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Copper Ridge Announces Option On Quaterra Resources' Alaskan
Cu-Ni-Pge Property And Capital Restructuring
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NR No. 10/2009
Vancouver, British Columbia, September 29, 2009: Copper Ridge
Explorations Inc. (TSX-V: KRX) announces that it has signed an option
agreement with Quaterra Resources Inc. (NYSE-A: QMM / TSX-V: QTA)
("Quaterra) whereby Copper Ridge can earn up to a 65% interest, in
stages, in the Duke Island copper-nickel-platinum-
palladium (Cu-Ni-PGE)
property in southeast Alaska.
The Duke Island Property was located by Quaterra in 2001. Between 2001
and 2006, Quaterra had completed geological mapping, soil and rock
sampling, ground and airborne geophysical surveys and 1,820 m of core
drilling in 11 holes. Mineralization includes copper, nickel and PGE
enriched sulphide mineralization within an Alaska-type zoned ultramafic
intrusion in Alaska's Alexander Platinum Belt. The occurrence is
unique in the high percentage of disseminated and net-textured to
massive sulfide mineralization within certain phases of the ultramafic
intrusions. Geochemical, geological, and geophysical data suggest the
sulfide system extends for over 14.5 km along strike, up to 3.8 km
across strike and remains open to expansion. Multiple airborne
magnetic and electromagnetic surveys reveal numerous strong conductive
EM highs. To date, eleven sulfide showings have been discovered, six
of which have received limited exploration.
Outcrop samples have returned from less than 10 ppm Cu to 2.8% Cu, from
less than 10 ppm Ni to 0.25% Ni and from less than 5 ppb to over 1 ppm
PGE from the South Rim of the Marquis prospect. An IP survey conducted
over the discovery outcrop outlines a high conductivity zone of massive
sulfide surrounded by a disseminated sulfide zone. Nine of eleven core
holes drilled on the IP anomaly at the South Rim of the Marquis
prospect intercepted from 6 to 90 m of semi-massive to massive sulfide
containing highly anomalous values for Cu (10 to 12,500 ppm), Ni (27 to
4,694 ppm), Pt (<5 to 680 ppb), and Pd (<5 to 548 ppb) and established
a north dip to the upper contact of sulfide mineralization. Modeling
of EM and Natural Source Audio-frequency Magnetotellurics (NSAMT)
survey results defines an eastern plunge and a wine-glass shaped
conduit below the covered conductive anomaly at the Marquis prospect,
reminiscent of other high grade magmatic sulfide deposits. The
historical drilling focused on the western periphery and shallower
southern portions of the main Marquis zone. Copper Ridge believes that
potential exists for a significant Cu-Ni-PGE discovery focusing on the
deeper core or feeder pipe area of the Marquis Zone, as defined by the
NSAMT survey, and by the strongest of the EM anomalies, particularly
towards the north rim of the Marquis prospect, which have not yet been
drill tested.
Copper Ridge proposes to immediately carry out a surface mapping and
sampling program over the core of the main Marquis prospect and to
extend the NSAMT survey over the relatively unexplored Monte prospect
to the south. This work will be followed by a 1,500 m drill test of
the highest priority drill targets to be carried out during the 2010
field season.
The Agreement provides that Copper Ridge can earn up to a 51% interest
in the Duke Island Property by issuing one million pre-consolidation
shares and spending $3 million on exploration by December 31, 2012.
$750,000 of the $3,000,000 is a firm commitment to be spent by December
31, 2010, $600,000 of which will be allocated to drilling expenses to
target the intrusive to a depth of up to 2,000 feet. Copper Ridge may
increase its interest in the Duke Island Property to 65% by spending an
additional $2 million on exploration by December 31, 2013. The
Agreement is subject to regulatory approval.
Curt Freeman, M.Sc. P.Geo., Copper Ridge's Alaska Consultant, is the
Qualified Person for the Duke Island Property and is responsible for
the technical content of this news release.
Capital Restructuring
Copper Ridge also announces a proposed consolidation of its share
capital on the basis one new common share of the Company for every
fifteen existing common shares. The share consolidation is subject to
approval by Copper Ridge's shareholders at the upcoming special meeting
to be held on October 28, 2009, and approval by the TSX Venture
Exchange. Copper Ridge currently has 179,079,823 common shares issued
and outstanding. If the share consolidation is approved, there will
approximately 11,938,654 common shares issued and outstanding.
Contact:
Gerald G. Carlson, President & CEO
Suite 500 -- 625 Howe Street
Vancouver, B.C. V6C 2T6
Phone: 604-688-0833; 1-888-278-2288
info@copper-ridge.com
TSX Venture Exchange -- KRX
Pink Sheets -- CRXOF
Berlin -- 502845
Neither TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
This press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events.
Such forward-looking information can include without limitation
statements based on current expectations involving a number of risks
and uncertainties and are not guarantees of future performance. There
are numerous risks and uncertainties that could cause actual results
and Copper Ridges' plans and objectives to differ materially from those
expressed in the forward-looking information. Actual results and future
events could differ materially from those anticipated in such
information. These and all subsequent written and oral forward-looking
information are based on estimates and opinions of management on the
dates they are made and are expressly qualified in their entirety by
this notice. Except as required by law, Copper Ridge assumes no
obligation to update forward-looking information should circumstances
or management's estimates or opinions change.
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Copyright (c) 2009 COPPER RIDGE EXPLORATIONS INC. (KRX) All rights
reserved. For more information visit our website at
http://www.copper-ridge.com/ or send mailto:info@copper-ridge.com
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