Located in the southern Tintic mining district 60 miles south of Salt Lake City, Utah, the Tintic Project controls an extensive area thought to be related to a major undiscovered porphyry copper system. The silver produced by the Tintic mines may be part of a silver-rich base metal zone peripheral to a porphyry system that has eluded historic workers in the district and remains an excellent target for exploration today.
The Tintic Property also includes the Southwest Tintic Copper Deposit discovered in the early 1970s by Bear Creek Mining Company. In 2006 Krahulec and Brigg´s published an historic (non NI43-101 compliant) global resource estimate for the deposit of more than 400 million tons of 0.33% copper, 0.01% molybdenum and 0.002 opt gold at a 0.3% copper cutoff.
In May 2009 Freeport-McMoRan signed an earn-in agreement with Quaterra and has the option to acquire 70% of the project by spending US$5 million by August 29, 2014.
To date Freeport-McMoRan has spent more than $3M and completed a total of 14,183 feet of drilling in seven reverse circulation and three core holes. The large amounts of metal and widespread alteration on the Tintic project suggest it has the potential for a world-class copper discovery.