Valterra Drills 14.47 g/t Au & 34.60 g/t Ag over 4.0m in New Zone at Star Project
February 8, 2011
Valterra Resource Corporation
("Valterra") reported significant near surface gold-silver results, and the discovery of two new zones during a recent Phase II 2010 diamond drill exploration program at the Au-Ag+/-Cu porphyry/shear-hosted "Star Project"
(Star and Toughnut claims) located in southeast British Columbia.
Drill highlights at the Gold Eagle and Alma N zones returned from four BTW-sized holes totalling 836 metres include:
| VTN10-008 (Gold Eagle): || 4.02 g/t Au & 9.51 g/t Ag over 24.33 metres |
| Including || 7.76 g/t Au & 20.29 g/t Ag over 9.11 metres |
| Including || 14.47 g/t Au & 34.60 g/t Ag over 4.0 metres |
| VST10-012 (Alma N): || 1.35 g/t Au & 0.65 g/t Ag over 22.00 metres |
| Including || Including 5.78 g/t Au & 1.20 g/t Ag over 2.0 metres |
Drilling intersected two new Au-Ag zones spatially associated with the historic Gold Eagle target. Gold-silver mineralization in drill holes VTN10-007a and VTN10-008 projects vertically underneath an anomalous surface outcrop which yielded 4.73 g/t Au and 8.2 g/t Ag
in a 2010 grab sample. The holes were drilled northward from the same drill setup at collar dip angles of -50o and -70o, respectively. The deepest and highest grade intercept is only 60 metres below surface, and the mineralization is open at depth and along strike. The mineralization is pyrite-enriched and hosted in a strongly bleached k-feldspar-sericite-silica altered andesite breccia of the Upper Elise Formation.
A second new zone was also drilled from the same setup discussed above, but in a southerly direction. Hole VTN10-006 returned anomalous mineralization (1.80 g/t Au over 6.44m)
from a basal contact between a feldspar porphyry (Silver King suite) and andesitic rocks. This new zone may be analogous to precious metal zones identified at the adjacent Kena Project where a NI43-101 resource of approximately 1.0M ounces of measured and indicated gold has been outlined(1).
In 2010, Valterra drilled over 2,250 metres in 11 NQ2/BTW-sized drill holes targeting the Gold Eagle, Alma N, Toughnut, Eureka and Star zones. These polymetallic mineralized zones are aligned within a prospective 3.5 kilometre-long trend transecting the Company's claims. The Phase I drilling highlights for the Toughnut and Eureka zones included intercepts of 4.05 g/t Au and 0.88 g/t Ag over 8.0m in hole VTN10-005
at the Toughnut, and 0.28 g/t Au, 4.45 g/t Ag and 0.27% Cu over 66.67m in hole VST10-011
at the Eureka (see NR-07-10 and NR-08-10).
The signature of the rocks intercepted in the drilling are generally consistent with a zoned porphyry model subjected to shortening and shear-fault/hydrothermal activity that generated focused zones of higher-grade. Targeting was aided by several technical programs implemented by Valterra in Q2 2010 that included a comprehensive technical (compilation) report on the Star-Toughnut dataset; a 30 square kilometre airborne EM-MAG survey was flown by Aeroquest Ltd. over the entire +1,900 hectare claim block (see NR-03-10); and the airborne data was subjected to detailed processing analyses by a geophysical consultant whose work refined and sharpened numerous airborne anomalies warranting follow-up.
Furthermore, Valterra has started reprocessing the historical IP ground geophysical data covering the Star and Toughnut grids. The surveys were conducted in the late 1980s, and the Company expects to produce 3D geophysical and geological models to assist with interpretation, zone definition, and target generation; future plans are ongoing.
This region of the province has produced several million ounces of gold and precious metals from numerous past producers. The BC MINFILE lists such operations as the Rossland Camp (past production estimate of 3.5M ounces of gold), and the Silver King mine - BC's first lode mine ca. 1888 (reportedly produced 4.4M ounces of silver(2)). Valterra's claims are centrally located on the Silver King Shear Zone, to the east is the Kena Gold project (Sultan Minerals Inc.), and to the northwest is the Kenville Mine (386,000 ounce NI43-101 compliant gold resource(3) - Anglo Swiss Resources Inc.).Table 1: 2010 Phase II Drill Assay Composites for the Star Project ** Interval widths reported are drill intercept widths; true widths are currently undefined. The assays are uncut, width-weighted average values.2010 QA/QC Protocols
Core samples were analyzed at Acme Analytical Laboratories Ltd. located in Vancouver BC, for Au + 41 elements by Fire Assay (FA)/Inductively Coupled Plasma (ICP)/Emission Spectroscopy (ES) and Four-Acid Digestion/ Inductively Coupled Plasma (ICP)/Mass Spectroscopy (MS) using appropriate calibration standards. Additionally, any samples assaying >10.0 g/t Au are re-analyzed using a Gravimetric finish.
Valterra implemented established QA/QC quality protocols throughout the core sampling process comprising "blind" insertions of a variety of standard pulps, blanks, and field duplicates. Certified analytical standards were utilized from suppliers CDN Resource Laboratories Ltd. and WCM Minerals Limited and overall approximately 10% of the total assays were QA/QC-related; the results of which were carefully monitored in order to verify the assaying quality.
Also, a series of 31 samples from the 2010 drilling has recently been compiled and sent from Acme Analytical Laboratories to ALS Chemex in order to conduct further QA/QC lab-to-lab check assays; results are pending.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.
The Company has interests in approximately 11,100 hectares in southeast BC that currently focus on four primary projects: the Star
gold-silver-copper claims, located southwest of Nelson BC, the Toughnut
gold-silver-copper-lead-zinc claim block which adjoins the Star claims, the Rozan gold-silver-lead-zinc property situated just south of the Toughnut claims, and the Swift Katie
copper-gold porphyry/shear-hosted project located near Salmo BC.
Since 2007, Valterra has aggressively explored and expanded its claim blocks within the gold-enriched "Rossland Volcanic Belt" by completing over 9,250 metres of diamond drilling, conducting 810 line-kilometres of heli-borne geophysics, undertaking mapping-sampling and staking programs, and acquiring/joint venturing properties.
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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 and 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 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. 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.
(1) Resource information was gathered from the Kena Property Technical Report dated June 3, 2004, and there is no certainty that similar mineralization will be discovered on Valterra Resource Corporation's adjacent property holdings.
(2) Historical production/inventory statistics for mines at Rossland and Silver King 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.
(3) Resource information gathered from the Kenville Gold Mine - 257 Level Technical Report dated July 22, 2009.
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.