Here is the newsQUATERRA RESOURCES INC. ("QTA-V") - To Explore Alaska PGM Prospect
Thomas C. Patton, President & C.E.O. of Quaterra Resources Inc. ("Quaterra") announced that an Exclusive Prospecting Permit has been signed with NANA Regional Corporation ("NANA"). Under the terms of the agreement, Quaterra will pay NANA US$10,000 and issue 50,000 shares of Quaterra stock.
The agreement provides Quaterra with access to several promising prospects located on land that NANA has the right to select in northwestern Alaska. If field inspections confirm Quaterra''s interest in the prospects, NANA and Quaterra will initiate good faith negotiations for an exclusive exploration agreement and option to lease.
Quaterra''s primary target will be the mafic and ultramafic rocks in the Asik Mountain area about 35 miles north of Kotzebue and 45 miles south of the Red Dog mine. Six reconnaissance samples collected by government agencies in the Asik Mountain area average 1112 ppb platinum, 796 ppb palladium and 0.23 % copper. Fieldwork will be carried out during August to confirm these values, map and sample the ultramafic rocks and assess the prospectiveness of the area for platinum and palladium mineralization.
In 1971 the Alaska Native Claims Settlement Act gave NANA, an Inupiat-owned company, the right to obtain land in northwest Alaska, including the area around Asik Mountain. Land selected by NANA carries exclusive ownership of surface and mineral rights.
NANA is well acquainted with the mineral business because the world''s largest producing zinc mine, Red Dog, lies on NANA''s lands. Red Dog is currently under lease to Cominco Ltd. of Vancouver. TEL: (604) 681-9059 Quaterra Resources Inc. FAX: (604) 688-4670 Thomas C. Patton, President & C.E.O.
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