Two RC holes also intersect strong mineralization along northern edge of acid soluble copper zone
QMM: AMEX
QTA: TSX-VENTURE
VANCOUVER, Aug. 6 /CNW/ - Quaterra Resources Inc. today announced that it had extended the zone of primary copper mineralization in the Gallagher area west of the MacArthur pit with drill results for two core holes and 15 reverse circulation holes at its 100%-owned MacArthur project near Yerington, Nevada. A further two RC holes located 1,500 feet north of the MacArthur pit intersected strong secondary copper mineralization adding further definition to a northern east-west section. A total of 18,893 feet of drilling are reported in this release.
At Gallagher, drilling encountered shallow copper oxide and chalcocite mineralization overlying a zone of primary copper sulfide mineralization, with chalcopyrite occurring both as veins and disseminations. Mineralization extends discontinuously over a zone approximately 500 feet wide, 2,500 feet long and 650 feet deep. Hole QM-44 penetrated oxide mineralization from the surface to 60 feet averaging 0.22% copper. Below that level several intervals of porphyry-style sulfide mineralization occur, including one intercept of 45 feet assaying 0.88% copper at 155 feet and 40 feet of 0.44% copper at 280 feet. The westernmost drill-hole (hole QM-46) intersected 76 feet of 0.74% copper beginning at 1,279 feet (vertical depth of approximately 800 feet).
Drilling indicates that primary sulfide mineralization does not extend to depth directly beneath Gallagher. Mineralization drilled to-date most likely represents the fringe of a porphyry system which may be present at depth to the east or west of Gallagher. Detailed geologic mapping and an interpretation of merged historic IP data will be completed before recommencing further deep drilling.
The MacArthur drilling program has also added to the definition of a northern east-west section located 1,500 feet north of the pit. Chalcocite mineralization in vertical hole QMC-02 was extended by angle holes drilled to the east and west from the same collar location. Hole QM 34, drilled at an angle of 45 degrees to the east, intercepted 210 feet of chalcocite mineralization averaging 0.51 % copper at a depth of 240 feet. Hole QM-33, oriented west at a 45 degree angle, intercepted 24 feet averaging 0.20 % copper at a depth of 130 feet and a lower zone of 240 feet assaying 0.33% copper at a down-hole depth of 175 feet. The intercepts form part of a continuous zone of acid-soluble copper mineralization present over an east-west strike distance of 4,000 feet. Drilling is now in progress on the section 500 feet further to the north where the mineralization remains open for extension. Core holes QM-26 and QM-36, reported in today's release, which were drilled to test the deep porphyry copper potential north of the pit intersected only narrow intervals of primary copper mineralization.
Quaterra also announced the appointment of George Eliopulos as project manager for MacArthur. Mr. Eliopulos has a Masters of Science degree in geological engineering from the University of Arizona. His experience in advancing projects from initial discovery through to feasibility for several Nevada ore bodies will be invaluable to his work at MacArthur. His experience includes positions with Rio Algom Exploration and Tenneco Minerals Corporation. More recently Mr. Eliopulos has served as a consulting geologist for private and junior mining groups with ownership interests in precious and base metal properties in the western U.S.
Quaterra plans to carry out detailed geologic mapping, IP interpretation and additional drilling to define the zone of shallow acid-soluble copper and search for deep porphyry copper mineralization. The drill data will be used to complete a NI43-101-compliant resource estimate late this year.
Mr. Eugene Spiering, Quaterra's Vice President, Exploration, is the qualified person responsible for the preparation of this news release.
Quaterra Resources Inc. (AMEX: QMM, TSX-V: QTA) is a junior exploration company focused on making significant mineral discoveries in North America. The Company uses in-house expertise and its extensive network of consultants, prospectors and industry contacts to identify, acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large base metal, precious metal or uranium deposits. The company's preference is to acquire a 100% interest in properties on reasonable terms and maintain this interest through initial evaluation.
On behalf of the Board of Directors,
Thomas Patton,
President and CEO, Quaterra Resources Inc.
Some statements contained in this news release are forward-looking statements within the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements generally are identified by words such as the Company "believes", "expects", and similar language, or convey estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.References may be made in press releases to historic mineral resource estimates. None of these are NI 43-101 compliant and a qualified person has not done sufficient work to classify these historic estimates as a current mineral resource. They should not be relied upon and Quaterra does not treat them as current mineral resources.
The TSX Venture Exchange and the American Stock Exchange have not
reviewed and do not accept responsibility for the adequacy or accuracy of
the contents of this news release, which has been prepared by management.
QUATERRA RESOURCES INC.
