Valterra's 100%-owned porphyry/shear-hosted Cu-Au-Ag Swift Katie property is located 7km SW of the village of Salmo, BC. The large property consists of 19 contiguous MTO mineral claims in good-standing to 2025 that cover an area of +83 sq. km. The project benefits from an excellent infrastructure network of roads, rail, power, proximity to the Trail smelter and a skilled workforce (regional pop. >25,000).
Figure 1: Regional Infrastructure View larger image
Located in the Quesnellia Terrane of southern BC, the belt has hosted several past-producing mining camps such as Sheep Creek and Rossland (~3.0M oz. Au). Three main mineral showings - the Katie (or Jim), Swift (or Gus) and Ace in the Hole were explored separately in the 1980s by Noranda and Falconbridge. There’s been numerous geological, geochemical and geophysical surveys completed on the property which successfully identified several mineralized exploration targets resembling alkalic porphyry Cu-Au deposits (Katie), and more Au-Ag enriched vein and shear-hosted systems (Swift).
Figure 2: Regional Geology View larger image
Figure 3: Airborne Resistivity & Primary Target Zones
Swift Au-Ag-Cu Target Area
Host rocks for the Swift are foliated and sheared volcanic units of the Lower Jurassic Elise Fm. Gold is hosted in quartz and quartz-carbonate veins in strongly propylitized areas of mixed carbonate-silica-sericite and limonite alteration.
In November 2016, Valterra drilled adjacent to historical collar 87-6 targeting a near surface zone with hole SK16-011 and returned 0.96g/t Au over 6.6m. The overall 2016 program included the collection of 120 soils (up to 700ppb Au), 30 rock samples were assayed (up to 1.74g/t Au) and 6 NQ2-sized drill holes totalling 1,954m were completed on two priority areas at Swift (see Table 1). 2017 drilling followed up on this with 8 shallow, widely spaced NQ2 holes targeting the large gold-bearing alteration corridor that runs across the entire property. Assay results were encouraging, with several holes intersecting wide zones of gold mineralization (see table 1.)
Table 1: Select Swift Zone Drill Assay Results
Reported intervals are core lengths, true widths undetermined. 2016 Core samples were prepared and analyzed at Bureau Veritas Labs in Vancouver BC. 2017 Core samples were prepared and analyzed by MSA Labs in Langley, BC. Accuracy of results is tested through the systematic inclusion of QA/QC standards, blanks and duplicates. Historic results have not been verified by Valterra personnel and should be treated as such.
Figure 4: Plan Map of Drilling at the Swift Target SE BC View Larger Image
Katie Cu-Au Deposit Area
The Katie deposit is interpreted as an alkaline copper-gold porphyry system, with a potassic core surrounded by a broad propylitic zone. Potassic alteration corresponds to the elevated copper and gold values. Sulphide minerals include py and cpy with minor po, sph, tetra, bn and mo.
Drilling to date has identified three areas on the Katie claims of significant Cu-Au mineralization, defined in 72 drill holes, which when modelled form a semi-continuous +0.1% Cu grade shell over an 1,800m cumulative strike. An internal report by Micon Engineering has identified 8 infill holes totaling 2,600 metres designed to upgrade continuity within the mineralized zone toward building a compliant Cu-Au Mineral Resource on the property. Widespread Cu-in-soil anomalies suggest several additional untested targets.
Further exploration could see the rapid expansion of the Katie Cu-Au deposits on the property through offset drilling and on several additional targets throughout the property.
Figure 4: 3D Model - 0.1% Cu Shell @ Katie Deposit View larger image
Table 2: Select 2008 Diamond Drill Assay Composites @ Katie Main Zone
NQ Drill Core Selected From 2008 Katie Main Zone
Hole VKT08-064: Andesite Porphyry
0.23% Cu & 0.24 g/t Au over 1.98m
Hole VKT08-068: Sericitized Andesite + Quartz-Calcite Veins
0.40% Cu & 2.20 g/t Au over 1.90m
Epithermal Au-Ag Target – Swift Area: Gold-silver-polymetallic veins on the Swift target have seen sporadic exploration over the last 20 years. High-grade gold mineralization is hosted in quartz-sericite-pyrite-altered structures within a broad propylitic alteration halo. Gold is identified on surface and in drilling and is open on strike and at depth. Au-Cu deposits in the nearby Rossland district (~3.0Mozs production) may be a direct analogue.
Porphyry Cu-Au Target – Katie Area: three mineralized zones, the Katie Main, West and 17, are identified on the property; each only partially defined with significant exploration upside through offset drilling. Widespread Cu-in-soil anomalies suggest several additional untested targets property-wide.
Figure 5: Exploration Model - Au-Cu deposits in the nearby Rossland district (~3.0Mozs past production). Swift Katie may be a direct analogue to Au-Cu systems at Rossland.
2019/20 Exploration Plans
Exploration plans for 2019/20 consist of a $500,000 budget to aggresively advance the targets on the property to a preliminary resource stage and include:
- 3,000m of drilling to offset high-grade hits in holes SK17-015 and SK17-019 with the goal of delineating a gold resource.
- Ground follow-up of several promising exploration targets on the property with the goal of advancing them to a drill-ready state.
- Soil sampling across the alteration corridor at 25m spacing to help delineate the surface projection of high-grade gold.