Quaterra Acquires Three Mineral Concessions in Mexico; Appoints New Consultant
2006-11-01 News Release
Quaterra President Dr. Thomas Patton said that “these concessions will complement Quaterra’s Mexican gold and silver prospect portfolio where exploration work is ongoing. Tom Turner and I worked together for several years at Western Silver’s Peñasquito Project. Tom was a major contributor to the project’s success and I have a deep appreciation for his exploration skills and knowledge of Mexican geology and mineral deposits. Quaterra looks forward to the initiation of geologic mapping surveys of all three prospects early in 2007, followed by ground geophysical surveys and drill tests later in the year.”
The 1,750 hectare Jaboncillo concession is in the Ojuela District, Durango at the northern tip of the Sierra Bermejillo, about 12 kilometers north of the Platosa Mine which is operated by Excellon Resources, Inc. Surface showings consist of a one kilometer diameter ovoid exposure of eruptive silica sinter breccia with clasts of quartz porphyry. The sinter sits on clay-altered limestone and is rimmed by tan hematitic-altered limestone. The property is believed to be prospective for the discovery of base-precious metal chimney-manto and skarn deposits similar to the Ojuela Mine, which was mined by Peñoles in the late 1800’s.
The Mirasol concession covers a 6,020 hectare area in eastern Durango. The prospect is underlain by thick-bedded limestone of Cretaceous age that is complexly folded. The concession centers on a 2 by 5 kilometer area of silicified limestone with spotty outcrops of hot spring silica sinter. There are numerous old prospects and small mines developed on showings of disseminated cinnabar within the silicified limestone and quartz-carbonate-fluorite-stibnite veins hosted in fresh limestone peripheral to the silicification. The prospect is considered to be prospective for the discovery of large tonnage disseminated gold-silver and gold-silver-lead-zinc limestone replacement deposits.
An additional 4,160.49 hectare concession located west of Mirasol covers a series of northwest-trending silica sinter “ribs” up to one hundred meters thick. The sinter ribs cut calcareous siltstone of the Cretaceous Caracol Formation. One of the sinters hosts a former producing mercury mine, and several additional mercury prospects are scattered across the property. As with Mirasol, this concession is considered to be prospective for the discovery of large tonnage disseminated gold-silver and gold-silver-lead-zinc limestone replacement deposits.
Dr. Patton also announced that Quaterra has signed a consulting agreement with Alaska Russia Investment Co. of Anchorage, Alaska to retain the services of David A. Heatwole as exploration manager for the MacArthur copper project. Mr. Heatwole has 40 years of worldwide experience in exploration including 21 years with Anaconda Minerals where as District Geologist he was responsible for mineral exploration in the Southwestern US including the Yerington mining district of Nevada.
Quaterra is planning to prepare a “Property of Interest” report on the MacArthur project in advance of a 2007 drilling program to repeat approximately 10% of the existing drill holes that define copper oxide mineralization on the property. The drilling program will be used in part to verify historical data in preparation of a 43-101 compliant technical report including a resource estimate that is expected to be completed in the second half of next year. Some of the drill holes will be deepened to explore the extensions of a chalcocite blanket identified by old US Bureau of Mines holes 1,500 feet north of the open pit and to explore for possible sulfide ore thought to be the source for the copper oxides at the surface.
Dr. Thomas Patton 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.
Expanded information on the company’s projects is described on our website at www.quaterraresources.com or contact Jay Oness at 1-888-456-1112, 604-681-9059 or email: firstname.lastname@example.org
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.