Valterra Resource Corporation ("Valterra") reported today that Optionee, Riverside Resources Inc., has mobilized crews and commenced drilling on the Swift Katie project in southeastern BC.
Drilling will focus on the newly identified "Swift" porphyry target. Historic drilling in the Swift area targeted precious metal veins, but Swift has never been explored as a porphyry copper target. During 2013 and 2014, Riverside completed a soil sampling program, identifying geochemical anomalies (copper, gold, silver and potassium) within anomalous resistivity and magnetic signatures. These geophysical and geochemical anomalies are coincident with host rocks which are of a prospective age and lithology for hosting mineralization. The Swift target lies immediately south of the Katie deposit which hosts alkalic porphyry copper-gold mineralization. Alkalic porphyry mineralization commonly occurs in clusters, thus the Swift area presents a compelling new target.
The 1,150-metre reconnaissance diamond drilling program is now underway, testing targets within a 2km by 2km multi-element set of soil anomalies coincident with a circular low resistivity feature, suggestive of porphyry-style alteration. The program will consist of 4 drill holes, drilled to a depth of at least 275m, and are designed to prove that porphyry-style mineralization and alteration at the Swift target does exist at depth. Confirmation of a porphyry system would encourage a follow-up phase of exploration and likely further drilling. Results will be released once all assays have been received and interpreted.
President Lawrence Page commented: "As a junior explorer we have consolidated the property and developed it to the extent where it can now benefit from the science, experience and financial capability of our Optionee, the Riverside Alliance. We are very pleased to rely on the Alliance to continue with the development of this excellent property while we focus upon the development of our Bobcaygeon Graphite property in the prolific graphite belt of Ontario and Quebec".
The work will be 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.
An image is available at the following address: http://media3.marketwire.com/docs/965458e.pdf
Swift Katie Property Details
The Property is located within the well-mineralized Quesnel Terrane, in a geologically favourable area of British Columbia that historically has hosted several important mining camps. Three mineral showings are located within the property and for many years were explored separately in claims with different ownership; the claims were amalgamated into a single property for the first time under Valterra. There have been numerous geological, geochemical and geophysical surveys completed on the property with some of the most significant work funded by subsidiaries of Noranda and Falconbridge in the 1980s-90s. These programs identified several exploration targets, with the most advanced prospect being the Katie deposit, an alkalic copper-gold porphyry deposit which has been tested by 71 shallow drillholes to date and remains open in several directions. Historic drilling at the Katie occurrence covers an approximately 2.5km x 1.75km area with several untested soil, IP, magnetic and resistivity anomalies in close proximity to known mineralization.
At a district scale, the property covers an 11km by 3km trend, as seen in airborne magnetics, that remains virtually unexplored (outside of the Katie occurrence) for copper-porphyry targets to date and represents significant exploration upside and potential for new discoveries. The Property is located in an infrastructure-rich area of southern BC (roads, rail, power, and proximity to the Trail smelter), where a milder climate allows for a long field season, extensive road networks allow for low-cost exploration.
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 reviewing and approving of the technical information presented in this release.
On behalf of the Board of Directors,
Lawrence Page Q.C., President, Valterra Resource Corporation
Source: http://www.valterraresource.com/