Initially, 15 core holes totalling 6,000 feet will be drilled in the
pit in order to expedite the completion of a (Canadian National
Instrument) NI43-101-compliant resource estimate and technical report. The
holes will twin historic intercepts of copper mineralization in old
Anaconda holes to validate the Company's digitized Anaconda database that
now includes collar locations, rock types, and geochemical assays of 760
historic drill holes. The holes will be drilled to an average depth of 400
feet. Assay results will be released in batches as they become
available.
Validation of the historic database will be also be supported by
re-assaying the remaining half-splits of selected old Anaconda core from
the initial drilling at the mine. Core intervals for the assays have been
selected from 44 old holes that have mineralization below the pit
bottom.
In addition to the twin holes, approximately 10,000 feet of RC drilling
in 16 holes will evaluate possible extensions of known mineralization
along the west and southeast margins of the pit. These holes will be
drilled to an average depth of 600 feet. Depending on the results of this
program, the drilling may be extended to greater distances from the pit
walls or to greater depths.
The SPS drilling program around the Yerington pit is part of an
aggressive, two-year, exploration program to validate historic drilling
data in order to complete a NI43-101-compliant resource estimate and
technical report on the project. The program will include geophysical
surveys, preliminary metallurgical studies, and deep core holes to
evaluate the historic copper mineralization at the mine site and to
investigate the surrounding areas for new deposits.
Anaconda closed the Yerington mine in 1978 due to low copper prices,
not because of declining mineralization. The estimated remaining copper in
and around the Yerington pit after the shut down (K. L. Howard, Jr.,
Anaconda Internal Memo, 1979) at a cut-off of 0.20% Cu includes:
- 97.8 million tons with an average grade of .356% Cu containing
approximately 696 million pounds of copper within the original pit
design.
- 22.8 million tons of material adjacent to the pit with an
average grade of 0.30% Cu containing 136.8 million pounds
copper.
- Historic resources in the Bear deposit, located in the
northeast corner of the property, reportedly containing more than
500 million tons of material averaging 0.4% copper (Dilles and
Proffett, 1995). The Bear deposit was discovered in 1961
by Anaconda during condemnation drilling in the sulfide tailings
disposal area.
Note: All copper estimates are historic in nature and
are not NI43-101 compliant. 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.
Photographs of drilling in progress will be posted on the Quaterra
website. Eugene D. Spiering is the Qualified Person with Quaterra
Resources responsible for this news release.
Herbert Glacier, Alaska
Grande Portage Resources Ltd. has announced the completion of the first
diamond core hole of its 2011 drill campaign at the Herbert Glacier gold
project, near Juneau, Alaska.
Grande Portage said it intersected the Deep Trench vein from 342 feet
to 380 feet. Strong quartz-veined intervals were found from 352 to 355
feet, 365 to 368 feet and 372 to 377.5 feet. Initial inspection showed
visible gold in several locations throughout the mineralized intercepts.
Grande Portage said that expedited core sample analysis would be
requested. (For more details please see the Grande Portage press release
dated June 28, 2011.)
Grande Portage commenced drilling at Herbert Glacier on June 21. It
plans to drill at least 3,330 meters from about 22 holes drilled from
eight different platforms that will test up to four major veins. Grande
Portage has the right to earn a 65% interest from Quaterra in the property
by spending US$1.25 million on or before June 15, 2012. It has said it
intends to earn its 65% during this summer's drilling season.
Quaterra Resources Inc. (News
- Market
indicators)(NYSE Amex:QMM) is a junior exploration company focused on
making significant mineral discoveries in North America. The Company uses
in-house expertise and its network of consultants, prospectors and
industry contacts to identify, acquire and evaluate prospects in
mining-friendly jurisdictions with the potential to host large and/or
high-grade base and precious metal deposits.
On behalf of the Board of Directors,
Dr. Thomas Patton, President and CEO
Quaterra Resources Inc.
