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Valterra to Focus on Swift Katie Gold/Copper BC Project; Cancels Option for Bobcaygeon Graphite
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2016) - Valterra Resource Corporation ("Valterra" or the "Company") (TSX VENTURE:VQA) reports that it has e
About this update from Paradigm Gold Corporation
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 12, 2016) - Valterra Resource Corporation (\"Valterra\" or the \"Company\") (TSX VENTURE:VQA) reports that it has elected not to exercise its Property Option Agreement dated June 1, 2012 wherein the Company had been granted an option to acquire a 100% interest in the Bobcaygeon Graphite Property in Southern Ontario. The Company feels that under the current difficult market conditions further property and option expenditures are not warranted on the property and intends to focus on its 100% owned porphyry/shear-hosted copper-gold-silver Swift Katie Project in southeastern British Columbia near Salmo. The Swift Katie property is underlain by rocks of the prolific Quesnel Terrane, and lies within this geologically favorable and highly metallogenic area of BC that historically has hosted several important mining camps. Examples of past and present producing Cu-Au-Mo mines include Copper Mountain, Afton/Ajax, Mt. Milligan and Rossland Camp as well as a number of advanced exploration/development deposits such as Kena, Woodjam and Lorraine. The Swift Katie project consists of 17 contiguous MTO mineral claims, covering over 80 square kilometres within an 11km by 3km airborne magnetic trend. The property area, outside of the \"Katie Zone\", remains vastly underexplored for copper-porphyry targets and represents significant exploration upside and potential for new polymetallic discoveries. Drilling to date on the Katie zone has identified three accumulations of significant Cu-Au mineralization, defined in 72 drill holes, which when computer modeled form a semi-continuous zone of Au-Cu mineralization over an 1,800m cumulative strike length. Internal 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. The 2014 drilling on the property focused on the southern and more gold-enriched \"Swift\" portion of the claims. Drillholes SK14-001 and SK14-003 returned extremely encouraging assay results and intersected significant hydrothermal alteration in the form of chorite, epidote, pyrite and magnetite. Moreover, drillholes SK14-002, SK14-004 and SK14-005 intersected thick zones of potassic alteration. High...