Quaterra Acquires Gray Hills Property
Gold mineralization on the Gray Hills property occurs in relation to a 1,000 foot wide zone of strongly altered (albitized) and deformed granodiorite intrusive that outcrops within a one by three mile area of structurally anomalous and altered rocks along the northern flank of the Gray Hills. Widespread hydrothermal alteration includes extensive areas having been affected by potassic, sodic and sodic-calcic events. The central core of albitized granodiorite is bordered to the north and south by overlapping zones of equally intense, magnetite-rich, potassic and calc-silicate alteration. The style of alteration appears similar to the Refugio Au porphyry in Chile or the Ridgeway Au/Cu porphyry in Australia.
Studies of rock samples from the property indicate the presence of disseminated gold both within limonite pseudomorphs after magnetite in brecciated intrusive rock and as oxidized pyrite in sericitized, silicified and calc-silicated granodiorite just south of the central abitite core. The extent and orientation of this material are not well-known as alluvial material mantles much of the area. The auriferous zones generally do not form outcrops and are usually only seen at the surface in areas where they have been exposed in old dozer cuts or small prospects. In at least two places, the zones appear to be truncated at or near the surface by flat structures that dip shallowly northward. The project area has not been tested by drilling.
Eugene Spiering is the qualified person responsible for the preparation of this news release.
On behalf of the Board of Directors,
Thomas Patton, President Quaterra Resources Inc.
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.