We have started watching Valterra Resource Corp. (TSXV: VQA / OTCQB: VRSCF) company with <9.4 million shares currently issued and outstanding, trading last at C$0.04.
Valterra has entered into an agreement to acquire a 100% interest in the freehold Lima Property in the Poconé Gold District of Brazil. Management believes that this is a rare opportunity to acquire a highly-prospective gold property at exceptionally attractive terms which has the potential to be fast-tracked to production.
It is a Laterite-type gold project with easy logistics in the productive Poconé District. The project comes with a proven operational team in a mature mining district with very attractive economics. Existing mines in the District require no blasting as a result of deep weathering and consist of free-digging, open-pit operations, typically to a depth of up to 80 metres.
The Poconé Mining District reportedly produces over 250,000 ounces of gold annually from 17 different active laterite mines with the Company’s Lima Property immediately adjacent to the currently producing Edmur gold mine. Brazil has favorable geology with several major Archean greenstone and Proterozoic sedimentary-hosted gold districts, which has attracted major miners including Kinross, Vale, Anglogold Ashanti, Lundin Mining, Yamana, and Great Panther and has resulted in significant annual gold production. Brazil is highly regarded as a mining jurisdiction with regulations providing favorable mineral title and foreign ownership. Brazil has a tax agreement with Canada where VQA is domiciled.
More to come on Valterra…