UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of MARCH, 2017
Commission File Number: 0-55139
QUATERRA RESOURCES INC.
(Translation of registrant's name into English)
1100-1199 West Hastings Street
Vancouver, BC V6E 3T5 Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ x ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits
99.1 | News Release Dated March 29, 2017 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
QUATERRA RESOURCES INC. | ||
(Registrant) | ||
Date: March 29, 2017 | By: | /s/ Lei Wang |
Lei Wang | ||
Title: | Chief Financial Officer |
March 29, 2017 |
QTRRF:OTCQXInternational |
QTA:TSXVENTURE |
QUATERRA COMMENCES DRILLING AT ITS YERINGTON
COPPER
PROJECT, NEVADA
VANCOUVER, B.C. Quaterra Resources Inc. (Quaterra or the Company) and its subsidiary Singatse Peak Services LLC (SPS) today announced drilling had commenced for the 2017 drill program of approximately 20,000 feet to test targets throughout the Companys 51-square-mile land package located in the historic Yerington Copper District of Nevada.
SPS has selected targets on the basis of geology, geophysical surveys, previous drilling results, and a recently completed induced polarization (IP) survey totaling 34 line kilometers. Drilling will include both reverse circulation (RC) and core, with Layne Christensen Company, Chandler, Arizona, providing both drill rigs. Holes will be started using RC and completed with core.
A number of holes will be drilled to test new targets in and around the Yerington pit and in the MacArthur mine areas. At least two holes will test targets outside of known mineralized areas in the north and east parts of the property. The first hole has been collared in the northwest end of the Yerington pit.
Freeport-McMoRan Nevada LLC (Freeport Nevada) has made an accelerated option payment of $1.5 million that SPS is using for the current drilling program. (All amounts are expressed in U.S. dollars). Freeport Nevada is a wholly owned subsidiary of Freeport Minerals Corporation, which in turn is a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE:FCX).
Freeport Nevadas accelerated $1.5 million option payment is in addition to an option payment in December 2016 of $1.25 million by Freeport Nevada to SPS that is being used for property maintenance, G&A and environmental compliance at Yerington. Decembers option payment was the second of a four-tranche agreement totaling $5.75 million over two years announced in June last year to extend Stage 2 of Freeport Nevadas option to acquire an interest in the Companys Yerington Copper Project.
In June 2014, Quaterra and its subsidiary SPS entered into an agreement which gives Freeport Nevada an option to earn an initial 55% interest in SPS by providing $40.7 million in option payments to SPS. In June 2016, Stage 2 of the agreement was potentially extended by another two years. The Stage 2 extension option payments and any accelerated option payments will reduce the payments required for Freeport Nevada to earn its initial 55% interest in SPS. Freeport Nevada can earn a further 20% in SPS (increasing its holding to 75%) by spending $99.5 million or by funding a feasibility study, whichever comes first. Before then, Freeport Nevada can terminate the agreement at its discretion.
Quaterras Yerington Copper Project is located in the historic Yerington Copper District, about 70 miles southeast of Reno, Nevada. It consists of the Yerington pit sulfide and oxide deposit previously mined by Anaconda; the MacArthur oxide and sulfide deposit; the Bear porphyry copper deposit; and several untested exploration targets. Quaterras 51-square-mile land package is situated in a mining-friendly jurisdiction with a history of copper production and good infrastructure. It also owns valuable water rights in the district. Quaterra has invested some $36 million in the Yerington District since 2006, and has released NI 43-101-compliant oxide and sulfide resources at both MacArthur and Yerington, and a preliminary economic assessment at MacArthur.
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.
More information on Quaterra and its Yerington Copper Project can be found on the Companys website at www.quaterra.com, and at SEDAR and EDGAR.
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. subsidiarys 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
Gerald Prosalendis, President and COO
Quaterra Resources
Inc.
604-641-2780
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 Companys
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 that the Company will receive option payments; that exploration drilling
will be undertaken, that results will define further mineralization or high
grade zones; that historical and new exploration will support a resource on the
property; and that the Yerington assets have the potential to support mining
operations. 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 Companys 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.