter program, hole 22 in the Sanders zone returned a 27.5-metre-wide zone averaging 1.16 grams gold, including 10.05 grams gold over 2.1 metres.
Noranda Exploration discovered the deposit and punched 37 diamond drill holes into it between 1988 and 1991. Noranda prepared the historical resource estimate in 1991.
Be the first to comment on "Alto jumps on drill results at Coldstream"