Altair Ventures Incorporated (“Altair” or “the Company”; TSXV: AVX) is pleased to report that recent field work on the Prospect Valley epithermal gold property in southern BC has extended the strike length of gold mineralization to approximately three kilometres. Prospecting northeast of the previously drilled North and South Discovery Zones has revealed outcropping rock with strong quartz veining, silicification, brecciation, carbonate alteration, fine disseminated pyrite and gold mineralization. The newly-discovered zone extends for 135 metres along strike and is exposed over a width of up to 32 metres, before disappearing under overburden in all directions.
Preliminary chip sampling across this new zone has returned gold values ranging from 0.12g/t to 4.53g/t. Significantly, all 10 samples taken from these outcrops contained gold mineralization. Silver values in the same samples ranged from 0.7g/t to 3.1g/t and molybdenum was also anomalous. A sample of residual soil from the northern part of the zone, where the highest gold grades occur, was panned down to a fine concentrate for visual inspection. This heavy fraction contained ten very fine, hackly, bright yellow gold grains that would have, over the years, eroded out of the host rock and veining. The particles appear to be less than 0.1mm but demonstrate the existence of free gold in this zone. As such, the samples are being re-analyzed using a ‘metallics’ procedure that will detect any free, coarse gold, that might otherwise be missed in standard assaying procedures.
This new zone of gold mineralization falls within the target area previously identified as the “Northeast Extension” (see map on Altair website at www.altairventuresinc.com), given its location with respect to the North and South Discovery Zones. The new zone lies at an elevation of approximately 1350 metres or 300 metres below the South Discovery Zone (SDZ) that Altair drilled earlier in the year, and may represent a deeper part of the mineralizing system. This is significant in that the 2010 drilling in the SDZ appeared to indicate that gold grades were increasing with depth, down-dip on the fault that appears to control the mineralization. In that drilling, higher gold grades appeared to be associated with increased silicification and disseminated pyrite and this seems to be the case in the surface exposure of the Northeast Extension. It is not yet known, however, how close the outcrops are to the fault itself.
The location of the outcropping gold mineralization and intense alteration in the Northeast Extension correlates with a moderately dipping slope that is interpreted to be related to the structure that appears to control the gold mineralization in the SDZ. This structure can be seen to continue to the northeast for at least another two kilometres beyond the Northeast Extension and represents a high priority exploration target.
In early 2010, eleven diamond drill holes completed by Altair successfully demonstrated the continuity of gold mineralization intersected in the South Discovery Zone in 2006 and 2007. The SDZ represents the southern part of a geochemical, geophysical and geological anomaly extending at least three kilometres in total strike length and is locally up to 400 metres wide. While it has the potential to host a significant low grade, bulk tonnage epithermal gold system, the presence of high-grade boulders suggests that the property has the potential to host bonanza grade gold-quartz veins. In addition, many other untested targets exist on the property. Based upon the success of the recent fieldwork, a followup field program is being organized in order to generate drill targets as quickly as possible.
“This is a really exciting development for the Prospect Valley Property”, stated Robert Archer, Altair’s Chairman. “The extension of the gold-bearing structure to at least three kilometres along strike indicates that a very large mineralizing system was in place and that there is excellent potential for the discovery of a new gold deposit here.”
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 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 four 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 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
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