Vancouver, BC – September 25, 2007, Altair Ventures Inc. (AVX-TSX:V) and Full Metal Minerals (FMM-TSX:V) are pleased to announce that the first phase of surface exploration and core drilling at the CJ Gold Property in Alaska has been completed.
Eight core holes totaling 1,015 meters were completed during August and September 2007, testing three areas along the 3,200 meter mineralized corridor. Assays are currently pending, with initial drill results expected by early October. Three targets were tested in the vicinity of historic mines – three holes were completed at the lower Crackerjack area, two at the Hollis area, and three at the Dawson area. At the Hollis and Crackerjack areas, drilling targeted down-dip projections of 100 to 150 meters from the historic workings. At Dawson, target depths ranged from 40 to 75 meters down dip from vein occurrences on surface, in the vicinity of historic drilling.
Geological mapping and sampling of the mineralized corridor, typified by silicified argillite that commonly hosts sheeted quartz-carbonate veining, was conducted on surface and underground. Most of the historic workings are inaccessible; however, a total of 15 channel samples were collected from quartz vein and mafic dyke material from the Hollis tunnel, located in the central portion of the mineralized corridor. These samples averaged 30.9 g/t Au and 46.4 g/t Ag. Samples ranged from 0.07g/t to 232g/t Au, and 8.9g/t to 228g/t Ag. Channel samples ranged from 0.3 meters to 2.0 meters in true thickness across a quartz vein.
Surface exploration also included an extensive soil sampling program, with more than 400 soil samples collected, in widely spaced lines, spanning more than three kilometers of the prospective stratigraphy. Partial assays have been received with full results expected by early October. Positive soil sample results will help target future drilling as the vast majority of the CJ Property is covered by thick vegetation with minimal bedrock exposure.
The 1,550 acre CJ Property contains a sediment-hosted, structurally controlled, high-grade gold vein system hosted within a series of lower Paleozoic clastic and volcanic rocks, intruded by plutons and dykes of varying compositions and ages. Multiple banded quartz veins range from continuous veins 0.2 meters to 4.3 meters thick, to vein swarms and sheeted vein sets within brecciated, siliceous argillite. Vein dips range from 35 to 60 degrees, to both the east and west. Individual veins have been traced for more than 1,600 meters along strike. Mineralization occurs as native gold and fine grained sulphides.
Several gold mines operated along the CJ trend from the early 1900’s until 1940 when the War Powers Act closed all gold mines in the United States. These mines occur within a structural corridor that has a known strike length of 3,200 meters and spans 500 vertical meters. Multiple veins were developed, with historic recorded production documented from the Alaska Department of Mines totaling 25,000 ounces of gold. These production records and the drill results below, though significant, are historic in nature and used for reference purposes only. Altair has not verified these records and they should not be relied upon.
The area has received limited exploration since production ceased in 1940, with a small program in 1980 being the only historic drilling noted on the Property. Results from this historic program include:
|DDH#11||2.4 meters||40.4 g/t Au|
|DDH#15||4.9 meters||9.3 g/t Au|
|DDH#16||8.8 meters||18.7 g/t Au|
|DDH#18||6.3 meters||28.3 g/t Au|
|DDH#20||4.0 meters||8.7 g/t Au|
The CJ Property is located on east-central Prince of Wales Island in southeast Alaska. The southern boundary of the Property has access to both a high-voltage power line and a State maintained paved highway connecting the community of Craig to a ferry terminal at Hollis.
Altair Ventures has the Option to earn up to a 75% interest in the CJ Property from Full Metal Minerals (see NR dated August 15, 2007).
The 2007 exploration program at CJ is supervised by Greg Thurow CPG#3403 (Wyoming) with Alaska Earth Sciences, an Anchorage-based Consulting Group and a Qualified Person as defined by NI 43-101. Drill cores are cut in half using a diamond saw, with one-half placed in sealed bags, and delivered to ALS-Chemex Labs facility in Vancouver, B.C. A sample quality control/quality assurance program is in place. Contents of this release were written and approved by Robert McLeod, P.Geo., Vice President of Exploration for Full Metal Minerals and a Qualified Person as defined by NI 43-101.
About the Company
Altair is an exploration company focused on gold and silver projects. Altair also has an option to earn a 70% interest in Great Panther Resources Limited’s (TSX: GPR) San Antonio property in Mexico.
For further information please contact Kareen McKinnon at (604) 638-8968, fax at (604) 688-8309 or e-mail [email protected]
ON BEHALF OF THE BOARD OF DIRECTORS
Fayyaz Alimohamed, President & CEO
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of Altair expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Altair undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, including, without limitation, with respect to Altair electing to exercise the option with Full Metal, include its due diligence on Full Metal and the CJ Property, market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of Altair at www.sedar.com for further information.
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.