Vancouver, BC – June 7, 2007, Altair Ventures Incorporated (“Altair” or “the Company”) (TSX-V: AVX). Altair is pleased to provide an update on the on-going exploration program at the San Antonio gold-copper project in the Guadalupe y Calvo Mining District of southern Chihuahua State, Mexico. Altair has an option to earn a 70% interest in San Antonio from Great Panther Resources Limited (TSX:GPR), with Altair currently funding a $200,000 phase 1 program. Great Panther is the operator of the program.
Exploration at San Antonio by Great Panther during 2004 to 2006 identified a series of goldcopper and silver-lead-zinc veins and stockwork zones within a 17 kilometre long ‘window’ of previously unexplored volcanic rocks. Furthermore, that work provided preliminary indications of the potential for a large, epithermal gold-copper deposit. The focus of the present exploration effort is to fully evaluate the numerous gossans and alteration zones on the 11,946ha property using a combination of satellite image analysis, geological mapping, rock sampling, and PIMA surveys (PIMA is an analytical technique used on rock samples that identifies specific clay minerals associated with the various phases of mineralizing systems). The results of this program are aiding the Company in defining priority targets for more detailed sampling and/or appraisal as drill targets.
Eight key areas of alteration / mineralization have now been identified over a 12 kilometre by 4 kilometre area on the San Antonio project, indicating the presence of an extensive mineralizing system. Due to the topographic relief within this area, these zones represent a 1,000 metre vertical section and exhibit characteristic zonation patterns from copper-gold in the lower parts to silver-lead zinc veins in the upper sections.
Areas of interest include the Santo Niño zone (structurally controlled quartz vein / breccia with gold and copper mineralization drilled by Great Panther in 2005), the Breccia Gossan zone (silicified iron oxides and brecciated “domes”), the Terras Amarillas and La Chiripa zones (extensive argillic alteration, iron oxides, and silica veins), the San Cayetano and La Gringa zones (argillic alteration with quartz-barite-galena-sphalerite-pyrite veins), the San Cayetano South zone (quartz-barite-galena-sphalerite-pyrite veins) and the El Rancho Blanco zone (located between La Chiripa and Terras Amarillas and presently being explored).
San Cayetano South represents the most recent discovery, where chip channel sampling returned 7.5g/t gold and 11g/t silver over 1.5 metres; 300g/t silver, 0.47% lead and 3.62% zinc over 0.3 metres; and 268g/t silver, 0.29% lead, and 1.22% zinc across 1.2 metres. All three samples are from a northeast striking, steeply southeast dipping vein system that has been traced on surface for approximately 400 metres.
While potential exists for high grade, vein-hosted mineralization in many of these zones, the primary target is the Breccia Gossan zone. Argillic (clay) alteration in this area is observed for approximately two kilometres along strike in a northwest-southeast direction and is at least 600 metres wide. Within this halo, silicified breccias cover an area of approximately 1,000 X 200 metres. First pass sampling of this material yielded anomalous gold values up to 0.5g/t as well as arsenic and antimony, two important pathfinder elements. From the preliminary data collected on this zone to date, including PIMA analyses of clay-altered rock, the Breccia Gossan is interpreted as representing the upper levels of a high sulphidation epithermal system. Other high sulphidation epithermal systems in this part of the central Sierra Madre include Goldcorp’s El Sauzal Mine and Alamos Gold’s Mulatos Mine.
Field crews at San Antonio are continuing their mapping and sampling, including detailed work to define specific drill targets. A minimum of 1,500 metres of diamond drilling is contemplated to test the highest priority zones and should commence by late August / early September.
The geological mapping and rock sampling program is being conducted by Resource Geosciences Mexico of Hermosillo, Sonora; all rock samples are sent to SGS Labs in Durango for analyses; and PIMA analysis is conducted by PetraScience Consultants Inc. of Vancouver, Canada. Great Panther is the operator of the program and Robert F. Brown, P.Eng., VicePresident of Exploration for Great Panther and its wholly owned subsidiary, Minera Mexicana El Rosario, S.A. de C.V., is designated as the Qualified Person for the San Antonio Project under the meaning of NI 43-101 and has reviewed this news release.
For further information please visit the Altair’s website at www.altairventures.ca or contact Kareen McKinnon, at telephone (604) 638-8967, fax (604) 608-1768 or e-mail [email protected]
ON BEHALF OF THE BOARD
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. The Company 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 the Company’s plans to commence diamond drilling and continuation of its phase 1 program, include 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.