Canadian exploration company Valterra Resource Corporation has reported that the preliminary ground geophysical results on the 150 sqkm Bobcaygeon Graphite Property, located 130 km from Toronto, have shown IP, EM and magnetic responses.

According to the company, the highlight of the results is an open-ended, near surface chargeability anomaly that measures 800m x 400m at the Discovery Zone area.

Valterra expects to undertake a multi-faceted exploration program in 2013, including a near-term diamond drill program.

The company also plans to conduct a regional exploration program to further review the large property package.

Valterra president Fred Sveinson said that the project expanded rapidly within just six months after acquisition.

"The new geophysical signatures detected at the Discovery Zone area are very encouraging, and the results of the recent trenching and metallurgical testing have demonstrated the high grade nature and large flake potential of the property.

"Also, it’s important to stress that the work programs conducted thus far only represents a fraction of the large tenure holding which has grown to over 150 sq. kilometres of prospective ground in the Grenville Province," Sveinson added.