Valterra Acquires Another Historic Mining Project in SE British Columbia
June 2, 2008
Valterra Resource Corporation reported today that the company has executed an option agreement to acquire a 100% interest in the 365 hectare, gold/copper/silver Star Project located in south-eastern British Columbia, approximately 10 kilometres southwest of the City of Nelson. The property consists of a contiguous group of 25 Crown granted claims situated in an historically significant region that is host to some of the more prolific mining districts in the Province including million ounce gold mining camps at Rossland and Sheep Creek/Ymir.
The Star claims contain three historic mines that produced small amounts of copper-gold-silver ore from mineralized fault zones and reflect the greater potential for significantly larger structurally controlled or bulk-tonnage type deposits. BC government records (Minfile) suggest many of the occurrences in the area date to the late 1890s with minimal production coming from several small mines. The largest production records from 1905 to 1954 were from the Eureka Mine at 8,995 tonnes averaging approximately 2.13 g/t Au, 125.0 g/t Ag and 1.77% Cu.
More recent exploration, conducted in the late 1980s and early 1990s, included 23 diamond drill holes totalling over 4,000 metres. These programs resulted in the identification of several exploration targets, with the most significant being the Star, Alma N and Eureka zones (see property location map).
One of the best assay intervals calculated from the historic data includes a 79.0 metre intercept in the Alma N zone that graded 1.49 g/t Au and 1.95 g/t Ag in hole GWS-89-01. This intercept also included a near surface, higher grade zone of 5.12 g/t Au and 4.45 g/t Ag over 14.62 metres beginning at a downhole depth of 29.78 metres. Select results from drilling on the Alma N, Star and Eureka zones in 1989-90 are presented in the table below. A more complete summary of historical drill results from the Star property are available for viewing on Valterra’s website at www.valterraresource.com. Drill results of a similar tenor from earlier RC drilling on the property are presently being compiled and verified.
Future exploration on the Star property will focus on a series of porphyry-type Au-Cu-Ag mineralized areas associated with “alkalic” altered zones found within the Lower Jurassic Elise Formation volcanic rocks and associated plutonic intrusions of monzonite-diorite affinity. These structurally controlled zones are associated with the north to north-west trending Silver King Shear Zone and have been delineated over an area measuring approximately two kilometres long by one kilometre wide as defined by prior drilling and geochemistry. The shear zone also hosts the nearby Kena Property where an estimated 11.8 million tonnes of measured and indicated resource has been outlined in two deposits averaging approximately 1.0 g/t gold. (1)
Valterra will commence surface exploration and a minimum 1,000 metre diamond drill program in the second quarter of 2008.
Click here for a figure of Star Property Location, Regional Geology and Valterra Holdings in South-eastern BC. and for the table of Select Historical Diamond Drill Assay Composites for the Star Project.
(1) Tonnage and grade information compiled from the Kena Property Technical Report dated June 3, 2004.
Rob Macdonald (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors,
“Lawrence Page, Q.C.”
Lawrence Page, Q.C., President, Director ,
Valterra Resource Corporation.
For further information visit the company’s website at www.valterraresource.com or please contact Jay Oness at either 1-888-456-1112 or 604-684-9384; email at email@example.com.
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. Valterra Resource Corporation relies upon litigation protection for forward looking statements.