Valterra Options Swift Katie Project for $3 Million Exploration Program
August 28, 2009
Valterra Resource Corporation reported today that it has entered into a Mineral Property Working Option Agreement with JRTL Capital Corp. in respect of its Swift Katie mineral property interests in British Columbia, Canada.
Pursuant to the agreement dated August 24th, 2009, Valterra granted JRTL a working option to acquire a 60% interest in a total of thirteen (13) mineral claims known as the Swift Katie claims subject to the reservation of a 3% net smelter return royalty over the property in favour of the original property vendors.
In order to maintain the working option in good standing and to earn the sixty (60%) per cent interest in the property, JRTL is required to make staged cash payments to Valterra in the amount of One Hundred and Fifty-five Thousand ($155,000.00) Dollars as well as issue a total of five hundred thousand (500,000) shares and incur exploration expenditures on the property aggregating Three Million ($3,000,000.00) Dollars on a staged basis over five years.Swift Katie Project
The 7,064 hectare Swift Katie property is located seven kilometres southwest of Salmo and is host to five known Cu-Au and/or Au mineral systems occurring within a 7,000 metre-long trend. The property is underlain by rocks of the Rossland Group that are considered favourable for hosting polymetallic mineralization. Previous exploratory work includes: numerous geological, geochemical and geophysical surveys and the drilling of 68 core holes for a total of 15,992 metres that resulted in the identification of several exploration targets, with the most significant being the Katie, the 17, the West and the Swift zones.
During 2007-08, Valterra completed 4,080 metres of diamond drilling in two phases including an initial three BTW drill holes totalling 1126 metres and a further ten NQ2 drill holes totalling 2954 metres. Drilling targeted the Katie and the 17 Zones. Over 2,500 samples were collected for analyses. Several Cu-Au zones were defined in the Katie Main zone drilling including the following composited intervals:
- from 209.9 to 255.31 metres depth (45.41 metres) averaging 0.23% Cu and 0.27 g/t Au in drill hole VKT07-060
- from 49.0 to 120.0 metres depth (71.0 metres) averaging 0.17% Cu and 0.25 g/t Au over 71.0 metres in drill hole VKT08-068 and,
- from 3.05 to 67.07 metres depth (64.02 metres) averaging 0.16% Cu and 0.29 g/t Au including from 60.0 to 62.0 metres depth (2.00 metres) 0.06% Cu and 5.69g/t Au in drill hole VKT08-71
Each of these drill holes represent 25 to 50 metre lateral step-outs from historical (1990-92) drilling and successfully extended copper and gold mineralization at the Katie Main Zone. These holes were cored perpendicular to the trend of much of the historical drilling on the property and confirm the presence of broad intervals of Cu-Au mineralization of undetermined orientation through the target area. As a result, true thickness of the mineralized intercepts is unknown.
There have been numerous geological, geochemical and geophysical surveys completed on the Swift Katie property. Some of the most significant work was funded by subsidiaries of Noranda (for the Katie area) and Falconbridge (for the Swift area). These historical programs have identified several exploration targets resulting in 57 drill holes intersecting portions of the Katie deposit (13,974 metres) and eight drill holes (892 metres) intersecting portions of the Swift prospect. The Katie mineralized zone resembles an alkalic porphyry copper-gold deposit, while the Swift and Ace in the Hole prospects are vein and shear hosted gold zones. The Swift prospect mineralization and alteration suggests that a porphyry body may exist at depth or along the topographic high ridge near the Swift. There are several other geophysical and geochemical anomalies on the property that remain to be followed up.About Valterra Resource Corporation
Valterra is focused on exploration of mineral properties in the Kootenay Region of British Columbia where it controls approximately 9,005 hectares. The Star
gold-silver claims, located southwest of Nelson BC and the recently acquired Toughnut
gold-silver-copper-lead-zinc claim block adjoins the company's Star claims ("Star Project"); the Swift Katie
porphyry copper-gold project is in the same southeast region of British Columbia. Since 2007, the company has actively explored and expanded its claim blocks within the Nelson-Salmo corridor by completing over 5,750 metres of diamond drilling, conducting 505 line-kilometres of heli-borne geophysics, undertaking a variety of mapping-prospecting-sampling programs, and most recently claim staking and acquisitions.
Brian McGrath, 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, please visit the Company's website at www.valterraresource.com
or contact Jay Oness at either 1.888.456.1112 or 604.641.2771 or by email at email@example.com
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
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.