VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Valterra Resource Corporation (CNSX:VTA)(FRANKFURT:3VA) ("Valterra" or the "Company") reported today that it expanded the Cu-Au porphyry/shear-hosted Swift Katie project claims by over 1,000 hectares to cover portions of a large airborne geophysical anomaly potentially related to buried porphyritic bodies or apophyses analogous to the Company's nearby Katie deposit. The project is located near Salmo BC and the two new claims overlie the central area of a 10 kilometre diameter annular feature as defined by a 1st Vertical Derivative airborne magnetic signature from a 1970s regional survey.
Collectively, the project now encompasses over 80 square kilometres and the associated rocks underlying the claim group include prospective volcano-sedimentary units assigned to the Rossland Group which hosts numerous precious-metal and polymetallic past-producers in this prolific belt.
Valterra has retained Micon International Limited of Vancouver to conduct a Phase I, in-house review of the current database for the Katie deposit which comprises over 45 drill holes, completed between 1987 and 2008. The drilling outlines a Cu-Au inventory measuring approximately 600 metres of strike length by 400 metres width, and up to 300 metres depth; being open in several directions. The Phase I work will include surveying of historic drill collars, an assessment of the historic QAQC protocols, and drill spacing.
Contingent on the results of Phase I work, the Phase II proposal includes provisions for developing a NI43-101 compliant bulk-tonnage Cu-Au resource. Initially, the Swift Katie was the Company's qualifying property, and a NI43-101 report dated July 2007 was authored by Price and Makepeace (available for viewing at www.sedar.com). Exploration planning for 2011 at Swift Katie is ongoing, and drilling at Valterra's Star Toughnut, approximately 30 kilometres north of Swift Katie, will commence when climatic conditions allow.
The Company owns a 60% interest in the Swift Katie and shall increase such interest in 2011 to 100% by issuance of 225,000 shares and payment of C$60,000 as the residual consideration to fully exercise the option.
The project benefits from an excellent infrastructure network (roads, rail, power, and proximity to the Trail smelter), is in a favourable 'brown-fields' region of the Province, and has a strong community of knowledgeable and experienced people from which to draw (regional population >25,000).
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The Group provides expertise in exploration, administration, and corporate development services for the Company's mineral properties located in the Kootenay Region of BC.
This region of the province has produced several million ounces of gold and precious metals from numerous past producers. The BC MINFILE records lists such operations as the Rossland Camp (past production estimate of 3.5M ounces of gold), and the Silver King mine - BC's first lode mine ca. 1888 (reportedly produced 4.4M ounces of silver(1)). Valterra's claims are centrally located on the Silver King Shear Zone, to the east is the Kena Gold project (1.0M ounce NI43-101 compliant gold resource(2) - Sultan Minerals Inc.), and to the northwest is the Kenville Mine (386,000 ounce NI43-101 compliant gold resource(3) - Anglo Swiss Resources Inc.).
The Company has interests in over 120 square kilometres in southeast BC that currently focus on four primary projects: the Star gold-silver-copper claims, located southwest of Nelson BC, the Toughnut gold-silver-copper-lead-zinc claim block which adjoins the Star claims, the Rozan gold-silver-lead-zinc property situated just south of the Toughnut claims, and the Swift Katie copper-gold porphyry/shear-hosted project located near Salmo, BC.
Since 2007, Valterra has aggressively explored and expanded its claim blocks within the gold-enriched "Rossland Volcanic Belt" by completing over 9,250 metres of diamond drilling, conducting 810 line-kilometres of heli-borne geophysics, undertaking mapping-sampling-staking programs, and acquiring/joint venturing properties.
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., President and Director, Valterra Resource Corporation
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.
(1) Historical production/inventory statistics for mines at Rossland and Silver King were obtained from public documents available from the BC Government Mineral Inventory File (MINFILE) database. The reporting standards used in this specific file were obtained prior to the establishment of NI43-101 regulations. Valterra Resource Corporation has not independently verified this historical data. Valterra Resource Corporation has no reason to believe that these results are not representative of mineralization associated with the mining activity.
(2) Resource information was gathered from the Kena Property Technical Report dated June 3, 2004, and there is no certainty that similar mineralization will be discovered on Valterra Resource Corporation's adjacent property holdings.
(3) Resource information gathered from the Kenville Gold Mine - 257 Level Technical Report dated July 22, 2009.
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contact Information:
Liana Shahinian
1.888.456.1112 or 604.641.2773
liana@mnxltd.com
www.valterraresource.com