Valterra Completes Year 1 Option Payments for Bobcaygeon Property and Discusses 2014 Phased Exploration Program
April 16 2014 - 8:30AM
Marketwired
Valterra Completes Year 1 Option Payments for Bobcaygeon Property
and Discusses 2014 Phased Exploration Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 16, 2014) -
Valterra Resource Corporation ("Valterra" or the "Company")
(TSX-VENTURE:VQA) (FRANKFURT:3VA) (reported today that it has paid
the cash consideration and issued the share consideration for the
earn-in requirement on the Bobcaygeon Graphite property which is
now in good standing until December 2014. Since acquisition of the
option Valterra has spent approximately $450,000 on exploration and
development of the extensive claim block comprising some 190 square
kilometres of mining claims, leases and graphite rights on patented
land located near the town of Bobcaygeon, southern Ontario.
The Company plans, subject to completion of equity funding, a
multi-faceted exploration program which includes further drill
testing, surface trenching and sampling toward the development of a
mineral resource on the project. An initial program comprising up
to 1500 metres of drilling and eight to ten trenches is planned for
spring and summer 2014.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/940035a.pdf
Bobcaygeon
Project
The Bobcaygeon Graphite Property consists of a series of
parallel graphitic zones measuring from 1.0 metre to +100 metres
wide which can be traced locally for up to 2000 metres in strike
length. At least six flake graphite-bearing zones have been located
on surface and numerous other targets are indicated over a +24km
strike-length; all of which require further definition before the
full potential of the project can be determined. The project is
favorably situated in Precambrian calcitic marble of the Grenville
Province with four past producing flake-graphite mines located to
the northeast of the property and within the same geological
belt.
Previous work on the project included: reconnaissance mapping
and prospecting; backhoe excavator trenching; diamond drilling;
surface geophysics; and whole rock/multi-element analyses. Sampling
has identified extensive areas of anomalous to high-grade graphite
throughout the property.
Table 1: Select graphite assay results from 2013 sampling on the
Bobcaygeon project
Sample # |
|
Type |
|
Width |
|
Description |
|
Cg (%) |
Main Zone |
|
|
|
|
|
|
|
|
960540 |
|
Channel |
|
1.5m |
|
Graphite Lenses in Marble |
|
36.8 |
960541 |
|
Channel |
|
1.4m |
|
Graphite Lenses in Marble |
|
20.2 |
960061 |
|
Channel |
|
0.7m |
|
Graphite + Quartz in Marble |
|
14.6 |
960542 |
|
Channel |
|
0.5m |
|
Graphite in Amphibolite Gneiss |
|
8.7 |
960513 |
|
Grab |
|
0.3m |
|
Quartz vein with coarse graphite |
|
7.8 |
Salerno Zone |
|
|
|
|
|
|
|
|
960685 |
|
Chip/Grab |
|
0.1m |
|
Graphite Seam in Calcitic Marble |
|
28.1 |
960678 |
|
Chip |
|
1.5m |
|
Graphite Layers in Calcitic Marble |
|
15.7 |
960683 |
|
Chip |
|
0.6m |
|
Graphite Seams in Calcitic Marble |
|
8.5 |
960679 |
|
Chip |
|
1.2m |
|
Graphite Layers in Calcitic Marble |
|
7.2 |
960709 |
|
Channel |
|
1.7m |
|
Graphite Layers in Calcitic Marble |
|
5.7 |
4South Zone |
|
|
|
|
|
|
|
|
960701 |
|
Channel |
|
1.2m |
|
Mineralized Amphibolite Gneiss |
|
2.4 |
960703 |
|
Channel |
|
1.2m |
|
Mineralized Amphibolite Gneiss |
|
2.4 |
960702 |
|
Channel |
|
1.0m |
|
Mineralized Amphibolite Gneiss |
|
2.1 |
960668 |
|
Chip |
|
1.3m |
|
Amphibolite Gneiss |
|
2.0 |
Corridor Zone |
|
|
|
|
|
|
|
|
960677 |
|
Grab |
|
0.3m |
|
Amphibolite Gneiss/Marble Contact |
|
2.5 |
960528 |
|
Grab |
|
0.3m |
|
Graphite in Amphibolite Gneiss |
|
2.2 |
960530 |
|
Chip |
|
1.0m |
|
Graphite in Gneiss/Marble |
|
2.1 |
Crystal Zone |
|
|
|
|
|
|
|
|
960671 |
|
Chip |
|
3.0m |
|
Mineralized Amphibolite Gneiss |
|
2.3 |
960715 |
|
Channel |
|
2.0m |
|
Gneissose Marble |
|
1.8 |
High-grade graphite horizons (+5% Cg) occur at both the
Discovery and Salerno zones. Trenching at the Discovery zone has
uncovered a high-grade vein which returned graphite values of 36.8%
Cg over 1.5m, 20.2% Cg over 1.4m, 14.6% Cg over 0.7m. Sampling and
mapping has extended the projection of the Discovery zone
mineralization to over 600 metres and now defines a priority drill
target that is supported by recent EM and IP/Res geophysics on the
property.
Historic drilling in the 1990's at the Salerno zone (for zinc)
identified graphite-bearing stratigraphy over a +2km strike length.
Mapping in the area has identified two different graphite horizons
and sampling has confirmed the high-grade potential of this newly
developed occurrence. Current planning would test a +4km cumulative
strike-length of the target area.
Further regional work including mapping, prospecting and
trenching is planned to delineate the full extent of the graphitic
stratigraphy throughout the property.
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 Qualified Person
responsible for the preparation and review of the technical
information presented in this release.
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.
Valterra Resource Corporation1.888.456.1112 or
604.684.9384info@mnxltd.comwww.valterraresource.com
Valterra Resource (TSXV:VQA)
Historical Stock Chart
From Jul 2024 to Aug 2024
Valterra Resource (TSXV:VQA)
Historical Stock Chart
From Aug 2023 to Aug 2024