Quaterra Resources Inc. today reported that drilling has commenced at the company’s Big Bar copper-lead-zinc prospect on the Seward Peninsula of northwest Alaska. The 1,500-foot (450 metres) drilling program contracted by Diamond Drilling Consultants of Sterling, Alaska is targeting a 4,000-foot (1,200 metres) long soil anomaly located 110 miles northeast of Nome . The anomaly contains up to 1,920 ppm Cu in felsic schist that corresponds to gravity and IP geophysical anomalies. Gossans collected as float from the anomalous area contain up to .06 g/t Au, 49.8 g/t Ag, 4260 ppm Cu and 3900 ppm Zn. The previously un-drilled prospect represents one of the most significant anomalies identified by Anaconda in the early 1980’s by a stream sediment and soil geochemical reconnaissance survey that included a large part of the Seward Peninsula.Company president, Dr. Thomas Patton, noted that Big Bar is one of four drilling programs planned for Quaterra’s exploration property during the last half of this year. A 10,000 foot (3,000 metres) program of both shallow stratigraphic and deep drilling is scheduled for uranium prospects on the company’s Arizona Strip project in late Summer. A 1,500-3,000 meter drilling program is planned within 4 to 6 weeks at the Crestones property in Mexico to test hot spring-related gold-silver mineral systems 12 kilometers northeast of the Inde mining district. Quaterra is also planning a fall drilling program at its 100%-owned MacArthur copper project in the Yerington District of Western Nevada where approximately 200 additional claims have been staked.
The company also reported today that shareholders have approved all initiatives presented at the Annual General Meeting of shareholders, held July 12th, in Vancouver.
Elected as returning Directors were Dr. Thomas Patton, Lawrence Page, John Kerr and Dr. Robert Gayton. Also elected was Eugene Spiering, who is vice president, exploration. Prior to joining Quaterra in January, Mr. Spiering was vice president, exploration at Rio Narcea Mines Ltd. from 1994 to 2006.
Eugene Spiering is the qualified person responsible for the preparation of this news release.
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On behalf of the Board of Directors,
“Thomas Patton”
Thomas Patton, President
Quaterra Resources Inc.
Contact Jay Oness at 1-888-456-1112, 604-681-9059 or email: corpdev@mnxltd.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.
