High grade reported at Alta Gold’s Olinghouse

The first batch of results from this year’s drill program at the Olinghouse gold deposit, 35 miles east of Reno, Nev., surpassed the expectations of owner Alta Gold (ALTA-Q).

The results confirm previous high-grade intercepts and expand the area of known mineralization on the deposit. On the Gold Chain oreshoot (discovered in 1995 when two angle holes intercepted values greater than a quarter of an ounce per ton), drill hole OH-250 struck high-grade mineralization at a depth of 400 ft. The interval covered 165 ft. grading 0.68 oz. gold per ton, including 40 ft. grading 2.56 oz. The hole was drilled south at a dip of 65 degrees.

The company believes these results demonstrate that previous values encountered in the Gold Chain shoot are not isolated occurrences but, rather, represent a continuous, high-grade deposit.

Drilling has also resulted in the discovery of a new deposit extending north of previously defined reserves. Drill hole OH-284 encountered 105 ft. of mineralized material grading 0.07 oz.

Meanwhile, drills are turning on the Deep West Extension and Green Hill targets, among others. Gold mineralization located in the Deep West Extension has extended the area of known mineralization beyond the planned pit design.

At Green Hill, a hole encountered 30 ft. of mineralization grading 0.25 oz.

near surface.

The company has completed the first 80 holes in the year’s exploration program. In all, US$3 million has been budgeted and a total of 400 holes are planned. All new data point to an increase in ounce calculation at the deposit. The Olinghouse deposit contains 9.6 million tons grading 0.036 oz.

Robert Pratt, president and chairman of Alta, says: “Drill results from the Olinghouse property continue to exceed our expectations, particularly since our drill program has now covered less than 5% of our land position.” Highlights from the first 80 holes are listed below.