-
3,500
metre
diamond
drill
program
in
progress
to test
the
strike
extension
of the
DAC
Deposit
-
The
objective
of the
drilling
program
is to
increase
the
contained
ounces
on the
Destiny
Property
at
shallow
depths
-
Drilling
will
test the
under-explored
one
kilometre
section
of the
Despinassy
Shear
between
the DAC
Deposit
and the
Darla
Zone
-
If
drilling
results
are
positive,
potential
for
expanding
the
current
resources
on the
property
can
increase
significantly
-
The DAC
Deposit
contains
an
Indicated
Resource
of
364,000
ounces
of gold
plus an
Inferred
Resource
of
247,000
ounces
of gold.
-
DAC
Deposit
occurs
at
surface
and is
open in
both
strike
and dip
November 22nd , 2011, Vancouver,
Canada. Next Gen Metals Inc. ("Next Gen") TSX.V: N and Alto Ventures Ltd.
("Alto") TSX.V: ATV (together "the
Companies") are pleased to
announce the commencement of diamond
drilling on the Destiny Gold
project, located near Val-d'Or,
Quebec.
The drilling program will focus
mainly on testing the under-explored
area between the DAC Deposit and the
Darla Zone. If the results from this
drilling are positive, then the gold
discovered in this area can
significantly add to the total
ounces contained on the Destiny
property. Currently, the DAC Deposit
has an Indicated Resource of 364,000
ounces of gold plus an Inferred
Resource of 247,000 ounces of gold.
The deposit remains open along
strike and at depth.
The current drill program will
consist of 3,500 m in eighteen holes.
The objective of the drilling
program is to increase the contained
ounces on the Destiny Property at
shallow depths. This program will
test the one kilometre gap in
drilling between the DAC Deposit and
the Darla Zone at shallow depths to
determine if the gold mineralization
continues between these two areas.
If results from these widely spaced
holes are positive, an infill
program will be proposed to generate
sufficient data to prepare an
updated NI43-101 compliant Resource
Estimate Report incorporating
results from the Darla Zone as well
as the area between the Darla Zone
and the DAC Deposit.

Figure
1- Location map of 2011 drill
program. Figure illustrates the
under-explored area between DAC
deposit and Darla Zone

Figure
2- 3D view showing; Under-explored
area between DAC Deposit Zones and
Darla Zones
The DAC Deposit is one of several
significant gold zones along a four
kilometre segment of the Despinassy
Shear Zone. The Darla Zone lies one
kilometre east of the DAC Deposit
and previous drilling has
intersected high grades including
19.5 g/t gold over 2.1 m and 20.6
g/t over 0.8 m within strongly
altered rocks similar to those
hosting the gold zones at the DAC
Deposit. The large area of almost
one kilometre between the DAC
Deposit and the Darla Zone has been
tested by only two drill holes in
the past. Both holes intersected
the Despinassy Shear Zone containing
anomalous gold values (Figure 1).
This is an indication that the gold
system persisted between these two
areas and that there is excellent
potential for discovery of new gold
zones between the DAC Deposit and
the Darla Zone (Figure 2).
About the Destiny Project:
The property consists of 177 claims
totalling 7,421 ha and is located
approximately 100 km by road north
of the city of Val-d'Or. The
property is accessible by provincial
highway 397 which passes through the
property.
The Destiny Project is under an
Option Agreement between Alto
Ventures Ltd and Pacific North West
Capital Corp (PFN). Under the terms
of the option agreement, PFN can
earn a 60% interest in the property
over a four year period by
completing $3.5 million in
exploration expenditures, paying
$200,000 and providing a total of
250,000 PFN shares to Alto. On
September 26, 2011, PFN assigned its
interest to Next Gen Metals Inc.
Next Gen is responsible for all
remaining cash payments and
exploration expenditures due to be
paid or incurred, as the case may
be, under the Initial Option with
Alto, along with any costs and
expenditures associated with any
resultant joint venture that arises
between Next Gen and Alto. PFN will
continue to be responsible for
issuances of common shares to Alto
under the Initial Option until the
date of exercise of the Initial
Option and the transfer and
registration of the Option Interest
from PFN to Next Gen in accordance
with the terms of the Letter
Agreement between Next Gen and PFN.
PFN has fulfilled its obligations
for the first two years of the
option term as outlined in the
agreement.
About the DAC Deposit
The main area of mineralization on
the Destiny Gold Property is the DAC
Deposit which occurs over a strike
length of about 600 m. In this area,
five identifiable intervals of
quartz veining and shear-related
alteration zones carry significant
gold mineralization for which a
Mineral Resource Estimate Report was
prepared in 2011.
