Valterra Completes Year 1 Option Payments for Bobcaygeon Property and Discusses 2014 Phased Exploration Program
April 16, 2014 (Source: Marketwired) — Valterra Resource Corporation (“Valterra” or the “Company”) (TSX VENTURE:VQA) (FRANKFURT:3VA) (reported today that it has paid the cash consideration and issued the share consideration for the earn-in requirement on the Bobcaygeon Graphite property which is now in good standing until December 2014. Since acquisition of the option Valterra has spent approximately $450,000 on exploration and development of the extensive claim block comprising some 190 square kilometres of mining claims, leases and graphite rights on patented land located near the town of Bobcaygeon, southern Ontario.
The Company plans, subject to completion of equity funding, a multi-faceted exploration program which includes further drill testing, surface trenching and sampling toward the development of a mineral resource on the project. An initial program comprising up to 1500 metres of drilling and eight to ten trenches is planned for spring and summer 2014.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/940035a.pdf
The Bobcaygeon Graphite Property consists of a series of parallel graphitic zones measuring from 1.0 metre to +100 metres wide which can be traced locally for up to 2000 metres in strike length. At least six flake graphite-bearing zones have been located on surface and numerous other targets are indicated over a +24km strike-length; all of which require further definition before the full potential of the project can be determined. The project is favorably situated in Precambrian calcitic marble of the Grenville Province with four past producing flake-graphite mines located to the northeast of the property and within the same geological belt.
Previous work on the project included: reconnaissance mapping and prospecting; backhoe excavator trenching; diamond drilling; surface geophysics; and whole rock/multi-element analyses. Sampling has identified extensive areas of anomalous to high-grade graphite throughout the property.
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Table 1: Select graphite assay results from 2013 sampling on the Bobcaygeon project
|Sample #||Type||Width||Description||Cg (%)|
|960540||Channel||1.5m||Graphite Lenses in Marble||36.8|
|960541||Channel||1.4m||Graphite Lenses in Marble||20.2|
|960061||Channel||0.7m||Graphite + Quartz in Marble||14.6|
|960542||Channel||0.5m||Graphite in Amphibolite Gneiss||8.7|
|960513||Grab||0.3m||Quartz vein with coarse graphite||7.8|
|960685||Chip/Grab||0.1m||Graphite Seam in Calcitic Marble||28.1|
|960678||Chip||1.5m||Graphite Layers in Calcitic Marble||15.7|
|960683||Chip||0.6m||Graphite Seams in Calcitic Marble||8.5|
|960679||Chip||1.2m||Graphite Layers in Calcitic Marble||7.2|
|960709||Channel||1.7m||Graphite Layers in Calcitic Marble||5.7|
|960701||Channel||1.2m||Mineralized Amphibolite Gneiss||2.4|
|960703||Channel||1.2m||Mineralized Amphibolite Gneiss||2.4|
|960702||Channel||1.0m||Mineralized Amphibolite Gneiss||2.1|
|960677||Grab||0.3m||Amphibolite Gneiss/Marble Contact||2.5|
|960528||Grab||0.3m||Graphite in Amphibolite Gneiss||2.2|
|960530||Chip||1.0m||Graphite in Gneiss/Marble||2.1|
|960671||Chip||3.0m||Mineralized Amphibolite Gneiss||2.3|
High-grade graphite horizons (+5% Cg) occur at both the Discovery and Salerno zones. Trenching at the Discovery zone has uncovered a high-grade vein which returned graphite values of 36.8% Cg over 1.5m, 20.2% Cg over 1.4m, 14.6% Cg over 0.7m. Sampling and mapping has extended the projection of the Discovery zone mineralization to over 600 metres and now defines a priority drill target that is supported by recent EM and IP/Res geophysics on the property.
Historic drilling in the 1990’s at the Salerno zone (for zinc) identified graphite-bearing stratigraphy over a +2km strike length. Mapping in the area has identified two different graphite horizons and sampling has confirmed the high-grade potential of this newly developed occurrence. Current planning would test a +4km cumulative strike-length of the target area.
Further regional work including mapping, prospecting and trenching is planned to delineate the full extent of the graphitic stratigraphy throughout the property.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra’s mineral properties located in British Columbia and Ontario. Valterra is focused on early stage properties 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 “Swift Katie” and “Bobcaygeon” which are located near roads, rail, power, and resource communities in Canada.
Robert Macdonald, MSc., P.Geo., is the Qualified Person responsible for the preparation and review of the technical information presented in this release.
On behalf of the Board of Directors,
Lawrence Page Q.C., President, Valterra Resource Corporation
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.
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.
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>