Valterra Drills 0.96 g/t Au over 6.6 metres at Swift; Announces 2017 Plans
February 9, 2017
Valterra Resource Corporation (“Valterra”) reported today results from a recently conducted exploration program on the wholly-owned Swift Katie project in SE BC near Salmo. Six NQ2-sized diamond drill holes, totaling 1,954m, were completed at the Swift Zone in December 2016 on two high priority targets. The drill targets were prioritized from a series of gold anomalies identified from an earlier infill soils and reconnaissance rock sampling program which re-evaluated prospects from historical 1980s work and 2014 drilling.
The 2016 drill program highlights includes two near-surface zones from hole SK16-011, drilled adjacent to historical collar 87-6, and returned as follows:
- 0.96g/t Au & 0.6g/t Ag over 6.6m from 41.0-47.6m
- Including 2.33g/t Au & 1.2g/t Ag over 1.4m
- 0.95g/t Au & 1.8g/t Ag over 2.5m from 50.9-53.5m
Reported intervals are core lengths, true widths undetermined. Core samples were prepared and analyzed at Bureau Veritas Labs in Vancouver BC. Accuracy of results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates. For a map of drill locations please visit Valterra’s website at valterraresource.com.
The mineralized intervals in SK16-011 are found within a broader +80 metre downhole zone of strongly foliated and quartz-carbonate-altered volcanic rock, and tested the target structure approximately 30 metres down-dip and to the southeast of historical drilling in the area. Historical drill results include*:
- 10m averaging 1.83g/t Au from hole 87-6, including 2.0m grading 5.15g/t Au;
- 1.5m grading 1.43g/t Au from hole 87-7; and
- 3.6m averaging 1.27g/t Au from hole 87-8.
* Historical assay results have not been verified by Valterra and should not be relied upon as such.
The gold zone in hole SK16-011 crops out on surface and was one of two main areas, approximately 600 metres apart, targeted with surface rock, trenching and drilling by Falconbridge Mines in the late 1980’s. Mineralized outcrop with strong quartz-sericite-carbonate alteration extends beyond these two areas, and forms a NE-SW trending zone measuring approximately 2,500m long which has been partially traced and confirmed by Valterra personnel.
Historical mapping of the zone reported variable gold-bearing quartz + quartz-carbonate veins within strongly propylitic and mixed areas of intense carbonate-silica-sericite and limonite alteration. Past work by Falconbridge includes soil sampling, prospecting, geophysics, over 30 mechanical trenches and eight widely-spaced diamond drill holes totaling 892m. The historical trenching identified five areas of strongly anomalous gold mineralization (>0.5g/t Au over +10 metres) with higher grade results of up to 8.5g/t Au and 100g/t Au which will be the continued focus of follow-up exploration on the property.
Rob Macdonald, General Manager of Exploration, said, “Surface work and drilling on the Swift Katie property in 2016 confirmed both the extent and tenor of this property-wide, large-scale mineralized structure and forms the basis for continued work on the property.”
2017 Swift Exploration Plan
The initial 2017 Phase I allocated budget for spring/summer mapping, soil sampling and drilling at Swift is approximately C$250,000. Currently, the priority drill targets are being optimized and the Company expects the majority of collars to focus on near-surface gold potential adjacent to hole SK16-011, and also on prospective areas along strike in the ‘Alteration Corridor’.
Valterra is currently funded to complete the proposed exploration work, permits with the BC regulatory agencies are in place and program planning activities are ongoing.
Exploration results to date support the Company’s belief of a widespread gold-enriched, vein system at the Swift target and a large alkali porphyry system at the Katie target. Further work will be designed to continue to expand the known mineral systems and evaluate several other targets which remain to be tested on the Project.
About The Swift Katie Property
The Swift Katie Project consists of 19 contiguous MTO mineral claims, covering over 83 square kilometres within a geologically favourable and highly metallogenic area of B.C. that historically has hosted several important mining camps.
Drilling to date on the Katie zone has identified three accumulations of semi continuous Cu-Au mineralization over an 1,800m cumulative strike length. Initial work by Valterra has identified eight infill holes totaling 2,600m which, when completed, should significantly enhance both the size and continuity of the mineralization. Widespread Cu-in-soil anomalies suggest several additional untested targets.
The Au-Ag zones at the Swift target warrant further exploration and follow-up, as previous work on the zone focused primarily on the large-scale copper-gold porphyry potential. Gold-silver mineralization at Swift is hosted in highly deformed and strongly altered volcaniclastic rocks of the prospective Elise Formation. The rock package may reflect a transitional environment from a porphyry to an epithermal system and exhibits some similarity to styles of mineralization identified in the historic Rossland Mining Camp (past production: 2.7M oz/Au; 3.4M oz/Ag and 120M lbs Cu) located just 25km to the west of the property.
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra’s mineral property located in British Columbia. Valterra is focused on early stage properties with the potential to host large deposits, in regions with excellent infrastructure.
Robert Macdonald, M.Sc. P.Geo., is the non-independent Qualified Person for Valterra 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
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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.