Quaterra Acquires Key Land Covering the Bear Deposit in the Yerington Copper District, Nevada
05 December 2013 - 12:30AM
Marketwired
Quaterra Acquires Key Land Covering the Bear Deposit in the
Yerington Copper District, Nevada
Strategic Land and water package includes the historic Bear
Resource
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 4, 2013) -
Quaterra Resources Inc. (the Company)
(TSX-VENTURE:QTA)(NYSEMKT:QMM) announces that it now has four
option agreements in place covering 1,305 acres (2.04 square miles)
of private land north and east of the Yerington Mine Site overlying
part of the Bear copper deposit. Under the terms of the agreements,
Quaterra has exclusive rights to explore these parcels with an
option to purchase. The agreements also provide the Company an
exclusive option to purchase surface water rights and supplemental
storage water rights. These recently optioned water rights are in
addition to the 8,628 acre-ft/year (5,350 gal/min) of primary
ground water rights already owned by the company at the Yerington
Mine site that are permitted specifically for mining and
milling.
"Securing these properties is an important part of executing our
strategy to focus on the Yerington Copper District. The additional
land and water we now control at the Bear deposit is a major step
toward accomplishing our objective of consolidating, exploring and
advancing to development this very large, historic copper
resource," says Quaterra CEO Steven Dischler. "Once we secure
project financing, we plan to begin drilling to further delineate
this exciting historic resource."
Bear Deposit
The Bear deposit is a very large porphyry copper system that was
discovered and partially delineated by Anaconda in the 1960s and by
Phelps Dodge in the 1960s and 1970s. The deposit is open in several
directions and has never been consolidated under a single owner.
The Company has data from 49 drill holes totalling 126,400 feet
(23.9 miles) that defines a system covering an area of at least 2
square miles. The portion of the deposit controlled by Anaconda in
the 1960s covered approximately 25% of this area and has an
historic resource of more than 500MT at 0.40% copper grade (Dilles
and Proffett, 1995). One of the parcels recently optioned by the
Company was not previously accessible by Anaconda or Phelps Dodge
and is adjacent to the highest grade mineralization discovered
during their exploration of the area.
The Bear project is a high priority because of its very large
size, historic drilling and potential for higher grades than
district averages (e.g., 10 holes have continuous intervals of at
least 150 feet grading 0.8% copper or more). Previous drilling
suggests the deposit remains open in several directions.
Molybdenum, although analysed on only about 20% of core samples, is
potentially a significant by-product credit. Exploration to
potentially expand and upgrade the historic Bear resource into a NI
43-101 compliant resource will commence once financing is
secured.
Note: The Bear tonnage and grade estimates are historic in
nature. A qualified person has not done sufficient work to classify
these historic estimates as a current mineral resource and Quaterra
does not treat them as such. In order to do so, they will have to
be confirmed by additional drilling.
About Quaterra Resources, Inc.
Quaterra Resources Inc. (TSX-VENTURE:QTA)(NYSEMKT:QMM) is a
junior exploration and development company with a successful track
record of making significant mineral discoveries in North America.
The Company's primary objective is the advancement of its flagship
projects in the Yerington copper district, Nevada. The monetization
of non-core assets is in progress to accelerate this effort.
Qualified Persons
This release was reviewed by Steven Dischler, P.E., and Dr.
Thomas Patton, both of whom are non-independent Qualified Persons
within the meaning of NI 43-101.
On behalf of the Board of Directors,
Mr. Steven Dischler, President & CEO
Disclosure note
Some statements contained in this news release are
forward-looking statements within the safe harbor of the Private
Securities Litigation Reform Act of 1995. These statements
generally are identified by words such as the Company "believes",
"expects", and similar language, or convey estimates and statements
that describe the Company's future plans, objectives 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. Further information
regarding risks and uncertainties which may cause results to differ
materially from those projected in forward-looking statements, are
included in filings by the Company with securities regulatory
authorities. 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. References may be
made in this press release to historic mineral resource estimates.
None of these are NI 43-101 compliant and a qualified person has
not done sufficient work to classify these historic estimates as a
current mineral resource. They should not be relied upon and
Quaterra does not treat them as current mineral resources.
Should you wish to receive news releases by fax please provide
your contact details to Quaterra at 604-681-9059
(direct), 1-855-681-9059 (toll
free) or email info@quaterra.com.
The TSX Venture Exchange and the American Stock Exchange have
not reviewed and do not accept responsibility for the adequacy or
accuracy of the contents of this news release, which has been
prepared by management.
Quaterra Resources Inc.Mr. Steven DischlerPresident &
CEO775-463-9600
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