Quaterra Resources Inc.: Form 6-K - Filed by newsfilecorp.com
October 26, 2017
QTA: TSX VENTURE
QTRRF:
OTCQB
NR-10-17
QUATERRA RELEASES FINAL 2017 DRILL RESULTS AT YERINGTON
COPPER PROJECT, NEVADA
VANCOUVER, B.C. — Quaterra Resources Inc. (“Quaterra” or
the “Company”) and its subsidiary Singatse Peak Services LLC (“SPS”) today
announced results from the last three holes of a 13-hole, 26,056-foot drill
program at its Yerington Copper Project. Drilling, which began in March 2017,
tested targets across the Company’s 51-square-mile land package located in the
historic Yerington Copper District of Nevada.
The three holes reported today (YM-043-17, YM-044-17 and
YM-045-17) tested the depth extension of mineralization in and around the
historic Yerington pit. (For drill hole locations please see map on the Company
website at www.quaterra.com/2017-drill-hole-map/). Hole YM-043-17, drilled at -
55 degrees, intersected 1,269.5 feet averaging 0.15% copper, as shown in Table
1. Hole YM-045-17, also drilled at - 55 degrees, collared in the pit about 900
feet further east, intersected several thinner intervals with grades ranging to
0.55% copper, including a shallow oxide zone (See Table 1 below for more
details). Hole YM-044-17, drilled on the northwest rim of the Yerington pit at -
50 degrees, intersected several narrow zones of mineralization averaging less
than 0.2% copper.
These results, in combination with previously announced holes
YM-041A-17 and YM-042-17, have extended sulfide mineralization from 600 to 800
feet below the currently defined resource across a strike length of 4,400 feet.
The absence of higher grade mineralization in these widely spaced holes
decreases the likelihood that better grades over appreciable widths exist at
greater depth below the pit.
Mineralization, primarily chalcopyrite, is hosted in a quartz
monzonite-quartz monzonite porphyry complex and occurs as sheeted veins and vein
swarms that are steeply dipping and strike northwesterly parallel to the long
axis of the pit. Copper grades are directly related to vein intensity and
spacing, which vary markedly over short distances.
Table 1. Significant intercepts from Yerington Holes
YM-043-17,
YM-044-17 and YM-045-17
| HOLE YM-043-17 |
From |
To |
Interval |
% |
| |
feet |
feet |
feet |
Cu |
| |
692.0
|
1961.5 |
1269.5
|
0.15 |
| includes |
1077.3
|
1151.4 |
74.1
|
0.23 |
| includes |
1592.0 |
1656.0 |
64.0 |
0.26 |
| HOLE YM-044-17 |
From |
To |
Interval |
% |
| |
1016.9
|
1089.0 |
72.1
|
0.16 |
| |
1665.8
|
1726.0
|
60.2
|
0.10 |
| |
1789.1 |
1842.0 |
52.9 |
0.14 |
| HOLE QM-045-17 |
From |
To |
Interval |
% |
| Oxide |
65.2
|
140.9
|
75.7
|
0.17 |
| |
992.0
|
1006.0
|
14.0
|
0.36 |
| |
1060.2
|
1076.0
|
15.8
|
0.55 |
| |
1147.0
|
1378.6
|
231.6
|
0.15 |
| includes |
1236.5
|
1322.0
|
85.5
|
0.23 |
| includes |
1346.0
|
1363.8
|
17.8
|
0.28 |
| |
1568.5
|
1584.0
|
15.5
|
0.26 |
| |
1736.0 |
1993.5 |
257.5 |
0.13 |
*Drill intercepts are based on actual core lengths and may not
reflect the true width of mineralization
The 2017 drill program at Yerington was funded with option
payments to SPS by Freeport-McMoRan Nevada LLC (“Freeport Nevada”). On September
13, Quaterra announced that Freeport Nevada had terminated its option to acquire
an interest in the Yerington Copper Project. As a result Quaterra now has
regained full control over its 100% interest in these assets.
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 untested 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 Yerington,
and a preliminary economic assessment at MacArthur.
Quality assurance and control
Drilling includes both reverse circulation (RC) and core,
contracted to Layne Christensen Company, Chandler, Arizona, which provided both
drill rigs. 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.
SPS also engaged a reverse circulation (RC) drill rig in the
current program. RC samples were shipped to the Bureau Veritas Minerals NA
facility in Reno, Nevada, for sample preparation and analyses following the same
procedure and protocol, including inserted blanks and standards, as that of the
core samples described above.
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; 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.
For more information please contact:
Thomas Patton,
President & 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 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 further 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 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.
