Quaterra Resources Inc.: Exhibit 99.1 - Filed by newsfilecorp.com
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| September 13,
2017 |
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QTRRF: OTCQX International |
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QTA: TSX VENTURE |
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NR-09-17 |
QUATERRA ANNOUNCES TERMINATION OF FREEPORT NEVADA’S
MEMBERSHIP INTEREST OPTION AGREEMENT AT YERINGTON
VANCOUVER, B.C. — Quaterra Resources Inc. (“Quaterra” or
the “Company”) and its subsidiary Singatse Peak Services LLC (“SPS”) today
announced that Freeport-McMoRan Nevada LLC (“Freeport Nevada”) has terminated an
option to acquire an interest in the Company’s Yerington Copper Project in
Nevada. As a result Quaterra now has regained full control over its 100%
interest in these assets, allowing an evaluation of emerging opportunities
especially in light of the recent increase in the price of copper.
In June 2014, Freeport Nevada entered into a membership
interest option agreement (subsequently amended) with Quaterra and SPS granting
it the right to earn an initial 55% interest in SPS after providing funds in
three stages amounting to US$40.7 million. SPS holds Quaterra’s Yerington
District assets.
Up to today’s announcement, Freeport Nevada has provided
US$14.54 million in funding that has been used by SPS for exploration, land
maintenance, environmental compliance, and G&A on the Yerington property.
Exploration work done by SPS during this period has included drilling, geologic
mapping and geophysics. The work has extended the large Bear copper porphyry
system, discovered additional copper mineralization in, around and beneath the
Yerington Pit, and explored for primary sulfide mineralization below the
MacArthur oxide deposit. Several untested targets outside areas of known
mineralization were also drilled.
“This work to advance the project has been undertaken without
dilution to Quaterra shareholders or in the project itself,” says Quaterra
Chairman and CEO Thomas Patton. “The Freeport Nevada agreement helped the
company through a very difficult period in financial and resource markets. With
Freeport Nevada’s exit, Quaterra once again has control over the Yerington
Project.”
“With our 100%-ownership position, coupled with recent
improvements in market conditions and a rising copper price, we can immediately
begin to explore avenues with the potential to create value for shareholders,”
he says.
In August this year, Quaterra and SPS announced the first
results from the 2017 drill program at Yerington including one hole, YM-041A-17,
that extended mineralization at least 800 feet below the existing sulfide
resource in the Yerington pit (please see release dated August 2, 2017 on the
Company website). The Company will be releasing additional results from this
year’s drill program in the coming weeks. It will also be issuing results from
the first holes drilled at the Groundhog project, a 40,000-acre property
situated on an established copper porphyry belt 200 miles southwest of
Anchorage, Alaska, and three miles north of the large Pebble porphyry copper,
gold and molybdenum project. Quaterra has an option to acquire a 90% interest in
Groundhog.
Quaterra’s 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 exploration targets. Quaterra’s 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 been active in the Yerington District since 2006,
and has released NI 43-101-compliant oxide and sulfide resources at both
MacArthur and the Yerington pit, and a preliminary economic assessment at
MacArthur.
About Quaterra Resources Inc.
Quaterra Resources Inc. (TSX-V: QTA; OTCQB: QTRRF) is a copper
exploration company with the objective of advancing its U.S. subsidiary’s copper
projects in the Yerington District, Nevada. The Company also looks for
opportunities to acquire copper projects on reasonable terms that have the
potential to host large mineral deposits attractive to major mining companies.
It has an option to earn a 90% interest in the Groundhog copper prospect, a
40,000-acre property situated on an established copper porphyry belt 200 miles
southwest of Anchorage, Alaska.
| On behalf of the Board of Directors, |
| Thomas Patton, President & CEO |
| Quaterra Resources Inc. |
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| For more information please contact: |
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| Karen Robertson, Corporate Communications |
| 778-898-0057 |
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| Thomas Patton, Chairman & CEO, Quaterra Resources Inc.
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| 604-641-2758 |
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| 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 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 that near term opportunities exist to enhance value. These statements
are subject to risks and uncertainties that 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.