Dallas, Texas (July 19 , 2011) – StockGuru shines its Spotlight on Alto Ventures Ltd. (“ATV”) (TSX VENTURE: ATV) and Pacific North West Capital Corp. (“PFN”) (TSX: PFN) (OTCBB: PAWEF) (FRANKFURT:P7J) upon the announcement of the commendement of the soil geochemistry servey that has commenced on the Destiny Gold Project located near Val d’Or, Quebec. On July 18, 2011 Pacific North West Capital Corp. closed at $0.318 trading on light volume of 7,000 shares.
- Exploration Program planned in two phases including:
- 2500 MMI™ Geochemistry Program
- 10,000 metre drill program to expand the known Resource in DAC Deposit
- Mobile Metal Ion (MMI™) soil geochemistry survey has started.
- MMI™ results could generate new drill targets at shallow depths along four kilometre strike of the favourable structure that hosts the DAC Deposit, with an Indicate Resource of approximately 364,000 ounces gold and an Inferred Resource of approximately 247,000 ounces of gold
- Diamond drilling is slated to commence on expanded targets in Winter 2011
Alto Ventures Ltd. (“ATV”) (TSX VENTURE:ATV) and Pacific North West Capital Corp. (“PFN”) (TSX:PFN)(OTCBB:PAWEF)(FRANKFURT:P7J) (together “the Companies”) are pleased to announce that a Mobile Metal Ion (MMI™) soil geochemistry survey has commenced on the Destiny Gold Project located near Val d’Or, Quebec. The MMI™ survey is the first phase of a two phase exploration program. The second phase will include 10,000 m of drilling to expand the known Resource in the DAC Deposit.
The DAC Deposit is one of several significant gold occurrences along a four kilometre segment of the Despinassy Shear Zone (“DSZ”). The deposit is covered by a 15 m thick blanket of overburden and the other gold occurrences along the DSZ are also covered by overburden. The Companies believe there is excellent potential to expand the gold resources on the property at shallow depths in the areas covered by overburden and the MMI method is ideally suited for this type of terrain. An orientation survey completed in 2010 to test the method on one of the gold zones (Darla Zone) successfully located gold mineralization below the overburden cover.
The principal objectives of the survey are to extend the known mineralization in the DAC deposit, test the mineralization continuity between DAC, DARLA and Zone 20/21 and to better define shallow targets for a planned diamond drilling program to be completed later this year (Figure 1). The diamond drilling program will be designed to expand the NI43-101 Resource Estimate filed for the DAC Deposit with SEDAR on March 7, 2011 and includes 10.8 million tonnes averaging 1.05 g/t gold (364,000 ounces) as an Indicated Resource plus 8.3 million tonnes averaging 0.92 g/t gold (247,000 ounces) as Inferred Resource at a cut-off grade of 0.5 g/t gold.
The MMI survey consists of approximately 2,500 soil samples of which almost 60% will be along a four kilometre segment of the DSZ on strike from the DAC Deposit. The remaining samples will be collected over other high priority target areas generated from previous work on the property. Sample collection work has been contracted to Geos Sciences Inc of Rouyn-Noranda, Quebec and is currently in progress. Geos Sciences has more than 10 years of experience in MMI sampling and mineral exploration, including soil sampling, geophysical surveys and prospecting.
Mobile Metal Ion (MMI™) Geochemistry is an advanced surface exploration technique for finding mineral deposits and is a cost effective surface exploration tool. This technology measures mobile metal ions in surface soils. These mobile metal ions are released from ore bodies and travel upward toward the surface.
Using sophisticated chemical processes and instrumentation, MMI™ is able to measure these ions, in surface soils, to determine accurately where buried mineralization is located. The MMI analyses will be performed by SGS Mineral Services. Results from the MMI analyses are expected in September.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/atv_Fig01.pdf.
About the DAC Deposit
The main area of mineralization on the Destiny Gold Property is the DAC Deposit which occurs over a strike length of about 600 m. In this area, five identifiable intervals of quartz veining and shear-related alteration zones carry significant gold mineralization for which a Mineral Resource Estimate Report (“the Report”) was prepared in 2011.
The Report was prepared for the DAC Deposit by Wardrop, a Tetra Tech Company (“Wardrop”) and filed with SEDAR on March 7, 2011. At a cut-off grade of 0.5 g/t gold and using the Inverse Distance Squared (ID2) estimation method, the five gold zones that make up the DAC Deposit contain an Indicated Resource of approximately 10.8 million tonnes with an average grade of 1.05 g/t gold (364,000 contained ounces). In addition, the Inferred Resource totals approximately 8.3 million tonnes with an average grade of 0.92 g/t gold (247,000 contained ounces). The resources block considers the mineralization to start at approximately 15 m below surface down to a depth of 400 m for the deepest zone. The mineralization remains open below 400 m.
