Altair Ventures Incorporated (“Altair” or “the Company”; TSX-V: AVX) wishes to provide an update on current exploration at the Prospect Valley epithermal gold property in southern BC.
As mentioned in the Company’s news release of November 29, 2010 a 1500 metre program of diamond drilling was initiated on the recently identified Northeast Extension Zone (NEZ). Work in the fall of 2010 identified an outcropping with distinctive veining, brecciation and alteration from which rock chip sampling yielded values up to 4.53g/t gold. It is believed that the NEZ is part of a large structural zone approximately three kilometres long that hosts the North and South Discovery Zones where most exploration work to date has been conducted.
The recent diamond drilling program completed 722 metres of drilling or about half of the planned amount. Drilling intersected epithermal style veining and brecciation lateral and possibly parallel to the NEZ. In the last hole (PV10-19) a 0.50 metre sample of brecciation associated with a fault zone east of the NEZ returned 0.47 g/t gold. Ground conditions did not allow for the completion of most of the eight holes to their target depth and thus the potential of the NEZ has not been fully evaluated.
Shortly before commencing the drilling program a large outcropping of altered volcanics containing quartz stockwork veining was discovered approximately 300 metres southwest of the NEZ. Grab samples from this area returned up to 0.64 g/t gold. Topographic and seasonal conditions did not allow for drill testing this area. Areas such as this demonstrate that the prospective epithermal structural “corridor” is not only long but of substantial width. There is evidence that prospective structures could potentially continue for at least two kilometres beyond the Northeast Extension Zone.
A one kilometre gap between the NEZ and the most northerly drill hole at the North Discovery Zone has been soil sampled over two-thirds of this “Gap”. Gold-in-soil anomalies in this area are aligned with the interpreted structural trend. The NEZ, its potential strike continuation and the one kilometre NEZ-Gap are all prospective areas for hosting epithermal gold mineralization along the structural trend. The company’s future exploration plans call for evaluation of these extensive targets.
A map showing drill holes can be found on the Company website at www.altairventuresinc.com.
Potentially of great significance for the property and Company are plans by a local logging company to conduct timber harvesting in prime exploration areas of the property. Plans call for utilization and upgrading of the existing exploration roads and logging between the Discovery Zones and the NEZ. This work will greatly enhance the property infrastructure, provide new rock exposures in key exploration areas and may potentially expose gold mineralized zones.
It is estimated that construction of such a heavy-load bearing road would have cost the Company several hundred thousand dollars.
The Prospect Valley Gold Project is only 30km south of the world class Highland Valley Copper Mine, and sits within a complex tectonic zone with the potential to host a significant low grade, bulk mineable epithermal gold system. 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 3 hours driving time from Vancouver and one hour west of Merritt, BC.
Exploration programs are under the supervision of Mr. Warner Gruenwald, P.Geo. who is the Qualified Person and VP Exploration for Altair Ventures Inc.
For further information please contact Justin Schroenn, Investor Relations, at 604-780-1371 or [email protected].
ON BEHALF OF THE BOARD
Fayyaz Alimohamed, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.