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Quaterra Resources and Freeport-McMoRan Terminate Yerington Project Option Agreement
VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- Quaterra Resources Inc. (“Quaterra” or the “Company”) (TSX-V:QTA) (OTCQB:QTRRF) and its subsidia
About this update from Lion Copper And Gold Corp
[{"type":"text","content":"VANCOUVER, British Columbia, Sept. 13, 2017 (GLOBE NEWSWIRE) -- Quaterra Resources Inc. (“Quaterra” or the “Company”) (TSX-V:QTA) (OTCQB:QTRRF) and its subsidiary Singatse Peak Services LLC (“SPS”) today announced that Freeport-McMoRan Nevada LLC (“Freeport Nevada”) has terminated an option to acquire an interest in the Company’s Yerington Copper Project in Nevada. As a result Quaterra now has regained full control over its 100% interest in these assets, allowing an evaluation of emerging opportunities especially in light of the recent increase in the price of copper. In June 2014, Freeport Nevada entered into a membership interest option agreement (subsequently amended) with Quaterra and SPS granting it the right to earn an initial 55% interest in SPS after providing funds in three stages amounting to US$40.7 million. SPS holds Quaterra’s Yerington District assets. Up to today’s announcement, Freeport Nevada has provided US$14.54 million in funding that has been used by SPS for exploration, land maintenance, environmental compliance, and G&A on the Yerington property. Exploration work done by SPS during this period has included drilling, geologic mapping and geophysics. The work has extended the large Bear copper porphyry system, discovered additional copper mineralization in, around and beneath the Yerington Pit, and explored for primary sulfide mineralization below the MacArthur oxide deposit. Several untested targets outside areas of known mineralization were also drilled. “This work to advance the project has been undertaken without dilution to Quaterra shareholders or in the project itself,” says Quaterra Chairman and CEO, Thomas Patton. “The Freeport Nevada agreement helped the company through a very difficult period in financial and resource markets. With Freeport Nevada’s exit, Quaterra once again has control over the Yerington Project.” “With our 100%-ownership position, coupled with recent improvements in market conditions and a rising copper price, we can immediately begin to explore avenues with the potential to create value for shareholders,” he says. In August this year, Quaterra and SPS announced the first results from the 2017 drill program at Yerington including one hole, YM-041A-17, that extended mineralization at least 800 feet below the existing sulfide resource in the Yerington pit (please see release d...