Quaterra Resources Inc.: Exhibit 99.1 - Filed by newsfilecorp.com
May 24, 2016
QTRRF: OTCQX International
QTA: TSX VENTURE
NR-05-16
Quaterra Releases Results of Fifth Drill Hole at Bear Copper
Deposit, Yerington, Nevada
VANCOUVER, B.C. — Quaterra Resources Inc. (“Quaterra” or
the “Company”) and its subsidiary Singatse Peak Services LLC (“SPS”) today
announced results from Hole B-052, the fifth core hole of a drill program to
explore and further define the Bear deposit, a large porphyry copper system on
the Company’s 52-square mile property in the historic Yerington Copper District
of Nevada. The drill program is being funded with option payments to SPS by
Freeport-McMoRan Nevada LLC (“Freeport Nevada”).
Highlights
Hole B-052, drilled vertically to a depth of 3,468 feet,
intercepted two zones of 0.4% copper, the first of 43 feet (13.1 meters) with
201 ppm molybdenum starting at 2,508 feet and another of 29 feet (8.8 meters)
starting at 2,667 feet. Overall, the hole intercepted 666.2 feet (203.1 meters)
of 0.14% copper mineralization beginning at a depth of 2,081.3 feet.
Table 1. Significant intercepts from Bear core hole B-052*
HOLE B-
052 |
From |
To |
Interval |
Interval |
% |
ppm |
ppm |
ppm |
| |
feet |
feet |
feet |
meters |
Cu |
Mo |
Au
|
Ag |
includes
includes
includes
|
2081.3
2508.0
2628.5
2667.0
2399.5 |
2747.5
2551.0
2747.5
2696.0
2982.5 |
666.2
43.0
119.0
29.0
583.0 |
203.1
13.1
36.3
8.8
177.7 |
0.14
0.40
0.23
0.40
0.11 |
89
201
83
68
160 |
0.006
0.009
0.007
0.011
<0.005 |
<0.5
<0.5
<0.5
<0.5
<0.5 |
|
|
|
|
*Drill intercepts are based on actual core lengths and may not
reflect the true width of mineralization.
Note: 1 ppm = 1 gram per tonne
Discussion
Hole B-052, collared 700 feet north-northeast of hole B-051,
was sited to determine if the favorable alteration and mineralization
intersected in hole B-051 extended and strengthened to the north. Although the
alteration and style of mineralization encountered in hole B-052 is similar to
B-051, the narrower and lower grade mineralization shows that this is most
likely not the case. Molybdenite is more common than in previous SPS holes,
occurring in narrow quartz veins that cut and often offset chalcopyrite-pyrite
veins and veinlets and continuing over a longer vertical range (709.5 feet) than the copper mineralization. The lower copper and gold
grades, combined with a higher pyrite/chalcopyrite ratio, indicate that hole
B-052 was drilled in a more distal part of the system. Additional drilling will
be necessary to test this concept as Bear mineralization remains open in three
directions.
Hole GHH-001, the sixth and final drill-hole of the current
program located in Ground Hog Hills about 6,000 feet south of previous SPS
holes, has been drilled to a depth of 2,017.5 feet and cased for possible future
deepening. It was drilled to test an area of favorable geology and
mineralization coincident with an historic IP anomaly. Assays for this drill
hole are pending. Hole locations are shown on a map available on Quaterra’s
website at
http://quaterra.com/projects/quaterras-yerington-copper-projects/bear-deposit/.
A video of the current drill-program at the Bear deposit is available for
viewing on the Company website at
http://quaterra.com/quaterra-video-2015-bear-drilling/.
For background on the Bear deposit, Quaterra’s Yerington
project and the option agreement with Freeport Nevada please see the news
release dated November 17, 2015, or visit the Company website at
www.quaterra.com.
Quality assurance and control
Core samples were either sawed or split by SPS personnel in
Yerington, Nevada, and shipped to Bureau Veritas Minerals NA – Inspectorate
America Corporation, an ISO certified assaying/geochemistry facility, in Reno,
Nevada, for sample preparation. Gold analyses are assayed in Bureau Veritas’ lab
in Reno using their “FA430” procedure (fire assay with atomic absorption finish)
with a 5 ppb Au detection limit. Prepared pulps are shipped to Bureau Veritas’
lab in Vancouver, B.C., Canada, for analysis using their “MA 300” procedure for
35 element ICP-ES analysis. Commercially prepared standards and blanks are
inserted by SPS at 50-foot intervals to insure precision of results as a quality
control measure. SPS has a chain of custody program to ensure sample security
during all stages of sample collection, cutting, shipping, and storage.
Technical information in this news release has been approved by
Thomas Patton, Ph.D., the CEO of the Company, and a Qualified Person as defined
in NI 43-101.
About Quaterra Resources Inc.
Quaterra Resources Inc. (TSX-V: QTA; OTCQX: QTRRF) is a copper
exploration and development company with the primary objective to advance its
U.S. subsidiary’s copper projects in the Yerington District, Nevada.
On behalf of the Board of Directors,
Thomas Patton,
Chairman & CEO
Quaterra Resources Inc.
For more information please contact:
Thomas Patton,
Chairman & CEO
Quaterra Resources Inc.
604-641-2758
Disclosure note:
Some statements contained in this
news release are forward-looking statements under Canadian securities laws and
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
These statements are identified in this news release by words such as
“believes”, “anticipates”, “intends”, “has the potential”, "expects", and
similar language, or convey estimates and statements that describe the Company’s
future plans, objectives, potential outcomes, expectations, or goals. Since
forward-looking statements are based on assumptions and address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. In particular, forward looking statements in this news release
include or assume that the Company will receive all option payments over the
next six months, that exploration results on the Bear deposit will define
further mineralization, that historic exploration results will be confirmed by
new exploration, that further drilling will extend the boundaries of the known
high-grade mineralized area, and that drill results from the current drill
program point to a large copper system. These statements are subject to risks
and uncertainties which may cause results to differ materially from those
expressed in the forward-looking statements. A summary of risk factors that
apply to the Company’s operations are included in our management discussion and
analysis filings with securities regulatory authorities, and are publicly
available on our website. Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date thereof. The Company
does not undertake to update any forward-looking statement that may be made from
time to time except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
