Vancouver, BC – November 29, 2010: Altair Ventures Incorporated (“Altair” or “the Company”; TSX-V: AVX) and Consolidated Spire Ventures Ltd (“Spire”; TSX-V: CZS) are pleased to announce that diamond drilling has now commenced on the Prospect Valley epithermal gold property in southern BC.
Plans call for approximately 1,500 metres of drilling in 8-10 holes that will target the recently identified Northeast Extension Zone (NEZ). In the fall of 2010, prospecting northeast of the North and South Discovery Zones (SDZ) led to the identification of an outcropping with strong quartz veining, silicification, brecciation, carbonate alteration and finely disseminated pyrite. Rock chip sampling returned gold values ranging from 0.12g/t to 4.53g/t and very fine-grained visible gold was identified in panned concentrates from soils near the highest grade rock samples in the northern part of the zone.
With the identification of the Northeast Extension Zone, the total strike length of the Prospect Valley mineralized structure has been extended to approximately three kilometres. The NEZ outcropping itself was traced for 135 metres along strike and across a width of up to 32 metres. The full strike extension and width of the NEZ are obscured by overburden. The west margin of the outcropping coincides with a stream gully that is believed to occur along a fault structure.
The Northeast Extension Zone, situated at an elevation of approximately 1350 metres, is 300 metres vertically lower than the South Discovery Zone (SDZ) drilled earlier in the year. As such, it may represent a deeper part of this large mineralizing system. Past drilling on the SDZ appears to indicate that gold grades were increasing with depth or down-dip on the fault structure(s) that appears to control the mineralization. Higher gold grades are commonly associated with increased silicification and disseminated pyrite and this seems to be the case in the surface exposure of the Northeast Extension.
More recently, angular quartz breccia float was discovered sporadically over several hundred metres west and southwest of the NEZ suggesting the potential for aconsiderably more extensive epithermal system in this area. Correlation between the NEZ and an interpreted dip slope structure suggest the prospective structures could potentially continue for at least two kilometres beyond the Northeast Extension Zone. This area will be a high priority for future exploration programs.
A map showing proposed drill targets can be found on the Company website at www.altairventuresinc.com.
The Prospect Valley Gold Project is only 30km south of the world class Highland Valley Copper Mine, and sits within a complex tectonic zone with the potential to host a significant low grade, bulk mineable epithermal gold system. Altair has an option to earn up to a 90% interest in the 107.9 sq km Prospect Valley Property, situated within the Spences Bridge Gold Belt, approximately 3 hours driving time from Vancouver and one hour west of Merritt, BC.
Diamond drilling has been contracted to SCS Diamond Drilling of Kamloops, BC and will be under the supervision of Mr. Warner Gruenwald, P.Geo. who is the Qualified Person and VP Exploration for Altair Ventures Inc.
For further information please contact Justin Schroenn at 604 780 1371, fax at (604) 688-8309 or e-mail [email protected]
ON BEHALF OF THE BOARD
Fayyaz Alimohamed, 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.