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Quaterra Announces Herbert Glacier Joint Venture with Grande Portage
Quaterra Resources Inc. (TSXV: QTA) (NYSE Amex: QMM) today announced that it has entered into a ...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\nQuaterra Announces Herbert Glacier Joint Venture with Grande Portage\n\nQuaterra Resources Inc. (TSXV: QTA) (NYSE Amex: QMM) today announced that it has entered into a joint venture agreement with Grande Portage Resources Ltd.’s wholly-owned Alaskan subsidiary for the Herbert Glacier gold project located near Juneau, Alaska. \nGrande Portage has acquired a 65% interest in the Herbert Glacier Project, and Quaterra retains a 35% interest. Grande Portage and Quaterra have formed the joint venture for the further exploration and development of the project, with each party bearing their proportionate share of costs. If any party does not contribute their proportionate share of such costs, then the joint venture agreement includes a dilution formula whereby if any party’s interest is reduced to 10% or less, its interest will be automatically converted into a 1% net smelter returns royalty, which may be acquired by the other party at any time for US$1 million.\nThe Herbert Glacier Project consists of a mining lease among Quaterra and certain underlying property owners covering 17 mining claims, as well as an additional 74 mining claims which have been added to the project since 2007. Pursuant to the mining lease, the Herbert Glacier Project is subject to net smelter returns royalty of 5% and minimum annual advance royalties of US$30,000 to the underlying property owners. \nTo date, Grande Portage has completed 46 drill holes from nine platforms totaling 6,532 meters of NQ diamond drilling.\nThis news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years experience and a Qualified Person as defined under NI43-101. Mr. Hale is supported by C. C. Hawley, Ph.D., CPG of Hawley Resource Group, Inc. and Alaska Earth Sciences, Inc. of Anchorage, Alaska. \nThe Herbert Glacier prospect is in the historic Juneau Gold Belt, formerly a world-class district with producers such as the AJ and Treadwell mines and literally dozens of smaller gold mines and prospects. Overall gold production from the district is more than seven million ounces. In 2010, the district was reactivated by the reopening of Couer Alaska’s Kensington gold mine located 40 kilometers north of the Herbert Glacier property. In addition, Hecla Mining Company’s polymetallic Greens Creek Mine, a massive sulfide depos...