Quaterra Announces Drill Results From Nieves Concordia Vein Extended Further West, Initial Santa Rita Results Reported
Concordia Vein Extended Further West, Initial Santa Rita Results Reported
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/11 -- Quaterra Resources Inc. (TSX VENTURE: QTA)(NYSE Amex: QMM) and 50% joint-venture partner Blackberry Ventures 1, LLC, today announced assay results from 15 core holes of 4,209 meters of drilling completed between July and September 2011 at their Nieves silver property in northern Zacatecas, Mexico.
Four holes tested the western limit of the Concordia vein, nine holes tested the western Santa Rita vein, and two holes tested for extensions of the California vein.
Concordia West vein. Holes QTA 157 and QTA 168 drilled respectively 400 meters and 500 meters west-southwest of QTA 123, each intersected thick intervals of stockwork mineralization, with a best intercept of 42.8 meters of 46 g/tonne silver in hole QTA 168. Holes QTA 166 and QTA 167, drilled further to the west, did not intersect significant mineralization. Drilling to date has now intersected typical Concordia vein stockwork mineralization on a minimum spacing of 100 meters over a total strike length of 1,000 meters. Mineralization appears to be cut off to the west but remains open to the east.
Santa Rita vein. Drilling systematically tested the vein over approximately 500 meters along strike, and intersected thick intervals of low grade silver mineralization, most notably 140.85 meters of 20 g/tonne silver starting at a depth of 124.75 meters in hole QTA 161 and 79 meters of 32 g/tonne silver starting at 34 meters in hole QTA 169. Mineralization remains open to the west, but will have to be higher grade to make the Santa Rita vein a stand-alone target.
California vein. Neither hole QTA 155 or QTA 156 offers encouragement that significant mineralization extends beyond currently known limits.
Two core rigs have completed an additional 12 holes along the Concordia and Santa Rita veins. One rig is currently on site to complete several additional holes. Thereafter, a preliminary economic assessment will be completed in the first quarter of 2012.
Dr. Thomas Patton is the qualified person responsible for the preparation of this news release.
Exploration maps illustrating all of these features are posted on the Quaterra website. A table of drill-hole results is attached to this news release and posted on the Company's website. True thicknesses are about 80% of intercept widths reported.
Core samples were prepped and analyzed by ALS Chemex in Guadalajara, Mexico and Vancouver, B.C. respectively. Property-specific standards were routinely submitted with each batch of samples. Samples were initially run using a conventional 35-element ICP analysis with an aqua regia digestion process. A 30-gram fire assay with gravimetric finish for gold and silver was run on all samples. ICP results are reported for silver values up to 100g/t; fire assay results are reported for silver assays greater than 100g/t. Samples containing more than 1% lead, copper or zinc were analyzed using AA with aqua regia digestion.
Quaterra Resources Inc. (TSX VENTURE: QTA)(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.
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 this press release 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.
October 2011 Nieves Drill Results: Holes QTA 155 to 169
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Incl- Au Ag
in- Inter- (g/ (g/ Ag
Azim- at- val to- to- (oz/ Pb Zn
Hole Area uth ion From To (m) nne) nne) ton) (%) (%)
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QTA155 California 340 -60 111.25 111.45 0.20 0.03 64 1.9 0.02 0.15
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QTA156 California 340 -60 90.00 98.00 8.00 0.08 31 0.9 0.01 0.03
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QTA157 Concordia 340 -60 103.00 219.00 116.00 0.04 20 0.6 0.03 0.03
West
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includes 106.00 116.05 10.05 0.06 59 1.7 0.02 0.07
includes 173.95 174.20 0.25 2.18 2140 62.5 1.54 2.48
includes 192.65 200.25 7.60 0.07 47 1.4 0.21 0.10
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QTA 166 Concordia 340 -60 no significant
West values
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QTA167 Disquito 340 -60 219.95 220.40 0.45 2.90 11 0.3 0.00 0.02
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QTA168 Concordia 15.00 20.60 5.60 1.22 5 0.1 0.00 0.01
West
170.20 213.00 42.80 0.09 46 1.3 0.04 0.08
172.10 183.20 11.10 0.14 93 2.7 0.07 0.12
173.35 181.25 7.90 0.16 107 3.1 0.08 0.13
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QTA158 Santa Rita 320 -60 98.00 137.10 39.10 0.05 19 0.5 0.10 0.12
241.00 259.70 18.70 0.03 18 0.5 0.07 0.25
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QTA159 Santa Rita 320 -50 61.00 82.80 21.80 0.03 25 0.7 0.09 0.19
includes 62.90 69.05 6.15 0.03 79 2.3 0.27 0.49
includes 68.60 69.05 0.45 0.03 556 16.2 2.07 4.83
273.00 288.00 15.00 0.05 60 1.8 0.12 0.21
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QTA160 Santa Rita 320 -50 130.00 150.00 20.00 0.04 34 1.0 0.19 0.16
200.45 244.00 43.55 0.08 15 0.4 0.05 0.08
294.00 306.00 12.00 0.21 19 0.5 0.02 0.07
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QTA161 Santa Rita 320 -50 36.00 66.00 30.00 0.04 24 0.7 0.13 0.20
124.75 265.60 140.85 0.06 20 0.6 0.03 0.06
includes 183.45 205.00 21.55 0.03 44 1.3 0.06 0.09
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QTA162 Santa Rita 320 -50 149.50 149.90 0.40 0.39 55 1.6 1.20 2.88
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QTA163 Santa Rita 320 -50 120.35 124.10 3.75 0.08 11 0.3 0.03 0.05
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QTA164 Santa Rita 320 -50 118.00 121.95 3.95 0.05 58 1.7 0.03 0.14
142.00 153.00 11.00 0.03 77 2.3 0.15 0.21
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QTA165 Santa Rita 320 -50 117.00 163.00 46.00 0.03 19 0.6 0.05 0.05
221.70 250.00 28.30 0.03 18 0.5 0.02 0.04
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QTA169 Santa Rita 320 -50 34.00 113.00 79.00 0.03 32 0.9 0.02 0.06
includes 68.10 70.00 1.90 0.03 210 6.1 0.15 0.08
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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.
Contacts:
Quaterra Resources Inc.
Lauren Smith
604-641-2746
info@quaterra.com
www.quaterra.com