Valterra Acquires the Toughnut Property in South-eastern BC
March 18, 2009
Valterra Resource Corporation announced today that the company has entered into an exclusive option agreement to acquire a 100% interest (subject to a 2% NSR) in the 1,010 hectare, gold-silver-copper-lead-zinc Toughnut Property located in south-eastern British Columbia (see attached location map). To acquire the property, the company must, on an aggregate-basis, pay CDN$ 200,000.00, issue 400,000 common shares, and incur CDN$ 1.25 million dollars of exploration expenditures over a five-year period.
The Toughnut property, consisting of a group of nine mineral claims and one Crown-granted claim, is situated six kilometres due southwest of the City of Nelson (pop. 10,000), and is well positioned with respect to infrastructure, access and services. The Toughnut property adjoins Valterra’s Star Project to the immediate southeast, and the company now controls over 1,375 hectares within a metallogenic-enriched belt hosting several past producers. In January, Valterra announced the results of a six hole diamond drill program conducted in 2008 at the adjacent Star Project, highlighted by an Alma N zone intercept of 18.77 g/t Au and 11.55 g/t Ag over 4.0 metres (see NR-01-09).
The Toughnut property is underlain by Early Jurassic Upper Elise Formation Rossland Group volcanics that are cut by the Middle Jurassic Silver King intrusions. These structurally controlled units are deformed by the regionally prominent Silver King shear zone that is up to two kilometres wide and forms the core of the Hall Creek syncline.
The Toughnut vein occurrence was first discovered in the late 1880s and developed locally by underground workings during 1890-91. This region of the province is historically significant. The nearby Silver King Mine, located 3.5 kilometres to the southeast of the property, was British Columbia’s first operating lode mine beginning ca. 1888. The Silver King produced 4.4 million ounces of silver and coupled with the million ounce gold mining camps at Rossland and Sheep Creek/Ymir formed one of the most prolific mining districts in the Province.
More recent exploration at the Toughnut, during the 1980s and 1990s, expanded the exploration target model to also include more porphyry-related mineralized zones and volcanogenic-hosted massive sulphide targets (VHMS). Exploratory work during this time included numerous soil-rock and trench sampling programs, ground-geophysics, and the diamond drilling of six holes totalling 1,531 metres by Pacific Sentinel Gold Corp. (a Hunter Dickinson company). The multi-faceted work program successfully outlined an anomalous zone of coincident gold-in-soil and high chargeability IP geophysics over an area of approximately 50 hectares. Furthermore, the historical drilling, while limited predominantly to a confined surface area of approximately 200m2, was successful in outlining several broad gold-silver sulphide-associated zones hosted in altered volcanics. One of the best assay intervals calculated from the historic data includes a 24.66 metre intercept that graded 1.57 g/t Au and 1.26 g/t Ag in hole GWS-90-18. Select historical results from the 1990 drilling program on the Toughnut occurrence are tabulated below. The broad zones of mineralization remain open for expansion through further drilling.
Table of Select Historical Diamond Drill Assay Composites for the Toughnut Project
2009 Toughnut Project Exploration Plan
Valterra is currently evaluating the present data set and is actively planning for future exploratory work on the Toughnut Project in 2009. Approximately 1,500 metres of diamond drilling is anticipated; targeting the open-ended main occurrence region where prioritization of the drill targets is ongoing.
Valterra is a Manex Resource Group Company with a primary focus on exploration of mineral properties in the Kootenay Region of south-eastern British Columbia. In 2008, the Company diamond drill tested both the Star Project, located southwest of the City of Nelson, and the Swift Katie Project situated near the village of Salmo (see NR-01-09 and NR-02-09).
Brian McGrath (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors,
“Lawrence Page, Q.C.”
Lawrence Page, Q.C., President, Director,
Valterra Resource Corporation
For further information visit the company’s website at www.valterraresource.com or please contact Jay Oness at 604-684-9384 or firstname.lastname@example.org.
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. Valterra Resource Corporation relies upon litigation protection for forward looking statements.