Valterra Identifies New High-Grade Samples at the Bobcaygeon Graphite Project
June 18, 2014 (Source: Marketwired) — Valterra Resource Corporation (TSX VENTURE:VQA)(FRANKFURT:3VA) (the “Company” or “Valterra”) reported today that new sampling from the Bobcaygeon graphite property located in southern Ontario, continues to expand and develop targeting at two prospects on the project.
Sampling and mapping at the Salerno Zone returned values of up to 24.5% Cg over 1.0 metres in graphite‐rich horizons within gneissic marbles near the contact with gneissic clastic metasedimentary rocks. The new assay results confirm both earlier sampling in the area and extend mineralization to the north and northeast. The graphite‐rich horizon lies along the north contact of the Salerno Creek Deformation Zone, and is believed to extend some 1800 meters to the west and is up to 60 to 120 meters wide. Further sampling on the Salerno Creek Zone suggests that there is potential for several other parallel zones located to the north of the current sampling; assays from these samples are pending.
Table: Select Assays from Surface Sampling on the Bobcaygeon Project
|Sample #||Type||Width||Description||Cg (%)|
|960735||Chip||1.0m||Graphite Lenses and Breccia in Calcitic Marble||24.5|
|960737||Chip||0.4m||Graphite lenses in calcitic marble||14.7|
|960741||Chip||0.5m||Graphitic seams in gneiss, North contact SCDZ||9.4|
|960740||Chip||1.5m||Graphitic quartz monzonite (marble‐gneiss contact)||3.5|
The Salerno Creek Zone is one of two areas identified by the company that have been targeted for drill testing in 2014, pending financing, as part of the continued exploration of the Bobcaygeon project.
Mapping at the Crystal zone has identified visible graphite throughout a +120 meter wide corridor within a gneissic clastic metasediment and a gneissic marble; where the contacts are bounded by major fault zones. Surface chip sampling has identified wide intervals of +1% Cg throughout the zone including 2.9% Cg over 7.0 metres and 2.5% Cg over 4.0 metres, with additional anomalous graphite values identified in sampling approximately 250 metres to the south and several hundred metres to the northeast of the current sampling. Visually the zone appears to continue on all sides. Trenching and further surface reconnaissance is warranted to upgrade this zone for drill targeting. The Crystal Zone is located between the Discovery Zone to the southwest and the Salerno Zone to the northeast and provides geological continuity along the +24 kilometre strike‐length of the graphitic stratigraphy located on the Bobcaygeon property.
To view the Figure: Known Graphite Occurrences on the Bobcaygeon Graphite Property, please visit the following link: http://media3.marketwire.com/docs/ValFig1.pdf.
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About the Bobcaygeon Project
The Bobcaygeon Graphite Property 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. At least six flake graphite‐bearing zones, ranging from +1 metre to +100 metres thick, have been located on surface and numerous other targets are indicated over a +24 kilometre strike‐length; all of which require further definition before the full potential of the project can be determined.
High‐grade graphite horizons (+5% Cg) occur on the property at 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, and 14.6% Cg over 0.7m. Sampling and mapping has identified a drill‐ready target of over 600 metres that is supported by recent EM and IP/Res geophysics on the property. Scout drilling at the Discovery zone trench has identified high‐grade graphite averaging 6.4% Cg over 3.4 metres about 12 metres down dip from the surface sampling.
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 multiple graphite horizons and sampling has confirmed the high‐grade potential of this newly developed occurrence. Current planning would test through drilling a +4 kilometre 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 focused on early stage mineral properties with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and developed several key projects including the Swift Katie porphyry copper gold mineral property in which it holds a 100% interest subject to an option agreement with the Riverside Alliance which has the right to earn an 80% interest through the expenditure of $4 million over four years with 2014 expenditures estimated at $600,000.
The Company is currently earning a 100% interest in the Bobcaygeon graphite property situated within the Grenville Graphite Trend of southeast Ontario which it intends to develop as its primary property as part of its focus on the graphite sector. Through its recently announced production and marketing strategic alliance with Great Lakes Graphite Inc., Valterra looks to access the increasing demand for high‐grade graphite product throughout North America. Alliance partner, Great Lakes Graphite Inc. continues its development of promising graphite properties in Quebec on the eastern portion of the prolific Grenville Graphite Trend.
Robert Macdonald, MSc., P.Geo., is the Qualified Person responsible for reviewing the technical information presented in this release.
On behalf of the Board of Directors,
Lawrence Page Q.C., President, Valterra Resource Corporation
For further information, please visit Valterra’s website at www.valterraresource.com.
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>