Valterra Identifies Two New Gold Zones on Swift Target in 2017 Drilling
September 7, 2017
Valterra Resource Corporation (“Valterra”; VQA – TSX.V) reported today on results from the 2017 diamond drill program on the Swift Katie property which successfully identified two shallow mineralized gold zones along the target structure in Swift zone.
Highlights from the drill program include:
- a 0.8 metre downhole interval averaging 30.9g/t Au and 17.8g/t Ag within a broader 2.5 metre downhole interval averaging 11.5g/t Au and 6.7 g/t Ag from hole SK17-015;
- an additional 22.6 metre downhole interval averaging 1.1g/t Au and 0.5g/t Ag from hole SK17-015; and
- a 1.4 metre interval averaging 9.7g/t Au and 7.6g/t Ag within a broader 8.6 metre interval averaging 3.1g/t Au and 2.0g/t Ag from hole SK17-019.
Higher grade gold values were returned from quartz veins and silicified intervals within a strongly foliated and quartz-carbonate-altered volcanic rock which can form zones several 10’s of metres thick in any given drill hole. Alteration appears largely structurally controlled and forms an anastomosing network of northeast-striking shear zones that dip moderately to the southeast.
Gold mineralization has been intersected in relatively shallow drilling (<200 metres depth) with the thickness of some intercepts, particularly in hole SK17-015 comparable to mineralized intervals at Prize Mining’s Kena Gold Project, located 30 kilometres to the Northeast, which is currently modelled as a bulk-tonnage porphyry gold target.
Drilling tested three areas along an approximate 1000 metre strike length of the target structure which had been previously traced by a combination of surface rock and soil sampling, historical trenching and several short diamond drill holes from the 1980’s and most recently by Valterra in 2016. Only part of the full strike-length of the structural target has been drill tested; several additional target areas have been prioritized for testing in future programs.
The current drill program successfully confirmed high-grade gold mineralization in two locations along the tested strike-length of the target structure and returned a significant cumulative thickness of +1g/t Au mineralization in hole SK17-015. Both gold-enriched areas are open along strike and down dip and require additional drill testing.
Figure 1: 2017 Plan Map of the Swift target area showing drill hole distribution
Samples were analyzed by FA/ICP-ES for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. Gold composites calculated using a 0.3g/t Au cut-off and <20% internal dilution, except where noted. Reported intervals are core lengths, true widths undetermined. Accuracy of results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates into the sample stream.
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.
Historically the property was explored as two separate mineralizing systems with the northern claims hosting the Katie Cu-Au porphyry target and southern claims hosting the Swift Au-Ag vein targets.
Drilling to date on the Katie zone has identified three accumulations of semi continuous Cu-Au mineralization over a 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.
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.