Valterra Resource, a Manex Resource Group Company, has signed an option deal to acquire a 100% stake in the Bobcaygeon Graphite Property located in Southern Ontario.
Two grab assays of 51.98% and 66.15% Cg (Total Graphite) were obtained from bulk-sampling of the property’s trenching. The property vendor performed the sampling work and Valterra’s staff performed additional sampling work. Assay results are still pending.
The property is situated north of Toronto and proximal to power, transport, and other services. It covers more than 55 sq. km of leases, claims and private patents, and includes staked claims to enclose key mineral features and trends.
In terms of geological aspects, the property is aptly located on the Precambrian Grenville Province border and the Paleozoic Lowlands creating a potential setting for possible graphitic deposits. In 2003, graphite was initially discovered on the Bobcaygeon property during a trenching campaign that concentrated on other commodities. Within calcitic marbles, the graphite veins occur west of a syenitic amphibolite unit and this contact can be traced to 10 to 12 km.
This year, the company has planned to carry out a gridding and geophysical survey along the core trench area to identify conductive bodies and zones which could be related to graphite. The company also intends to perform trenching, sampling, and diamond drilling activities.
Q. C., Chairman, Lawrence Page stated that the option to acquire the Bobcaygeon Graphite Property is the starting step of the company to buy and upgrade properties with mineral inventories that are in huge demand.