Valterra Provides Update on Pilar Gold
December 13, 2021
Valterra Resource Corporation (“Valterra” or “the Company”) has received an update from management of Pilar Gold Inc. (“Pilar Gold”) on its drill program at the Sertão mine and current financing. Valterra has a $2.4M equity investment in Pilar Gold following the sale to Pilar Gold of its Brazilian assets, including Poconé Mining Mineração Ltda (“PMM”), which held a 100% interest in the Lima gold property and a binding agreement to purchase a 100% interest in the Livramento gold property, both located in the Poconé Mining District, Brazil.
Pilar Gold management states, “Recent results from our Sertão drill program are very encouraging, strengthening our theory on the continuation of the high-grade ore body running west from the original Troy Resources open pit (mined at average 29 g/t over three years).”
Further, management reports that drilling has intersected bonanza grades at Sertão’s Nilsson Reef
* Sertão drilling at Stage 4 returned 0.5m @ 208 g/t from 128m and 0.5m @74.8 g/t from 125m.
* Stage 5 drilling is well underway and showing encouraging results.
* Sertão was the highest grading lowest cost gold mine in the industry between 2003-2007 when Troy Resources mined 256,000 ounces at an average grade of 29 g/t open pit.
* Historical hole SRT001 intersected 2m @ 18.7 g/t from 541 metres ~1.2km to the west of the pit and illustrates the potential that the current program is drilling the same system. Pilar holds the land tenements for 5.9kms on trend to the west of the Sertão pit.
* Mining at Sertão is planned for 2H’22 and will be trucked to the Pilar mill for processing.
* Plans are in place to accelerate drilling at Sertão with a second drill rig to be added in February 2022.
About Pilar Gold Inc.
Pilar Gold Inc. is a Canadian gold mining company focused entirely on Brazil. On 16 April 2021, Pilar Gold acquired the Pilar gold mine in the central Brazilian state of Goiás from Equinox Gold Corp. With current production of approximately 40,000 ounces p.a. and significant growth potential, the Pilar gold mine is the flagship asset for Pilar Gold and a strong foundation for an emerging Brazil-focused gold company.
PMM will form the cornerstone for Pilar Gold’s operations in the prolific Poconé gold belt in the State of Mato Grosso, Brazil. With decades of hands-on experience in the Poconé region, Pilar Gold’s management team intends to develop PMM into a successful regional gold producer.
Pilar Gold Inc. is a private Canadian company with plans to seek a public listing later this year.(1)
- Listing of Pilar Gold Inc. is subject to the approval of the applicable stock exchange. There is no guarantee that Pilar Gold Inc. will receive approval for such listing.
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 Mexico. Valterra is advancing its early-stage properties that have the potential to host large deposits in regions with excellent infrastructure. Valterra owns a 100% interest in the Swift-Katie copper gold porphyry property in British Columbia and has an option to earn a 100% interest in the Los Reyes copper-gold property in Mexico.
On behalf of the Board of Directors,
Lawrence Page Q.C., President, Valterra Resource Corporation
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.