Quaterra and Grande Portage Announce Updated Independent Resource Estimate for Herbert Gold Project
28 Febrero 2013 - 6:30AM
Marketwired Canada
Quaterra Resources Inc. (TSX VENTURE:QTA)(NYSE MKT:QMM) today announced that its
joint venture partner Grande Portage Resources Ltd. has released an updated
independent resource estimate for the Herbert Gold Project located near Juneau,
Alaska.
The updated NI 43-101-compliant resource estimate by D.G. DuPre & Associates
used the digital database derived from a total of 127 diamond drill holes and
four trenches that includes the results from the 2012 infill drilling campaign.
The 2012 program was designed to upgrade the previously identified inferred
resources to indicated resources and to test extensions of mineralization in the
Main and Deep Trench veins as well as new targets in the Goat and Ridge veins.
Today's updated estimate contains an indicated resource of 821,100 tonnes
grading 6.91 grams per tonne gold (gpt) for 182,400 ounces of gold in the Deep
Trench and Main veins. The resource was calculated using a base case cut-off of
2 gpt. The Deep Trench and five veins that have had limited drill testing
contain an inferred resource of 51,600 tonnes grading 7.73 gpt gold for 12,800
ounces of gold. The continuity and consistency of gold mineralization identified
by infill drilling suggest that exploration on the other veins has the potential
to produce similar results.
The Deep Trench vein contains the highest grade resource discovered to date of
407,100 tonnes averaging 8.12 gpt (at a 2 gpt cut-off), and 232,300 tonnes
averaging 12.42 gpt (at a 3 gpt cut-off). This high-grade mineralization is open
to the east and at depth.
"The results of the resource estimate underscore the excellent potential of our
Herbert Project and highlight the deposit's quality and potential for growth.
Our total drilling to date has reached less than 10% of the known property
potential," says President and CEO of Grande Portage Ian Klassen. "The
continuity is excellent and mineralization is open at depth and along strike."
The 2012 infill drilling campaign converted 52.3% of the tonnes and 74.4% of the
ounces from the inferred to indicated resource category from a previous resource
estimate released in April last year (please see press release of April 16,
2012). At the same time the grade increased by 42.2% compared to last April's
resource estimate. At a 3.0 gpt cut off, 56.0% of the tonnes and 81.7% of the
ounces were converted to the indicated resource category, with an increase in
grade of 46.2%. The program also delineated a higher grade shoot within the Deep
Trench vein.
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February 2013:
Updated Herbert Property NI43-101 Indicated and
Inferred Mineral Resource Estimate
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Total Indicated, uncut, rounded to the nearest hundred tonnes, hundred
ounces
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Cut-off (gpt) Tonnes Au Grade (gpt) Ounces Au
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3.0 532,400 9.34 159,800
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2.5 637,900 8.25 169,200
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2.0 821,100 6.91 182,400
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1.5 1,081,300 5.66 196,900
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1.0 1,645,500 4.14 219,000
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0.5 2,867,500 2.69 248,100
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Total Inferred, uncut, rounded to the nearest hundred tonnes, hundred ounces
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Cut-off (gpt) Tonnes Au Grade (gpt) Ounces Au
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3.0 38,600 9.55 11,900
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2.5 42,100 8.99 12,200
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2.0 51,600 7.73 12,800
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1.5 112,600 4.46 16,100
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1.0 585,400 1.85 34,900
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0.5 1,509,800 1.18 57,300
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Estimation Methods
The resources are classified according to their proximity to the sample
locations and are reported, as required by NI 43-101, according to the CIM
Definition Standards for Mineral Resources and Mineral Reserves. Indicated
resources comprise blocks that are situated within 60 meters of assays derived
from drill holes or trenches. Resource blocks located between 60 and 200 meters
of assays are considered inferred. Metallic or screened assays were used in all
instances where they were available (921 samples). All other assays are standard
one assay ton results reported using ICP finish or where over limit (greater
than 10 gpt) are reported using gravimetric finish.
MapInfo's 3D solid generation routine was used to construct three dimensional
models from a series of cross sections for each of eight different zones where
correlations in apparent gold assays, alteration zones, and multi-element data
appear to exist down-dip on section and between sections. Some areas of the Main
vein provided multiple options for correlations that were permissive by geology
and sample geochemistry. The Deep Trench vein was remarkable in the simplicity
and consistency of a very planar orientation of the correlations.
An Inverse Distance Squared (ID2) method using a block model approximately 8m x
1.5m x 6m was applied to the Main and Deep Trench veins. Smaller solids (such as
the Deep Trench Vein Hanging Wall) were modeled using smaller block sizes down
to 2m x 2m x 2m. Blocks required a minimum of three and a maximum of 12
composites within a 180m x 180m x 180m search ellipsoid, oriented parallel to
the vein. The raw and composited assay data for the veins display a mixture of
three populations on the lognormal probability plots. These can be modeled
smoothly without any obvious outliers that can over-influence the estimation and
to account for the nugget effect. Statistical studies showed that capping or
averaging was not indicated. The resource remains open in multiple directions
along these defined veins.
D.R. Webb, P. Geol., is the Qualified Person, within the meaning of NI 43-101,
responsible for the reserve and resource calculations while D.G. Dupre, P. Geo.,
is the Qualified Person responsible for all other aspects of the Technical
Report which is being prepared and will be filed within 45 days of this release.
Quality-control data, generated during the various drill programs conducted at
the Herbert Property, were independently verified by Mr. Dupre and Dr. Webb as
part of the project review.
An aggressive program of diamond drilling is being planned for 2013 in an effort
to unlock further value. It will target the extensions of the known
mineralization down dip and along strike.
Grande Portage and Quaterra have formed a 65/35 joint venture for the further
exploration and development of the property with each party bearing their
proportionate costs.
Mr. Dupre and Dr. Webb who are independent of Grande Portage and Quaterra and
are Qualified Persons as defined by NI 43-101, have read and approved the
technical disclosure in this press release.
Cautionary note
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Mineral resource estimates do not account for mineability,
selectivity, mining loss and dilution. These mineral resource estimates include
inferred mineral resources that are normally considered too speculative
geologically to have economic considerations applied to them that would enable
them to be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to measured and indicated
categories through further drilling, or into mineral reserves, once economic
considerations are applied. The mineral resource estimates referenced in this
press release use the terms "Indicated Mineral Resources" and "Inferred Mineral
Resources". While these terms are defined in and required by Canadian
regulations (under NI 43-101), these terms are not recognized by the U.S.
Securities and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a
great amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. The SEC normally only permits issuers to
report mineralization that does not constitute SEC Industry Guide 7 compliant
"reserves" as in-place tonnage and grade without reference to unit measures.
U.S. investors are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be converted into reserves. Grande
Portage Resources Ltd. is not an SEC registered company.
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.
Expanded information on the Company's projects is described on our website at
www.quaterra.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Quaterra Resources Inc.
Lauren Stope
604-641-2746
info@quaterra.com
www.quaterra.com
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