Vancouver, BC – October 19, 2011: Altair Ventures Incorporated (TSX-V: AVX; “the Company”) is pleased to report that an initial Inferred Mineral Resource Estimate has been prepared for the Prospect Valley property by Giroux Consultants Ltd. The North and South Discovery Zones host a combined inferred mineral resource estimated at 166,000 ounces gold grading 0.511g/t gold, above a cut-off grade of 0.30g/t gold.
The estimate is based on a data base of 45 drill holes totaling 6,940 metres completed between 2006 and 2010 and containing 95 down hole surveys and 3,609 assays. The effective date for this resource is June 30, 2011. An updated NI 43-101 report containing the resource estimate will be filed on SEDAR.
The Discovery Zone is a low-sulphidation epithermal deposit controlled by a northerly-trending, moderately-dipping fault zone (EFZ) which has been partially tested by drilling over a strike length of 1,500 metres. Outcrops of gold-bearing epithermal veining are present a few hundred metres to the northeast of the North Discovery Zone in the Northeast Extension Zone, and a recently completed prospecting program has identified the existence of widespread gold in outcrop and stream sediments, likely associated with parallel structures, over an area of tens of square kilometres (see Company news release dated October 12, 2011).
The deposit remains open at depth and to the west, north and south. Some drill sections appear to indicate that gold grades may be increasing with depth and Altair plans to drill the down-dip extension of the South Discovery Zone to increase the overall size and grade of the resource.
Using a 0.04g/t gold cut-off, two 3 dimensional solids were built to constrain the North and South Discovery zones. Drill holes were then compared to these solids and individual assays were tagged if inside or outside the solids. Of the individual assay intervals within the mineralized solids, 95% were less than 2 metres in length. As such, uniform 2.5 metre composites were produced that honoured the solid boundaries. No dilution was incorporated.
Grade continuity for gold was examined using pairwise relative semivariograms within the combined North and South zone composites. The two domains were combined for variography since they lined up along the Early Fault Zone and Early Fault Zone Breccia. A block model with blocks 10 x 10 x 5 metres in dimension was superimposed over the mineralized solids. The average specific gravity of 2.55g/cc was used to convert volume to tonnes.
Grades for gold were interpolated into blocks containing some percentage of North or South zone mineralized solids by ordinary kriging. For blocks in the North Zone only North Zone composites were used and likewise for blocks in the South Zone. The kriging exercise was completed in a series of 4 passes with the search ellipsoid for each pass a function of the semivariogram range.
Based on the study, delineated mineralization of the North and South Discovery Zones at the Prospect Valley Property is classified as an inferred mineral resource according to the definition from National Instrument 43-101. At this time the drill density is not sufficient to classify any material as measured or indicated.
The Resource is tabulated below assuming one could mine to the limits of the mineralized solids (the tables below are reproduced in their entirety from the NI 43-101 report).
Table 1: All Blocks – Inferred
| Au Cut-off (g/t) | Tonnes > Cut-off (tonnes) | Grade > Cut-off Au (g/t) | Contained Ounces Au |
|---|---|---|---|
| 0.20 | 17,643,000 | 0.398 | 226,000 |
| 0.30 | 10,077,000 | 0.511 | 166,000 |
| 0.40 | 5,926,000 | 0.628 | 120,000 |
| 0.50 | 3,768,000 | 0.733 | 89,000 |
| 0.60 | 2,458,000 | 0.832 | 66,000 |
| 0.70 | 1,632,000 | 0.927 | 49,000 |
| 0.80 | 1,079,000 | 1.020 | 35,000 |
| 0.90 | 709,000 | 1.109 | 25,000 |
| 1.00 | 458,000 | 1.198 | 18,000 |
| 1.10 | 312,000 | 1.271 | 13,000 |
| 1.20 | 185,000 | 1.356 | 8,100 |
| 1.30 | 103,000 | 1.445 | 4,800 |
| 1.40 | 47,000 | 1.570 | 2,400 |
| 1.50 | 27,000 | 1.658 | 1,400 |
These results can be subdivided into the North and South Zone Resource.
Table 2: North Zone – Inferred
| Au Cut-off (g/t) | Tonnes > Cut-off (tonnes) | Grade > Cut-off Au (g/t) | Contained Ounces Au |
|---|---|---|---|
| 0.20 | 8,842,279 | 0.330 | 94,000 |
| 0.30 | 3,955,976 | 0.433 | 55,000 |
| 0.40 | 1,834,288 | 0.538 | 32,000 |
| 0.50 | 856,224 | 0.648 | 18,000 |
| 0.60 | 390,109 | 0.772 | 10,000 |
| 0.70 | 218,817 | 0.873 | 6,000 |
| 0.80 | 107,586 | 1.005 | 3,000 |
| 0.90 | 59,943 | 1.132 | 2,000 |
| 1.00 | 35,718 | 1.269 | 1,500 |
| 1.10 | 28,050 | 1.331 | 1,200 |
| 1.20 | 19,125 | 1.414 | 900 |
| 1.30 | 11,475 | 1.533 | 600 |
| 1.40 | 6,375 | 1.693 | 300 |
| 1.50 | 6,375 | 1.693 | 300 |
Table 31: South Zone – Inferred
| Au Cut-off (g/t) | Tonnes > Cut-off (tonnes) | Grade > Cut-off Au (g/t) | Contained Ounces Au |
|---|---|---|---|
| 0.20 | 8,801,000 | 0.466 | 132,000 |
| 0.30 | 6,121,000 | 0.561 | 110,000 |
| 0.40 | 4,092,000 | 0.668 | 88,000 |
| 0.50 | 2,912,000 | 0.757 | 71,000 |
| 0.60 | 2,068,000 | 0.844 | 56,000 |
| 0.70 | 1,413,000 | 0.935 | 42,000 |
| 0.80 | 972,000 | 1.021 | 32,000 |
| 0.90 | 649,000 | 1.107 | 23,000 |
| 1.00 | 422,000 | 1.193 | 16,200 |
| 1.10 | 284,000 | 1.266 | 11,600 |
| 1.20 | 166,000 | 1.349 | 7,200 |
| 1.30 | 92,000 | 1.434 | 4,200 |
| 1.40 | 41,000 | 1.551 | 2,000 |
| 1.50 | 20,000 | 1.646 | 1,100 |
G. H. Giroux is the qualified person responsible for the resource estimate. Mr. Giroux is a qualified person by virtue of education, experience and membership in a professional association. He is independent of both the issuer (Altair Ventures Inc.) and the vendor (Berkwood Resources Ltd.) applying all of the tests in section 1.5 of National Instrument 43-101. Mr. Giroux has not visited the property.
The Prospect Valley Gold Property comprises 10,796 hectares and covers extensive, structurally controlled epithermal gold mineralization with the potential to host bulk tonnage and/or high grade vein deposits. It is road-accessible, approximately 3 hours driving time from Vancouver, and situated in proximity to good infrastructure and local resources near Merritt, BC. Altair has an option to earn up to a 90% interest in the project.
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 or e-mail [email protected].
ON BEHALF OF THE BOARD
“Fayyaz Alimohamed”
Fayyaz Alimohamed, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.
