Valterra and Riverside Execute Definitive Agreement on Swift Katie Option;
Outline Exploration Plans
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/03/14 --
Valterra Resource Corporation ("Valterra") (TSX VENTURE:
VQA)(FRANKFURT: 3VA) reported today that it has executed a Definitive
Option Agreement with Riverside Resources (BC) Inc. ("Riverside") for
exploration and development of the Swift Katie Project in southeast
British Columbia. This agreement will be undertaken as part of
Riverside's exploration alliance (the "Alliance") with a wholly-owned
subsidiary of Antofagasta plc. Swift Katie is an 80km2 advanced
copper-gold-silver porphyry property located seven kilometres
southwest of the town of Salmo, BC, in the Nelson Mining District.
The Property has approximately 80 drill holes, completed between 1987
and 2010 of which the majority were drilled to define the Katie
copper-gold porphyry deposit; the Katie deposit to date has been
tested over a 2.5km by 1.5km area but remains open in several
An initial $600,000 has been budgeted for a summer 2014 exploration
program, which will include mapping, prospecting, soil sampling and
follow-up diamond drill testing of highly prospective areas within a
3km by 11km corridor of favourable geology, geochemistry and
geophysics. The program will be designed to evaluate, delineate and
test copper-gold porphyry targets outside historically defined zones.
Encouraging results obtained from due diligence work completed by
Riverside in the fall of 2013 identified a new, high priority target
2km south of the historically defined Katie copper-gold porphyry
deposit. The newly identified "Swift" porphyry target is
characterized by a 2km by 2km multi-element soil anomaly underlain by
a favourable geophysical signature; this forested area has limited
outcrop but porphyritic intrusive rocks and altered volcanic rocks
were recognized by Riverside geologists within and adjacent to the
target area. The program will aim to discover through drilling and
geochemistry on new areas of copper-porphyry mineralization moving
towards an aggressive Year 2 exploration program in 2015.
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% interest.
For complete agreement details please view Valterra's press release
dated October 31, 2013.
Swift Katie Property Details
The Property is underlain by the prolific Quesnel Terrane, within a
geologically favourable and highly metallogenic 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, and is
situated in a favourable region of the province that has a strong
community of knowledgeable and experienced people on which to draw.
President Lawrence Page commented, "As a junior exploration company
we developed Swift Katie to a point where it may be further developed
utilizing the experience and financial capability of the Riverside
exploration alliance while our Company focuses its efforts on
development of our Bobcaygeon Graphite property in Ontario to become
a significant force in the Graphite sector."
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, M.Sc., P.Geo., is the Qualified Person responsible
for reviewing 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
Valterra Resource Corporation
1.888.456.1112 or 604.684.9384
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