Valterra Turns the Drill on the Cu-Au Swift Katie Project in Southeast BC
August 5, 2010
Valterra Resource Corporation (“Valterra”) announced today the commencement of the 2010 exploration program for the Cu-Au porphyry/shear-hosted Swift Katie Project
in southeast British Columbia. Field crews have mobilized to the Salmo area, and the diamond drill program has begun.
The focus of the drilling program is two-fold; firstly Valterra will attempt to verify historical drill intercepts from the 1990s, and secondly to target those anomalies recently identified from data compilation and processing studies undertaken during Q2 2010.
The aforementioned studies included a detailed review and data processing effort on the extensive database that records over 30 years of exploration. Specifically, portions of the geophysical data were reviewed and the Main zone drilling was incorporated into a 3D computer model; the analysis of which revealed that several anomalies remain open or untested. In addition, the Cu-Au mineralization model constructed from the Main zone drill data has better defined the mineralized shell and structural framework of the Main Zone.
The project is subject to a joint venture agreement with Tosca Mining Corp (TSQ.V.), and the operations will be handled by the Manex Resource Group. Pursuant to the August 24th, 2009 agreement, 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 maintain the option in good standing, Tosca is required to make staged cash payments to Valterra in the amount of C$155,000, as well as issue a total of 500,000 shares, and incur exploration expenditures on the property aggregating C$3.0M on a staged basis over five years.
Valterra is the operator of the exploration program.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.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 has interests in mineral claims covering 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 located near Salmo BC that is currently under option to Tosca Mining Corp.; the Star gold-silver-copper claims, located southwest of Nelson BC and the Toughnut
gold-silver-copper-lead-zinc claim block which adjoins the Company’s Star claims (“Star Project”
). In January 2010, Valterra acquired the Rozan
gold-silver-lead-zinc property situated just south of the Toughnut. In 2010, the Company has completed the first phase of a drill program on the Star Project, to be followed by Phase 2 upon receipt of assay results from Phase 1.
Since 2007, Valterra has aggressively explored and expanded its claim blocks within the gold-enriched “Rossland Volcanic Belt” by completing over 7,650 metres of diamond drilling, conducting over 800 line-kilometres of helicopter-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 Liana Shahinian at 1.888.456.1112 or 604.641.2773 or by 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.
(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.