First Phase Drilling Completed on Arizona Strip Uranium Prospects
The company said a follow-up deep drilling program will begin early in the second quarter to evaluate at least one of these targets and five others including: Ollie, EZ 4, Whistler, EJ, and Rock. Drilling on the Rock target, considered to be one of the most prospective of the group, is not expected to commence until early summer and will probably require a helicopter for mobilization of the rig and personnel.
"Rock is an especially attractive target because of its large size and proximity to the Kanab North and Pigeon mines,(approx.six miles)" said Quaterra's president, Dr. Thomas Patton. "Together these two mines have produced approximately 8.6 million lbs. of U308. The Rock pipe has a diameter of 450 feet where exposed in an outcrop at a position only 400 feet above the potentially mineralized horizon at the top of the Hermit Shale," he said.
Previous exploration on the Arizona Strip in northern Arizona has resulted in the discovery of eight breccia pipe ore bodies with production in the 1980's and early 1990's totaling approximately 19 million pounds of U3O8. Total amount of mineable uranium discovered to date in breccia pipes in northern Ariz ona is estimated to be in the range of 35 million pounds.
Quaterra's uranium properties in the northern Arizona now cover approximately 10 square miles over selected areas within the heart of the uranium district. All of the company's targets are within a few miles of uraniferous breccia pipes. Additional properties are being evaluated for acquisition as the program continues during 2006.
On behalf of the Board of Directors,
Thomas Patton, President
Quaterra Resources Inc.
Contact Jay Oness at 1-888-456-1112, 604-681-9059 or email: email@example.com
Statements contained in this news release that are not historical facts are forward-looking statements as the term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Quaterra relies upon litigation protection for forward-looking statements.
The TSX Venture Exchange 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.