Altair Ventures Incorporated (“Altair” or “the Company”; TSX-V: AVX) and Consolidated Spire Ventures Ltd (“Spire”; TSX-V: CZS) are pleased to report that preliminary results from the 2010 Phase I drilling program within the South Discovery Zone (SDZ) of the Prospect Valley property in southern BC are indicating excellent continuity of gold mineralization.
Assays have been received from six of the eleven holes completed and results are comparable to previous drilling in defining a wide zone of gold mineralization.
Results to date are highlighted by hole PV-10-08 which intersected 68.69 metres grading 0.89g/t gold, including 32.64 metres of 1.32g/t gold that, in turn, included a higher grade section assaying 2.93g/t gold over 7.53 metres. The 68.69 metre interval also included a deeper section of 7.96 metres grading 1.44g/t gold.
The Phase I program consisted of 1,127 metres in 11 drill holes and was specifically designed to test the continuity of gold mineralization intersected in the SDZ in 2006 and 2007.
Most holes in 2010 were drilled as fill-in holes on section lines approximately 50 metres between previous sections. Holes PV-10-01, 02 and 03 all intersected widths and grades of gold mineralization similar to those of holes 2006-15 to 17, while holes PV-10- 07 and 08 intersected higher grade gold mineralization similar to holes 06-21, 07-01, 02, 03, and 05.
Highlights from the current drilling program are listed below and a map showing drill collar locations can be found on the Company website at www.altairventuresinc.com.
“We are excited that the drilling shows consistent gold mineralization, such that out of 38 drill holes sampled to-date on the property, all but one have encountered extensive gold mineralization. Apart from working towards defining a resource in the SDZ, we arekeen to explore other areas of the property where we have encountered rock samples as high as 43.3g/t gold (in the 2.5 km2 Bonanza Valley area in the southwest of the PV project) and 27.3g/t gold (in the northeast NIC Zone, a 2.6 km x 900m gold soil anomaly),” said Fayyaz Alimohamed, President of Altair.
Most of the 2010 holes intersected gold mineralization starting close to surface. Incomplete core sampling of the 2006 holes did not allow for grade calculations in the upper parts of these holes. With the new results in hand, the historic holes will be resampled to fill in the gaps, thus allowing for the recalculation of the grade of the upper sections, and potentially increasing the thickness of the zones in these holes. Once the database has been updated, a preliminary resource estimation will be completed.
The SDZ occurs in the hanging wall of (above) a moderately dipping fault, with the gold grade typically increasing downward toward the fault. Lower grade rocks near surface are generally oxidized and hematized, while higher gold grades appear to be associated with increased silicification and disseminated pyrite. Rocks on the footwall side of (below) the fault are chloritized and barren of gold mineralization.
The portion of the SDZ defined by the current drill program has now been defined at approximately 50 metre centres. It is up to 88.26 metres thick (in hole PV-10-02), more than 200 metres wide in the middle and at least 200 metres along strike. Internal higher grade portions can be up to 20 metres thick, often close to the aforementioned fault. On some sections, the gold grade appears to be increasing in a down-dip direction (i.e. to the northwest, down the fault) and this theory will be tested in future drilling. This is particularly significant in that the zone is entirely open in this direction.
|Hole Number||From (m)||To (m)||Length (m)||Au (g/t)|
Overall, however, the SDZ is part of a geochemical and geophysical anomaly extending nearly two kilometres in total strike length and up to 400 metres wide. While it has the potential to host a significant low grade, bulk tonnage epithermal gold system, many other untested targets exist on the property, including bonanza grade gold-quartz veins.
The Prospect Valley Gold Project is only 30 kilometres south of the world class Highland Valley Copper Mine, and sits within a complex tectonic zone that are interpreted to have provided channel ways for the introduction of widespread gold mineralization.
Altair is the operator of the project and 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.
The Qualified Person for the Prospect Valley Project is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Ventures Inc.
For further information please contact Fayyaz Alimohamed at (604) 641-1305, fax at (604) 688-8309 or e-mail [email protected].
ON BEHALF OF THE BOARD
Fayyaz Alimohamed, President & CEO
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