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Quaterra Announces Commencement of Copper-Gold Exploration Program at Groundhog Prospect, Alaska
Vancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - Quaterra Resources Inc. ...
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"Quaterra Announces Commencement of Copper-Gold Exploration Program at Groundhog Prospect, AlaskaVancouver, British Columbia--(Newsfile Corp. - August 26, 2019) - Quaterra Resources Inc. (TSXV: QTA) (OTCQB: QTRRF) (\"Quaterra\" or the \"Company\") and Chuchuna Minerals Company (\"Chuchuna\") today announced that Geotech of Ontario, Canada, has commenced a 1,500 line kilometer ZTEM geophysical survey over their Groundhog copper-gold prospect, a 40,000-acre property situated on an established copper-gold porphyry belt 300 kilometers southwest of Anchorage, Alaska. Chuchuna has also mobilized a ground crew that is conducting fieldwork consisting of geologic mapping, prospecting, and sampling.Geotech's helicopter-borne survey is intended to better define drill targets and assist in understanding how they relate to those already identified with previous geophysical and geological work. It will also provide tight-spaced geophysical data over most of the Groundhog property. The fieldwork is intended to continue detailed mapping, locate new rock exposures, follow up on previous work, and generate new sub-surface data for copper-gold porphyry exploration. Both programs are important components of identifying high priority targets for a drill program planned for next year.Groundhog is located on State of Alaska claims covering the northern extension of a 10-kilometer wide north-northeast trending structural zone that hosts a number of porphyry copper-gold prospects, including the large Pebble porphyry copper, gold and molybdenum project, which is approximately five kilometers south of the Groundhog claim boundary. Regional magnetic data suggest that geology similar to that at Pebble extends under cover for an additional 30 kilometers northeast from the Pebble deposit. Quaterra reached an agreement with Chuchuna in 2017 whereby it has to provide $5 million over five years in exploration spending, later amended to six years, in order to earn a 90% interest in Groundhog. The Company is also required to pay a lump sum of $3 million at the end of the sixth year. Quaterra has no obligation to exercise its option and can terminate the agreement at its discretion annually. (All amounts are expressed in U.S. dollars). Chuchuna is the operator of the project and plans, implements and manages exploration field programs as set out in a budget and...