Valterra and Tosca Table 2010 Exploration Plan for Swift Katie
May 26, 2010
Valterra Resource Corporation (“Valterra”) reported today that the 2010 exploration plan for the Swift Katie Cu-Au alkalic porphyry/shear-hosted project based in southeast British Columbia has been completed, and permit documents have been submitted to the government agencies. The focal point of the exploration will be the diamond drilling of a number of newly identified targets. The allocated budget is approximately C$250,000.
During the past few months, the project airborne geophysical data was processed, and the Main zone drilling was incorporated into a 3D computer model. These studies revealed that several anomalies remain open or untested. Additionally, the Cu-Au mineralization model has better defined the mineralized shell and structural framework of the Main zone.
The project is subject to an option agreement with Tosca Mining Corp (TSQ.V), whereby Valterra granted Tosca a working option to acquire a 60% interest in a total of 13 mineral claims covering approximately 70 square kilometres subject to a 3% NSR in favour of the original property vendors.
To keep the option in good standing, Tosca is required to make staged cash payments to Valterra in the amount of C$155,000, issue a total of 500,000 shares, and incur exploration expenditures aggregating C$3.0M on a staged basis over five years.
Valterra will be the operator of the upcoming exploration program that is scheduled to begin mid-July.
Swift Katie Geophysical Review
The geophysical data processing was conducted by an external consultant whose mandate was to focus on the 505 line-kilometre Fugro DIGHEM V MAG-EM heli-borne geophysics survey flown for the Company in 2007-08. The consultants report identified several untested magnetic and EM anomalies warranting further exploration. Subsequently, a broader geophysical review was undertaken of the historical ground IP data conducted by Noranda in 1990. These two studies have outlined numerous targets and coincident anomalies worthy of follow-up, as well as a broad annular pattern resembling the typical zoned porphyry model; portions of which have never been drilled.Swift Katie Project Summary
To date, the Company has expended approximately C$1.5M at Swift Katie advancing the bulk-tonnage potential of the mineralized zones. The project area encompasses approximately 7,064 hectares, and is located seven kilometres southwest of Salmo in an infrastructure-rich region. The claims host five known Cu-Au and/or Au mineral systems within the prospective units of the Rossland Group. The rocks are considered favourable for hosting polymetallic mineralization as evidenced by the Rossland Camp where historical gold production totalled an estimated 3.5M ounces (1).
During 2007-08, Valterra undertook mapping, airborne geophysics and completed 4,080 metres of diamond drilling in a total of 13 holes on the Katie and 17 zones. Over 2,500 samples were collected for multi-element analyses and several Cu-Au zones were defined (see Table 1).* Gold Equivalencies (g/t) are calculated using US$950/oz gold, US$2.50/lb copper and the formula: (%Cu x 22 x Price Cu/lb) + (g/t Au x 0.029 x Price Au/oz) / (Price Au/oz x 0.029).About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The Group provides expertise in exploration, administration, and corporate development services for the Company’s mineral properties located in the Kootenay Region of BC.
Valterra is well funded having raised over C$550,000 of flow-through capital in Q4 2009. The Company has interests in approximately 11,100 hectares and has planned for an aggressive 2010 exploration campaign in southeast BC. The focus will include four primary projects: the Swift Katie copper-gold porphyry/shear-hosted project near Salmo BC currently under option to Tosca Mining Corp.; the Star gold-silver-copper claims, located southwest of Nelson BC; the Toughnut gold-silver-copper-lead-zinc claim block adjoining the Star claims (“Star Project”); and the recently acquired Rozan gold-silver-lead-zinc property situated just south of the Toughnut.
Since 2007, Valterra has aggressively explored and expanded its claim blocks within the gold-enriched “Rossland Volcanic Belt” by completing over 6,225 metres of diamond drilling, conducting over 810 line-kilometres of heli-borne geophysics, undertaking a variety of mapping-prospecting-sampling programs, staking mineral claims, as well as acquiring new properties and joint venturing.
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 valterraresource.com or contact Jeff Stuart or Liana Shahinian at either 1-888-456-1112 or by email at email@example.com or firstname.lastname@example.org.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.(1) Historical production/inventory statistics for mines at Rossland were obtained from public documents available from the BC Government Mineral Inventory File (MINFILE) database. The reporting standards used in this specific file were obtained prior to the establishment of NI43-101 regulations. Valterra Resource Corporation has not independently verified this historical data. Valterra Resource Corporation has no reason to believe that these results are not representative of mineralization associated with the mining activity.
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.