The DAC Deposit remains open along strike and to depth and is one of several significant gold occurrences along a four kilometre segment of the Despinassy Shear Zone. The gold mineralization at the other occurrences also starts near surface, and with additional drilling these other occurrences may add significantly to the contained ounces on the property either as satellite zones to the DAC or as new deposits.
Results reported to date from the Destiny Project are very positive. Previous drilling programs have confirmed anomalous gold values along the DSZ and give rise to the possibility that additional shallow mineralization may be added to the currently defined resource through continued exploration. The Companies believe that there is excellent potential to significantly increase the contained ounces on the property.
A four million dollar program including drilling was recommended in the report by Wardrop. The recommended drilling is intended to target additional gold mineralization at shallow depths to increase the viability of an open pit mining scenario for the project.
The Report can be view on each of the Companies’ websites at www.altoventures.com and www.pfncapital.com.
Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability.
Mike Koziol, P. Geo., P.Eng. is the Qualified Person who has reviewed and approved the technical content in this news release.
About the Destiny Property
The Destiny Project is under option from Alto Ventures Ltd to Pacific North West Capital. Under the terms of the option agreement, PFN can earn a 60% interest in the property over a four year period by completing $3.5 million in exploration expenditures, paying $200,000 and providing a total of 250,000 PFN shares to Alto. The property consists of 177 claims totalling 7,421 ha and is located approximately 100 km by road north of the city of Val-d’Or. The property is accessible by provincial highway 397 which passes through the property.
Pacific North West Capital has fulfilled its obligations for the first two years of the option term as outlined in the agreement.
For more details regarding the Company’s projects, please visit our website at www.altoventures.com.
About Pacific North West Capital Corp.
Pacific North West Capital Corp. is a mineral exploration company focused on Platinum Group Metals (PGM), precious and base metals. Management’s 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 Capital’s current option/joint ventures agreements are with Anglo Platinum, First Nickel, and Alto Ventures. In addition, Pacific North West Capital is a major shareholder of Fire River Gold Corp. (www.firerivergold.com).
Pacific North West Capital Corp. is a member of the International Metals Group of Companies. www.internationalmetalsgroup.com.
About Alto Ventures Ltd.
Alto Ventures Ltd. is an exploration and development company with a portfolio of highly prospective Canadian gold properties. The Company is active in Quebec in the Abitibi greenstone belt where it has a number of projects including the Alcudia and Destiny gold properties. In Ontario, the Company is exploring in the Beardmore-Geraldton gold belt and the Coldstream project in the Shebandowan gold district. In the Chilcoten Plateau of British Columbia, the Company is exploring the Chilko project near the Newton gold deposit.
ON BEHALF OF THE BOARD,
Richard J. Mazur, P. Geo., CEO
Neither the 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.
To view the StockGuru Spotlight on OTCBB: PAWEF, please visit: http://www.stockguru.com/category/latest-spotlights/
To get free alerts on this and other similar stocks, please register here:
What is the StockGuru Spotlight?
Many companies covered in The StockGuru Spotlight have positive increases in both volume and share price. While this is not true in all cases, StockGuru strives to cover companies in The StockGuru Spotlight that are worth of our readers’ attention.
StockGuru looks for potential break-out candidates in The StockGuru Spotlight. Many of these companies have had recent news and appear to be getting the attention of investors. StockGuru does not typically feature companies in The StockGuru Spotlight that are compensating StockGuru for this coverage. There are times when StockGuru covers a stock in The StockGuru Spotlight that had previously compensated Stockguru. Where that is the case, a proper disclosure is included below. StockGuru and its partners, employees and writers never hold shares, short positions, warrants or any other current position in a stock featured in The StockGuru Spotlight.
To feature a company in The StockGuru Spotlight please contact the Publisher at email@example.com. If our reader is a key person for a publicly traded company, StockGuru can consider that company for either a StockGuru Spotlight or a StockGuru Profile. Please contact the StockGuru Publisher John Pentony at this email address: firstname.lastname@example.org.
Stockguru.com (“SG”) provides its members with the latest news, press releases, and trade alerts for all the companies highlighted on the site StockGuru.com. SG utilizes information believed to be reliable herein prepared all material. The information contained herein is not guaranteed by SG to be accurate, and should not be considered to be all-inclusive. The owner, publisher, editor and their associates are not responsible for errors and omissions. SG encourages readers and investors to supplement the information in these reports with independent research and other professional advice. All information on featured companies is provided by the companies profiled, or is available from public sources and SG makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies or the information contained herein. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. SG is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.Stockguru.com or mentioned herein.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and SG undertakes no obligation to update such statements. StockGuru is occasionally compensated for coverage. When this is the case, SG clearly indicates this with a disclosure of all compensation received in the past and present. Additionally SG also discloses any anticipated compensation in the future. Compensation is typically in cash. Sometimes a company pays SG in restricted shares. Pentony Enterprise and its associated companies does not take free trading shares for any reason at anytime. StockGuru is not a registered investment adviser or a broker-dealer. StockGuru makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person, or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
John Pentony, Publisher, Stockguru.com
Tel: +1 469 252 3031