SOURCE: Quaterra Resources Inc.

Quaterra Resources Inc.

April 06, 2016 08:30 ET

Quaterra Releases Results of Fourth Drill Hole at Bear Copper Deposit, Yerington, Nevada

VANCOUVER, BC --(Marketwired - April 06, 2016) - Quaterra Resources Inc. ("Quaterra" or the "Company") (TSX VENTURE: QTA) (OTCQX: QTRRF) and its subsidiary Singatse Peak Services LLC ("SPS") today announced results from Hole B-051, the fourth core hole of a drill program to explore and further define the Bear deposit, a large porphyry copper system on the Company's 52-square mile property in the historic Yerington Copper District of Nevada. The drill program is being funded with option payments to SPS by Freeport-McMoRan Nevada LLC ("Freeport Nevada").

Highlights

Hole B-051, drilled vertically to a depth of 3,878 feet, intercepted 1,483.3 feet (452.1 meters) of 0.26% copper beginning at a depth of 2,191.2 feet. Included within this interval is 1,213.8 feet (370.0 meters) of 0.30% copper starting at 2,191.2 feet. Several narrower intervals shown in the table contain > 0.40% copper with anomalous gold and molybdenum. Hole B-051 is a significant step-out. The nearest holes are B-049, approximately 1,150 feet to the west and historic hole B-22, about 1,300 feet to the southwest.

Table 1. Significant intercepts from Bear core hole B-051*

HOLE B-051 From To Interval Interval % ppm ppm ppm
  feet feet feet meters Cu Mo Au Ag
  2191.2 3674.5 1483.3 452.1 0.26 54 0.021 <0.5
includes 2191.2 3405.0 1213.8 370.0 0.30 61 0.025 <0.5
includes 2298.0 2602.4 304.4 92.8 0.42 55 0.032 <0.5
includes 2416.5 2558.0 141.5 43.1 0.46 39 0.041 <0.5
includes 3253.0 3278.0 25.0 7.6 0.43 182 0.120 <0.5
                 

*Drill intercepts are based on actual core lengths and may not reflect the true width of mineralization.

Note: 1 ppm = 1 gram per tonne

Discussion

Hole B-051, collared 1,150 feet east of Hole B-049, is the fourth hole of an exploration program designed to corroborate historic assay results, determine geologic controls for higher grade mineralization and attempt to extend higher grade mineralization to the north. The thickness of the mineralized intercept in B-051 is larger than those in the three previously announced holes of the current drilling program. Bornite also is more common than in previous SPS holes, occurring with chalcopyrite and molybdenite in quartz-sulfide veins, veinlet swarms and stockworks. The quartz-sulfide veins appear to correlate with higher gold and molybdenum values found in B-051 compared to the three previous drill holes. The interval 3,253 to 3278 feet averaged 0.43% copper, 182 ppm molybdenum and 0.12 ppm gold over 25 feet; the interval 2,218 to 2,241.9 feet averaged 445 ppm molybdenum over 23.9 feet.

Each of the three step-out holes drilled during the current program (B-049, B-050 and B-051) have intersected significant copper mineralization, which remains open to the north, northeast and northwest. Hole B-051 was collared more than 1,000 feet from the nearest drill hole. The thick interval of copper mineralization, together with quartz-sulfide veins carrying increased amounts of bornite, molybdenum and gold, highlights the potential adjacent to hole B-051, particularly to the north.

Hole B-052, located 700 feet north-northeast of Hole B-051, is in progress. Hole locations are shown on a map available on Quaterra's website at http://quaterra.com/projects/quaterras-yerington-copper-projects/bear-deposit/. A video of the current drill-program at the Bear deposit is available for viewing on the Company website at http://quaterra.com/quaterra-video-2015-bear-drilling/. Further results will be reported when available.

For background on the Bear deposit, Quaterra's Yerington project and the option agreement with Freeport Nevada please see the news release dated November 17, 2015, or visit the Company website at www.quaterra.com.

Quality assurance and control

Core samples were either sawed or split by SPS personnel in Yerington, Nevada, and shipped to Bureau Veritas Minerals NA - Inspectorate America Corporation, an ISO certified assaying/geochemistry facility, in Reno, Nevada, for sample preparation. Gold analyses are assayed in Bureau Veritas' lab in Reno using their "FA430" procedure (fire assay with atomic absorption finish) with a 5 ppb Au detection limit. Prepared pulps are shipped to Bureau Veritas' lab in Vancouver, B.C., Canada, for analysis using their "MA 300" procedure for 35 element ICP-ES analysis. Commercially prepared standards and blanks are inserted by SPS at 50-foot intervals to insure precision of results as a quality control measure. SPS has a chain of custody program to ensure sample security during all stages of sample collection, cutting, shipping, and storage.

Technical information in this news release has been approved by Thomas Patton, Ph.D., the President and CEO of the Company, and a Qualified Person as defined in NI 43-101.

About Quaterra Resources Inc.

Quaterra Resources Inc. (TSX VENTURE: QTA) (OTCQX: QTRRF) is a copper exploration and development company with the primary objective to advance its U.S. subsidiary's copper projects in the Yerington District, Nevada.

On behalf of the Board of Directors,

Thomas Patton, President & CEO

Quaterra Resources Inc.

Disclosure note:

Some statements contained in this news release are forward-looking statements under Canadian securities laws and within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are identified in this news release by words such as "believes", "anticipates", "intends", "has the potential", "expects", and similar language, or convey estimates and statements that describe the Company's future plans, objectives, potential outcomes, expectations, or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. In particular, forward looking statements in this news release include or assume that the Company will receive all option payments over the next six months, that exploration results on the Bear deposit will define further mineralization, that historic exploration results will be confirmed by new exploration, that further drilling will extend the boundaries of the known high-grade mineralized area, and that drill results from the current drill program point to a large copper system. These statements are subject to risks and uncertainties which may cause results to differ materially from those expressed in the forward-looking statements. A summary of risk factors that apply to the Company's operations are included in our management discussion and analysis filings with securities regulatory authorities, and are publicly available on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information please contact:
    Thomas Patton
    President & CEO
    Quaterra Resources Inc.
    604-641-2758