Results Of Drilling On Bear Copper Deposit

 

VANCOUVER, BC - Quaterra Resources Inc. and its subsidiary Singatse Peak Services LLC ("SPS") reported results from Hole B-050, the third core hole of a drill program to explore and further define the Bear deposit, a large porphyry copper system on the Company's 52-square mile property in the historic Yerington Copper District of Nevada. The drill program is being funded with option payments to SPS by Freeport-McMoRan Nevada LLC ("Freeport Nevada").

Hole B-050, drilled vertically to a depth of 3,838 feet, intercepted 521.9 feet (159.1 meters) of 0.36% copper beginning at a depth of 2,429.2 feet. Included within this interval is 279.3 feet (85.1 meters) of 0.44% copper starting at 2,491.4 feet. A 6.1 foot (1.9 meter) interval of massive pyrite-magnetite-chalcopyrite skarn starting at 2,330.5 feet averages 1.91% copper, 0.22 ppm gold and 5.7 ppm silver. This hole extends the Bear mineralized system an additional 650 feet north of the nearest historic drill hole.

Hole B-050, collared 1,050 feet north-northeast of Hole B-048, is the third hole of an exploration program designed to corroborate historic assay results, determine geologic controls for higher grade mineralization and attempt to extend higher grade mineralization to the north. Copper mineralization starting at a depth of 2,429.2 feet occurs in typical porphyry copper-style, potassically altered quartz monzonite with small amounts of molybdenite. The thickness of the mineralized intercept is similar to those in adjacent historic drill holes.

The significance of the narrow zone of higher grade copper-gold-silver mineralization occurring above the main mineralized interval is unknown. The skarn is bracketed by quartz porphyry dikes and quartz veining and is part of a larger zone characterized by pyrite and magnetite veining, weakly anomalous gold and potassic alteration. All of these features are guides to mineralization elsewhere in the district.