Valterra and Alliance Partners Drill 23.4g/t Gold, 0.62% Copper and 435g/t Silver over 1.5 metres at the Swift Katie Project
November 13, 2014
Valterra Resource Corporation (“Valterra” or the “Company”) (VQA-TSX.V) reported today the results of a recently completed reconnaissance drilling campaign by Optionee, Riverside Resources Inc. at the Swift Katie Project (the “Project”) located in southeastern BC. Five diamond drill holes, totaling 1423 metres, were completed at the Swift porphyry target with some encouraging results. These holes tested soil and resistivity anomalies over a 1 km2 area. Spacing between drill hole collars ranges from 350 metres to 900 metres.
The 2014 drill program encountered numerous zones of precious metal mineralization which include 23.4 g/t gold, 0.621% copper and 435 g/t silver over 1.5 metre and an adjacent 2 metre interval grading 5.69 g/t gold, 0.128% copper and 26.6 g/t silver from hole SK14-002. The high-grade gold-silver vein intercepts warrant further exploration and follow-up, as the primary exploration objective to-date has only focused on the large-scale copper-gold porphyry potential of the Swift target. The two zones associated with the high-grade precious metals include 20-40cm wide pyrite-pyrrhotite-chalcopyrite veins at the contact between andesite and a diorite intrusive and sit within a much broader zone of elevated copper mineralization (>100ppm Cu) with zones of strongly anomalous gold and silver. The interval in SK14-002 from 179.5 to 181m has associated polymetallic mineralization including 0.6% lead. This polymetallic mineralization may be an indication of a porphyry transitional environment.
Drill holes SK14-001 and SK14-003 did not intersect significant copper or gold values, however hydrothermal alteration in the form of chlorite, epidote, calcite, pyrite and magnetite were intercepted in both holes. In addition, indicators of porphyry–style mineralization have been intersected, including zones of potassic alteration (biotite and magnetite) in SK14-002, SK14-004 and SK14-005. The results support Riverside’s belief that there is a hydrothermal system associated with porphyry Cu-Au at Swift. These results are being evaluated along with property-scale targets to determine the next phase of work.
The Company also stated that the drill results are positive in finding gold mineralization and alkalic porphyry Cu-Au style alteration. Further work may expand these mineralized widths and over a half dozen targets remain to be tested on the property.
Highlighted drill results are summarized in the table below:
Reported intervals are core lengths, true widths undetermined.
*Gold Equivalent calculation, Au Eq =(Au g/t + ((Cu grade x Cu price)+(Ag grade x Ag price))/(Au price), was used with $1,144 gold, $15.42 silver and $3.03 copper.
Rock samples were prepared for assay at AGAT Labs in Burnaby, BC and analyzed for multiple elements at AGAT Labs in Mississauga, Ontario. Accuracy of results is tested through the systematic inclusion of standards, blanks and duplicates.
Figure: Drill hole locations, airborne resistivity and copper soil anomalies at the Swift Katie Project
This work was conducted as part of the 2014 Option agreement on the Swift Katie property which is incorporated in Riverside’s exploration alliance (the “Alliance”) with a wholly-owned subsidiary of Antofagasta plc. Under the terms of the Option, the Alliance can acquire an 80% interest in the Property by incurring cumulative exploration expenditures of $5 million over a 4 year period at which time it will have earned its interest in the Project to be further developed as a joint venture with Valterra holding the remaining 20% working interest.
For complete agreement details please view Valterra’s press release dated October 31, 2013.
Valterra reports the results of its 2014 Annual General Meeting held on October 22, 2014. All ordinary resolutions placed before the meeting were passed. Shareholders re-elected Lawrence Page, Q.C., Edward Odishaw, Barry Schindel and Brian McGrath as directors of the Company for the ensuing year. Smythe Ratcliffe LLP, Chartered Accountants were reappointed as auditors of Valterra and the Company’s rolling stock option plan was approved. The directors subsequently reappointed Lawrence Page as President, Graham Thatcher as Chief Financial Officer and Arie Page as Corporate Secretary.
The Company also announces that it has entered into a guarantee extension agreement with a guarantor for the Company’s indebtedness under a bank credit facility. Pursuant to this agreement, Valterra will issue the guarantor 350,000 units as consideration for the extension of such guarantee. Each unit is comprised of one common share and one share purchase warrant, with each warrant exercisable to purchase one common share at a price of $0.05 for a period of 4 years. The guarantee extension agreement is subject to TSX Venture Exchange acceptance.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra’s mineral properties located in British Columbia and Ontario. Valterra is focused on early stage properties with the potential to host large deposits, in regions with excellent infrastructure. Over the last several years, Valterra has acquired and is exploring several key projects including “Swift Katie” and “Bobcaygeon” which are located near roads, rail, power, and resource communities in Canada.
Robert Macdonald, MSc., P.Geo., is the a non-independent Qualified Person for Valterra Resource Corporation responsible for reviewing and approving the technical content presented in this release.
On behalf of the Board of Directors,
Lawrence Page Q.C., President, Valterra Resource Corporation
For further information, please visit Valterra’s website at valterraresource.com or contact Valterra at 604.684.9384 or by email at email@example.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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.