Valterra Assays Up to 28.1% (Cg) Graphite from New Bobcaygeon Regional Prospects
June 05, 2013 — VANCOUVER, BRITISH COLUMBIA (Source: Marketwired) — Valterra Resource Corporation (TSX VENTURE:VQA)(FRANKFURT:3VA) reports very encouraging grab and chip sampling results of up to 28.1% Cg from recent regional prospecting which identified three new graphite prospects located up to 23km on-strike from the Bobcaygeon Discovery Zone in Southern Ontario. Subsequently, new claims have been added to incorporate the zones into the property package. Finalized claim details are pending government agent processing.
Identification of these new graphite zones, known as the “Salerno”, “Crystal”, and “4South”, and the expansion of the “Corridor” zone (see NR-09-13) resulted from the reconnaissance sampling program. Twenty-seven surface grab/chip samples were collected and sent to Activation Labs for analyses, with 41% (or 11 samples) returning values >1% Cg. Sample highlights at the Salerno Zone include 28.1% Cg from a 10cm wide graphite seam and 15.7% Cg over 1.5m in a marble host unit. Preliminary mapping at the zone has identified three graphite seams up to 1.5m thick hosted in a 25m wide favourable marble horizon. Historical geological data indicates widespread accessory graphite throughout the host stratigraphy and suggests strong exploration potential within these areas.
The Salerno and Crystal zones are associated with the Salerno Creek Deformation Zone (SCDZ) that forms a major tectonic boundary between the Bancroft Terrane and Harvey-Cardiff Arch. The terrane contact hosts the majority of past-producing graphite mines and significant graphite occurrences in the belt; and, the deformation zones are within major regional-scaled fault complexes.
Table 1: Select Highlights of Surface Reconnaissance Sampling
|Cavendish||Salerno||960678||1.5m Chip||3-4cm Wide Graphite Layers in Marble||15.7|
|960679||1.2m Chip||50cm Wide Graphite Lenses in Marble||7.17|
|960683||60cm Chip||60cm Wide Graphite Seams in Marble||8.51|
|960684||Grab||Marble + Quartz||1.42|
|960685||Grab||10cm Graphite Seam||28.1|
|Galway||Crystal||960669||3.0m Chip||Amphibolite Gneiss + Iron Formation||1.53|
|960670||Grab||Amphibolite Gneiss + Iron Formation||1.27|
|960671||3.0m Chip||Amphibolite Gneiss + Iron Formation||2.33|
|4South||960668||1.3m Chip||Amphibolite Gneiss||2.04|
|Corridor||960677||Grab||Marble-Amphibolite Contact Zone||2.46|
The majority of graphite occurrences discovered to date by Valterra suggest that there are important stratigraphic and structural controls to the mineralization and the zones are largely hosted within, or contacting Precambrian-aged metamorphosed rocks of the Grenville geological province, home to major Canadian graphite deposits.
Chairman Lawrence Page Q C said: “These encouraging high-grade samples from new regional prospects provide additional data points to our Bobcaygeon property. These new prospects add to our existing Discovery Zone, which provided us grades of up to 31% Cg, and flake graphite with ultra-high purity of 99.96%. Along with the recent discovery of a new +1km long graphite trend near the discovery zone, the Bobcaygeon property is developing numerous graphite prospects.”
Get our daily investorintel update
2013 Exploration Proposal at Bobcaygeon
Year-one successes from prospecting, trenching, metallurgy, geophysics and diamond drilling have defined numerous targets property-wide that merit exploration in 2013. Valterra has budgeted C$500,000 to $750,000 and is planning to conduct additional exploration in the Discovery Zone area and regionally within the district-scaled property. Preliminary plans are highlighted by diamond drilling of between 2,000 to 2,500m.
Mahesh Liyanage has resigned as Chief Financial Officer of Valterra and the board of directors thanks him for his efforts on behalf of the company. Valterra is pleased to announce the appointment of Graham Thatcher as Chief Financial Officer of the company subsequent to Mr. Liyanage’s resignation. Mr. Thatcher moved from London, England to Vancouver, British Columbia in 2006. Specializing in financial reporting and auditing across a breadth of business sectors in both the UK and Canada, he brings extensive experience of operating with International Financial Reporting Standards and paperless systems. He is also senior accountant at Manex Resource Group which provides administrative, financial, corporate, corporate finance and geological services to a number of public companies in the mineral resource sector. Prior to this, he worked in public practice at Smythe Ratcliffe LLP with companies in the mining and exploration sector. Mr. Thatcher obtained a Bachelor of Arts degree with Honours in Economics from Lancaster University in 1995, which included a one year program at the University of British Columbia. He is also a finalist of global accounting designation, the Association of Chartered Certified Accountants (ACCA). Mr. Thatcher is also volunteer board member and treasurer at Heritage Hall Preservation Society, a non-profit charitable organization whose mandate is to restore and manage Heritage Hall, a landmark building located in Vancouver.
Graphite is a naturally occurring form of carbon with wide-ranging and unique physical properties. It is an excellent conductor of heat and electricity and has outstanding lubrication properties and is very resistant to chemical corrosion. Graphene is derived from graphite and is one of the strongest and lightest known substances with a tensile strength 200 times the strength of steel. The industrial development of graphene is at an early stage but will eventually become a replacement for several expensive electronic components such as silicon semi-conductors. Graphite occurs naturally as – vein, flake, and amorphous where the highest quality product can command prices in excess of $2,000 per tonne. In pricing graphite, the flake size and purity are key factors with the large flake at +0.178mm and purity at +99% C(g) commanding the highest prices in markets dominated by multi-national eco-automobile manufacturers, high-tech industries and nuclear energy companies. Recent pricing and demand increases have accelerated numerous exploration and investment opportunities in the graphite market.
The Province of Ontario is an excellent locale to explore owing to superior geology, geoscience knowledge, infrastructure, political stability and tax incentives. Several projects are advancing in the graphite field including Northern Graphite Corporation, Zenyatta Ventures Inc. and Ontario Graphite Ltd.
About Valterra Resource Corporation
Valterra is focussed on graphite, gold, copper and silver properties in Canada with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and is exploring several key projects including “Bobcaygeon”, “Star-Toughnut” and “Swift Katie”. The Bobcaygeon property covers an area of over 160 sq. km in Southern Ontario, and is hosted in rocks of the Grenville geological province where most of the known significant graphite deposits occur. The “Star-Toughnut” and “Swift Katie” projects are Au-Cu-Ag properties with bulk tonnage potential in south-eastern BC.
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra’s mineral properties.
Brian McGrath, P.Geo., is the Qualified Person responsible for reviewing the technical information presented in this release.
On behalf of the Board of Directors,
Frederick Sveinson, President, Valterra Resource Corporation
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for Valterra Resource Corporation’s projects, and the availability of financing for Valterra Resource Corporation’s development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Valterra Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>