Newz :: Exmin JV w/Quaterra
Quaterra Announces Silver Discovery at Americas Project
Gold target also delineated at adjacent Mirasol prospect
Thursday March 19, 2009, 8:30 am EDT
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 19, 2009 -- Quaterra Resources Inc. (CDNX:QTA.V - News)(AMEX:QMM - News) today announced that it has intersected significant silver mineralization in one hole drilled at its 100%-owned Americas project in Durango, Mexico.
Six widely spaced reconnaissance core holes totalling 2,515 meters were completed at Americas in the fourth quarter of 2008 to evaluate a series of northwesterly striking epithermal quartz veins.
One of the holes contained significant silver mineralization. Hole AMD-3 intersected 32 meters of 28 g/t silver in the Marimar vein beginning at a depth of 80 meters, including 2.5 meters averaging 222 g/t silver (8.2 feet averaging 6.5 oz/ton). The Marimar vein is 300 meters east of the other known veins and surrounded by post-mineral alluvium.
Americas forms part of the Company's Americas-Mirasol-Tecolotes projects, a group of contiguous concessions covering an area of 94,107 hectares (363 square miles), located in eastern Durango in the central part of the Mexican Silver Belt.
Mirasol
Continued mapping and sampling in the Mirasol concession, which is adjacent to Americas, has identified a new gold prospect at Loma Aguila. A low-lying zone of silicified limestone outcrop and rubblecrop covering an area of about 100 meters by 150 meters in the midst of a flat alluvial plain contains anomalous to ore-grade gold mineralization, with 31 of 139 rock chip samples (22%) containing gold values greater than 0.1 ppm gold. Six samples contain greater than 1 g/t gold including a high value of 2.78 g/t. The showing is interpreted to be part of a hydrothermal feeder vent at a deeper erosional level than other mineralized showings in adjacent areas.
"The Americas-Mirasol-Tecolotes concessions cover a huge hydrothermal system in the heart of the Mexican Silver Belt," says Tom Turner, Quaterra's Manager of Mexican Exploration. "It is encouraging that systematic mapping and sampling continue to delineate high-quality drill targets."
Additional mapping, sampling and geophysical surveys are planned for both the Americas and Mirasol prospects, with drilling tentatively scheduled to begin in the second half of 2009.
The Americas-Mirasol-Tecolotes project area is located in the Municipality of Simon Bolivar, Durango, Mexico, about half way between the cities of Durango and Torreon. The Americas and Mirasol concessions are 100% owned by Quaterra through its Mexican subsidiary Aqua Tierra SA de SV. The Tecolotes concession is a joint venture between Quaterra and EXMIN SA de CV, a subsidiary of EXMIN Resources Inc. Under the terms of the agreement, Quaterra may earn a 75% interest in the concession by spending US$500,000 in exploration and making annual payments to EXMIN totaling US$100,000 over a four year period. A map showing the location of concessions and prospects is posted on the Quaterra website (www.quaterra.com).
Samples were prepped and analyzed by ALS Chemex in Hermosillo, Mexico and Vancouver, B.C. respectively. A 30 gram fire assay with gravimetric finish was run on all samples for gold and silver.
Dr. Thomas Patton is the qualified person responsible for the preparation of this release in accordance with NI-43-101.