Alta Vista Ventures Ltd. (AVV-TSX-V) is pleased to announce that it has signed a Letter of Intent (LOI) with Tosca Mining allowing Tosca to acquire a 100% interest in the Carol Property located in southern Sonora State, Mexico.
To earn 100% interest in the Carol Project Tosca must pay $50,000, issue 1 million shares and incur $2.2 million in exploration expenditures on the property over a five year period including a geophysics program within the first six months. The company has received $5,000 and 150,000 shares of Tosca upon the signing of the LOI.
The Carol Property consists of approximately 756 hectares and is located 5km NE of the Pierdras Verdes Porphyry Copper Mine, Mexico’s third largest copper mine, with measured and indicated resources of 197 million tonnes grading 0.39 % Cu (Cobre Del Mayo NI-43101 report, Feb 12, 2010).
Previous work by Alta Vista over a number of campaigns succeeded in identifying widespread Cu-Ag-Zn-Au skarn-style mineralization in outcrops and trenches over two zones covering 1,100 m by 400 m and 700 m by 180 m and the La Escondida occurrence, which is located between the two zones The most significant work program was conducted in 2008 (please refer to news release dated July 10, 2008) when a total of 232 samples were taken from 18 trenches with values ranging from trace to 7.67% copper, trace to 2.24 g/t gold, trace to 83.9 g/t silver, and trace to 15.3% zinc with highlights from the trenching of:
|Cu (%)||Ag (g/t)||Au g/t)||Zn (%)|
|BS – 1||22.0||0.54||6.69||0.14||4.45|
|BS – 2||16.5||1.10||8.42||0.11||2.45|
|BS – 6||10.0||1.94||36.7||0.59||19.17|
|BS – 8||48.0||0.86||16.57||0.09||0.37|
|BS – 9||24.0||1.20||8.07||0.18||2.24|
Additionally, two gold zones were discovered by trenching in the southernmost portion of the project area. Zone 1 returned 0.60 g/t Au over a 16 metre width, and Zone 2 returned 0.39 g/t Au over 16 metres. The two zones are separated by approximately 20 metres of deeper overburden, possibly masking a continuous zone (please see news release dated February 26, 2010).
With more than 90% of outcrop hidden by overburden and no previous geophysical nor drilling campaigns conducted on the property Tosca’s Management believes that excellent potential exists for the discovery of a bulk-tonnage copper-silver skarn deposit and that known mineralized zones may be significantly expanded with Induced Polarization (IP) surveys and diamond drilling.
Ian Foreman, P.Geo., president of Alta Vista Ventures, is the Qualified Person according to NI 43-101 for the Carol Property and is responsible for the technical information in this news release.
On behalf of the Board,
Ian Foreman, P.Geo.
For additional information on Alta Vista Ventures please call the Company at 604-678-2531.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.