Valterra Discovers New +1km-Long Graphite Trend at Bobcaygeon
Valterra Discovers New +1km-Long Graphite Trend at Bobcaygeon
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/02/13 -- Valterra Resource Corporation (TSX VENTURE:VQA)(FRANKFURT:3VA) reports that a new +1km-long, NE-trending series of anomalous graphite samples, recently compiled from the Bobcaygeon Graphite Project in Southern Ontario, defines an open-ended, graphite-enriched corridor located approximately 1.5km north of the Discovery Zone (to see compilation map please click the following link: http://media3.marketwire.com/docs/ValtMap52.pdf).
In November 2012, a total of 67 surface grab/chip samples were collected and sent to Activation Labs for analysis. Results showed that 19% (13) of the samples returned values greater than 1% Cg. Minimal reconnaissance sampling was conducted from a variety of host units contained within two kilometres of the main zone. This area represents only a small fraction of the +160 sq. km property package, which remains largely unexplored. Parameters such as the average grade, distribution and dimensions of the 'Corridor Zone' are currently undefined and therefore represent a high-priority target area for follow-up.
Table 1: Select Highlights of Surface Reconnaissance Sampling (1)
--------------------------------------------------------------------------- SampleNo Type Unit Description Cg% --------------------------------------------------------------------------- 960501 Grab Graphite in Amphibolite Gneiss 1.06 960504 3m Chip Iron Formation 1.46 960508 Grab Graphite Seams in Marble 1.74 960513 Grab Coarse Graphite Seams + Quartz Vein 7.76 960514 50cm Chip Sulphide Chert Iron Formation 1.76 960515 50cm Chip Chert Iron Formation + Amphibolite Gneiss 1.46 960517 2m Chip Iron Formation/Amphibolite Gneiss 1.08 960518 Grab Graphite Veins in Rusty Amphibolite 1.51 960526 Grab Iron Formation/Gabbro + Amphibolite Gneiss 1.64 960528 Grab Graphite Seams in Amphibolite/Marble 2.24 960529 Grab Graphite Seams in Rusty Marble 1.75 960530 1m Chip Graphitic Marble/Iron Formation Contact 2.13 960063 Grab Graphitic Seams and Rusty Syenite Marble 1.12 ---------------------------------------------------------------------------
The graphite occurrences discovered to date appear to be largely hosted within contact zones of Precambrian-aged metasedimentary rocks of the Grenville geological province, where most of the major Canadian graphite deposits occur.
Several geological units and features in the vicinity of the Discovery Zone have been outlined by Valterra in recent prospecting, trenching, geophysics and diamond drilling campaigns. Preliminary interpretation of the high-grade, near surface drill results (6.36% Cg over 3.38m; including 31.90% Cg over 0.53m in hole BOB13-004, see NR-08-13) suggest that the target graphite horizon may be flat-lying or gently undulating; or that multiple target horizons exist in this area. Coupled with the recent ground-geophysical signatures and prospecting anomalies, there are now numerous targets to be explored in 2013. Valterra is planning to conduct additional drilling, geophysics and prospecting in the area near the Discovery Zone and regionally within the district-scaled property.
Chairman Lawrence Page commented, "We are very pleased by the discovery of a new graphite trend on our Bobcaygeon property. Our exploration program has identified good grades of graphite from our initial drilling and sampling programs, we've extracted very high purity graphite from our samples, and now have discovered a new trend which could indicate a large graphite zone. These three elements: grade, purity and size, are the hallmarks of a successful graphite property. As well, given that we have only begun exploring on a small portion of our 160km+ property, which is centrally located close to necessary infrastructure in mining friendly Ontario; we are very encouraged by the prospects of our Bobycageon project."
In other news, Valterra is pleased to announce that Courtney Shearer has been appointed a director of Valterra and will serve as the Chair of the Audit Committee. Mr. Shearer has resigned as Vice President of the company.
Valterra also reports that it has entered into a guarantee extension agreement with a guarantor for the company's indebtedness under a bank credit facility. Pursuant to this agreement, Valterra will issue the guarantor 100,000 common shares as consideration for the extension of such guarantee. The guarantee extension agreement is subject to TSX Venture Exchange acceptance.
Graphite is a naturally occurring form of carbon with wide-ranging and unique physical properties. It is an excellent conductor of heat and electricity and has outstanding lubrication properties and is very resistant to chemical corrosion. Graphene is derived from graphite and is one of the strongest and lightest known substances, with a tensile strength 200 times the strength of steel. The industrial development of graphene is at an early stage but will eventually become a replacement for several expensive electronic components such as silicon semi-conductors. Graphite occurs naturally as - vein, flake, and amorphous where the highest quality product can command prices in excess of $2,000 per tonne. In pricing graphite, the flake size and purity are key factors with the large flake at +0.178mm and purity at +99% C (g) commanding the highest prices in markets dominated by multi-national eco-automobile manufacturers, high-tech industries and nuclear energy companies. Recent pricing and demand increases have accelerated numerous exploration and investment opportunities in the graphite market.
The Province of Ontario is an excellent locale to explore owing to superior geology, geoscience knowledge, infrastructure, political stability and tax incentives. Several projects are advancing in the graphite field including Northern Graphite Corporation, Zenyatta Ventures Inc. and Ontario Graphite Ltd.
About Valterra Resource Corporation
Valterra is focussed on graphite, gold, copper and silver properties in Canada 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 "Bobcaygeon", "Star-Toughnut" and "Swift Katie". The Bobcaygeon property covers an area of over 160 sq. km in Southern Ontario, and is hosted in rocks of the Grenville geological province where most of the known significant graphite deposits occur. The "Star-Toughnut" and "Swift Katie" projects are Au-Cu-Ag properties with bulk tonnage potential in south-eastern BC.
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate development services for Valterra's mineral properties.
Brian McGrath, P.Geo., is the Qualified Person responsible for reviewing the technical information presented in this release.
On behalf of the Board of Directors,
Frederick Sveinson, President, Valterra Resource Corporation
(1) Graphite assayed at Activation Laboratories Ltd. of Ancaster ON
This news release may contain forward-looking statements including but not limited t o 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.
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Contacts: Valterra Resource Corporation Liana Shahinian 1.888.456.1112 or 604.641.2773 email@example.com www.valterraresource.com