The Mineral Resource Estimate
Report was prepared for the DAC
Deposit by Wardrop, a Tetra Tech
Company (Wardrop) and filed on Sedar
on March 7, 2011. Using a
cut-off grade of 0.5 g/t gold and
the Inverse Distance Squared (ID2)
estimation method, the five gold
zones that make up the DAC Deposit
contain an Indicated Resource of
approximately 10.8 million tonnes
with an average grade of 1.05 g/t
gold (364,000 contained ounces). In
addition, the Inferred Resource
totals approximately 8.3 million
tonnes with an average grade of 0.92
g/t gold (247,000 contained ounces).
The resources block considers the
mineralization to start at
approximately 15 m below surface
down to a depth of 400 m for the
deepest zone. The mineralization
remains open below 400 m. For
details regarding the resource
estimate methods and calculation
parameters used in preparation of
the Report please see the news
releases issued by Alto and PFN on
March 7, 2011.
The
Report can be view on each of the
Company's websites at
www.nextgenmetalsinc.com and
www.altoventures.com
Mineral
Resources are not Mineral Reserves
and by definition do not demonstrate
economic viability.
The DAC Deposit remains open along
strike and to depth and is one of
several significant gold occurrences
along a four kilometre segment of
the Despinassy Shear Zone. The Darla
Zone, which lies one km east of the
DAC Zone, was discovered in 2006. At
this location, drilling intersected
19.5 g/t gold across 2.1 m and 20.6
g/t over 0.8 m . The occurrence of
high grade gold mineralization in
the Darla, DAC and 20 and 21 zones
clearly indicates that the
mineralizing system occurs across a
significant portion of the property.
The gold mineralization at these
occurrences starts near surface, and
with additional drilling these
targets could add significant
contained ounces to the already
defined resources at the DAC
Deposit.
Qualified Person Statement
This news release has been reviewed
and approved for technical content
by Mike Koziol, P. Geo, a qualified
person under the provisions of
national instrument 43-101.
About Alto Ventures Ltd.
Alto Ventures Ltd. is an exploration
and development company with a
portfolio of highly prospective
Canadian gold and base metals
properties. The Company is active in
Quebec in the Abitibi greenstone
belt on the Destiny gold property
and in Ontario, exploring in the
Beardmore-Geraldton gold belt. In
Manitoba, the Company is focused on
the gold and base metals potential
of the highly prospective but
relatively under-explored Oxford
Lake property.
For more details regarding the
Company's projects, please visit our
website at www.altoventures.com.
About Next Gen Metals Inc.
Next Gen is a mineral exploration
company whose current focus is on
silver, gold and base metals
projects in North America. The
Company has acquired a 60% option
interest (TSX.V: N) on the Destiny
Gold Project (Indicated Resource of
364,000 ounces plus an Inferred
Resource of 247,000 ounces of gold)
In addition, Next Gen is presently
advancing the Silver Chalice
Project, located in Alaska, and the
Fate Gold Project adjacent to the
Destiny Gold Project, both of which
are located in the Abitibi
Greenstone Belt of Northwest Québec,
one of the most famous gold and base
metals regions in the world. Next
Gen continues to aggressively
negotiate for additional
advanced-stage silver, gold and base
metal projects on an international
scale.
Next Gen
http://www.nextgenmetalsinc.com
is the newest company to join the
International Metals Group ("IMG") (www.internationalmetalsgroup.com).
The Board of Directors is comprised
in part with directors from other
companies within the IMG who, along
with management, have a combined 150
years or more of experience in all
aspects of managing public companies
related to the resource industry.
Please send requests for further
information to:
Ali H.Alizadeh,
Senior
Geologist- Project
Manager,
Tel: 604-685-1870,
info@nextgenmetalsinc.com |
|
On behalf of the Board of
Directors
"Harry
Barr"
Harry Barr
Chairman & CEO
Neither the 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.
Note: this release contains
forward-looking statements that
involve risks and uncertainties.
These statements may differ
materially from actual future
events or results and are based
on current expectations or
beliefs. For this purpose,
statements of historical fact
may be deemed to be
forward-looking statements. In
addition, forward-looking
statements include statements in
which the Company uses words
such as "continue", "efforts",
"expect", "believe",
"anticipate", "confident",
"intend", "strategy", "plan",
"will", "estimate", "project",
"goal", "target", "prospects",
"optimistic" or similar
expressions. These statements by
their nature involve risks and
uncertainties, and actual
results may differ materially
depending on a variety of
important factors, including,
among others, the Company's
ability and continuation of
efforts to timely and completely
make available adequate current
public information, additional
or different regulatory and
legal requirements and
restrictions that may be
imposed, and other factors as
may be discussed in the
documents filed by the Company
on SEDAR (www.sedar.com),
including the most recent
reports that identify important
risk factors that could cause
actual results to differ from
those contained in the
forward-looking statements. The
Company does not undertake any
obligation to review or confirm
analysts' expectations or
estimates or to release publicly
any revisions to any
forward-looking statements to
reflect events or circumstances
after the date hereof or to
reflect the occurrence of
unanticipated events. Investors
should not place undue reliance
on forward-looking statements.
Except as required by law, the
Company undertakes no obligation
to update any forward-looking
statements.
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