Vancouver, BC – December 10th 2007: Altair Ventures Inc. (TSX-V: AVX) and Full Metal Minerals (TSX-V: FMM) are pleased to announce that assay results have been received from an eight hole, 1,015 meter drilling program at the CJ Gold Project in Alaska. All 8 holes drilled encountered gold mineralization.
An aggressive follow-up drill program to step-out from mineralization encountered in this initial drilling phase is planned to commence in early 2008.
The 2007 program was the first modern exploration effort since 1980 at the CJ Property, where four gold producing mines ceased production in 1940. This initial drilling program intersected gold mineralization in the three locations drilled, spanning over 2,000 meters of strike length.
In 1980, a 10-hole drill program produced high-grade gold results at the Dawson Mine (see Altair News Release September 25, 2007). Full Metal and Altair are pleased that the current results show the continuity of gold mineralization and confirm the potential for an additional high-grade zone. The deposit is wide open for expansion.
The target at CJ is a sediment-hosted, structurally controlled, high-grade gold vein system located adjacent to a paved highway. Several historically producing gold mines occur within a structural corridor that now has a strike length of 3,200 meters and spans 500 vertical meters. Drilling completed by Altair and Full Metal confirms the tremendous strike extent of the gold-bearing system.
Drill holes CJ07-01 to 03 were drilled to intersect the down-dip extension of vein mineralization exposed in a small underground stope at the Crackerjack mine. Hole CJ07-01 was drilled at -65 to intersect the structure 50 m down-dip from historic stopes, CJ07-02 approximately 100 m down-dip and 25 meters along strike to the south, with CJ07-03 a vertical hole, approximately 150 meters down-dip. All holes penetrated the target structure on projection and discovered a new vein, approximately 15 meters up-dip. The veins host disseminated sulphides consisting of pyrite (1%-5%) and subordinate chalcopyrite, sphalerite, and galena.
Drill holes CJ07-04 and 05 were drilled to intersect similar vein mineralization in black shale exposed in the Hollis Tunnel 800 m southeast of the Crackerjack mine. Underground sampling at Hollis during 2007 averaged 30.9 g/t Au and 46.4 g/t Ag. Both holes intersected the targeted vein on projection associated with an andesite sill, at 50 and 100 meters down-dip from the Hollis tunnel, respectively.
Sheeted quartz veins hosting gold mineralization were encountered in all three areas: Results are as follows;
|Hole-ID||From (m)||To (m)||Length (m)||Au (m)||Ag (m)|
True widths are estimated to range from 86 to 100% of drilled length
Drill holes CJ07-06 to 08 are located near the Dawson Mine, a historic gold producer, on the southern margin of the property, where multiple high-grade intercepts were drilled in 1980. Holes CJ07-06 and -08 were angled at azimuths of 140 and 90 respectively from the same drill pad, and were drilled to intersect the Humboldt vein exposed in a trench near the Humboldt adit and the Free Gold vein exposed in a road cut. Drill hole CJ07-07 is a vertical hole collared from the same pad as 07-06. All three holes intersected the same vein structure at 25- to 55 m depth associated with a fault zone that was difficult to penetrate with the drill, and where recoveries of core were low (56%, 69%, and 22% respectively).
The CJ Property is well 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.
The 2007 exploration program at CJ was 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 were 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 was implemented. 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) 764-2385, 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.