MacArthur Copper Project
Drill Hole intercepts - May 15, 2008 through July 30, 2008
(Summary List)
Degree
Angle Total
Drill Brg / Total From To Thickness Cu
Hole Dip Depth feet feet feet %
-------------------------------------------------------------------------
QM-026 0/-90 2,000 147.0 158.3 11.3 0.24
860.5 880.5 20.0 0.35(x)
1063.4 1111.0 47.6 0.39(x)
QM-033 270/-45 490 130.0 155.0 25.0 0.20
175.0 415.0 240.0 0.33
QM-034 90/-45 450 240.0 450.0 210.0 0.51
QM-035 180/-60 800 15.0 90.0 75.0 0.16
140.0 165.0 25.0 0.16
270.0 290.0 20.0 0.25
380.0 555.0 175.0 0.23(x)
QM-036 0/-90 1917.00 128 146 18 0.18
198 255 57 0.31
602.7 614 11.3 0.25(x)
QM-037 270/-60 900 15.0 70.0 55.0 0.18
175.0 195.0 20.0 0.29(x)
480.0 525.0 45.0 0.23(x)
QM-038 0/-90 800 0.0 190.0 190.0 0.20
210.0 255.0 45.0 0.19
340.0 385.0 45.0 0.39(x)
QM-039 180/-45 800 0.0 100.0 100.0 0.19
265.0 275.0 10.0 0.54
320.0 340.0 20.0 0.23
365.0 395.0 30.0 0.17
QM-040 270/-60 415 0.0 140.0 140.0 0.19
190.0 260.0 70.0 0.23(x)
315.0 415.0 100.0 0.18(x)
QM-041 0/-90 1894.00 153 182.2 29.2 0.31
233.5 284.5 51 0.51
QM-042 0/-45 400 200.0 255.0 55.0 0.73(x)
280.0 325.0 45.0 0.29(x)
340.0 375.0 35.0 0.19(x)
QM-043 270/-45 620 250.0 265.0 15.0 0.16(x)
295.0 310.0 15.0 0.19(x)
345.0 390.0 45.0 0.31(x)
490.0 500.0 10.0 0.67(x)
QM-044 0/-60 965 0.0 60.0 60.0 0.22
155.0 200.0 45.0 0.88(x)
225.0 255.0 30.0 0.41(x)
280.0 320.0 40.0 0.44(x)
435.0 460.0 25.0 0.30(x)
595.0 610.0 15.0 0.55(x)
820.0 840.0 20.0 0.30(x)
QM-045 150/-45 800.00 0 50 50 0.13
175 250 75 0.14
270 330 60 0.19(x)
360 375 15 0.24(x)
420 440 20 0.16(x)
575 600 25 0.27(x)
750 780 30 0.10(x)
QM-046 15/-50 1502.00 228 253 25 0.23
375 391 16 0.30(x)
791 805 14 0.19(x)
886 898.5 12.5 0.25(x)
983 993 10 0.40(x)
1068 1088 20 0.23(x)
1279 1355 76 0.74(x)
1410 1424 14 0.25(x)
1468 1478 10 0.29(x)
QM-047 0/-90 1030.00 165 220 55 0.26
245 290 45 0.33(x)
325 335 10 0.33(x)
365 375 10 0.28(x)
610 620 10 0.29(x)
635 680 45 0.32(x)
720 750 30 0.11(x)
770 785 15 0.22(x)
960 990 30 0.12(x)
QM-048 270/-60 1000.00 70 90 20 0.23
130 155 25 0.13
170 185 15 0.17
235 275 40 0.11
525 540 15 0.35(x)
650 685 35 1.32(x)
720 750 30 0.30(x)
QM-049 Assays pending.
QM-050 180/-60 800.00 40 75 35 0.21
115 145 30 0.27
305 335 30 0.13(x)
QM-051 0/-45 400.00 280 290 10 0.13(x)
QM-052 180/-45 420.00 130 170 40 0.28(x)
185 200 15 0.26
220 280 60 0.18(x)
QM-053 270/-45 490.00 50 60 10 0.15
150 165 15 0.14
All intervals calculated using 0.1% copper cutoff
(x) Primary sulfides dominant (chalcopyrite)
REGULATORY NOTE
The samples from the MacArthur drilling program are prepared and assayed by ISO/IEC 17025 certified American Assay Laboratories (AAL) located in Sparks, Nevada and by Skyline Laboratories in Tucson, Arizona which is accredited in international quality standards through ISO/IEC 17025, with CAN-P-1579 for specific registered tests through the Standards Council of Canada.
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