VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2016) - Valterra Resource Corporation ("Valterra") (TSX VENTURE:VQA)(FRANKFURT:3VA) plans to sell 10,000,000 Units in a Flow-through private placement at a price of $0.05 per Unit ("FT Unit") to raise $500,000. Each FT Unit consists of one flow-through common share and one half share purchase warrant, with each whole warrant exercisable to purchase one non-flow-through common share at an exercise price of $0.10 per share for a period of five years.
Finders' fees and commissions may be paid by Valterra in relation to this issuance. Valterra will make provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional Units beyond the number of Units in these Offerings.
Net proceeds from the private placement will be used to fund costs associated with exploration on Valterra's 100% owned Swift Katie Project in southeastern British Columbia near Salmo. The proposed exploration program, will consist of up to 2500 metres of drilling in eight to twelve core holes which will target offsets of high-grade gold intercepts from 2014 drilling on the Project which returned a 3.5m interval averaging 13.3g/t gold, 201g/t silver and 0.33% copper in hole SK14-002.
Contracts have been finalized and drilling is scheduled to begin in mid-October upon receipt of final permits. An initial phase of surface reconnaissance was recently completed on the Project which evaluated six target areas and collected rock chip and soil samples which have been submitted for analyses. Assays are pending.
The Swift Katie Property
The Swift Katie Project consists of 19 contiguous MTO mineral claims, covering over 80 square kilometres within a geologically favorable and highly metallogenic area of B.C. that historically has hosted several important mining camps. Drilling to date on the Katie zone has identified three accumulations of semi continuous Cu-Au mineralization over a 1,800m cumulative strike length. Initial work by Valterra has identified eight infill holes totaling 2,600m which, when completed, would significantly enhance both the size and continuity of the mineralized zone. Widespread Cu-in-soil anomalies suggest several additional untested targets.
Drilling on the property in 2014 focused on the southern and more gold-enriched "Swift" portion of the claims and returned a 3.5m interval of 13.3g/t gold, 201g/t silver and 0.33% copper, within hole SK14-002.
The high-grade gold-silver vein intercepts at the Swift target warrant further exploration and follow-up, as previous work on the zone focused primarily on the large-scale copper-gold porphyry potential. Gold mineralization at Swift is associated with pyrite-pyrrhotite-chalcopyrite veins at the contact between an andesite volcanic unit and a diorite intrusive, and is located within a much broader zone containing elevated copper and lead. The package may reflect a transitional environment from a porphyry to an epithermal system and exhibits some similarity to styles of mineralization identified in the historic Rossland Mining Camp (Past Production: 2.7 M oz/Au; 3.4 M oz/Ag and 120 Mlbs Cu) located just 25km to the west of the property.
Exploration results to date support the Company's belief of a widespread gold-enriched, transitional-epithermal system at the Swift target and a large alkali porphyry system at the Katie target. Further work will be designed to continue to expand the known mineral systems and over a half dozen targets which remain to be tested on the Project.
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 property located in British Columbia. Valterra is focused on early stage properties with the potential to host large deposits, in regions with excellent infrastructure.
Robert Macdonald, MSc. P.Geo., is the non-independent Qualified Person for Valterra Resource Corporation responsible for reviewing and approving the technical content 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 applicable law.