Vancouver — An ongoing mapping and rock-chip sampling program over the Union Bay platinum project in southeastern Alaska has uncovered more platinum-bearing zones for partners Quaterra Resources (QTA-V) and International Freegold Mineral Development (ITF-T).
Dubbed Lexus, the new zone of mineralization lies 1.6 km west of the partners’ main target, the North prospect. A total of six grab samples were collected from the new discovery. Covering a strike length of 130 metres, five of the samples returned from 136 parts-per-billion combined platinum-palladium to 1.58 grams per tonne. The sixth sample yielded 5 grams combined platinum-palladium.
Based on the latest rock-chip and channel samples, the North zone has been traced over a 400-metre strike length covering a vertical distance of 180 metres. The width of the zone remains in question, but is estimated at 75-125 metres.
A total of 162 rock-chip samples have been collected from the zone. A high value of 17 grams platinum-palladium comes some 100 metres south of the original discovery outcrop (17.3 grams platinum-palladium). Twenty-three of the samples returned values greater than 0.1 gram platinum-palladium. Eight yielded better than 1 gram.
The Jaguar zone lies 300 metres west of the North zone. So far, this zone has been traced for 360 metres along strike, returning values of up to 3.34 grams platinum-palladium.
The partners report the potential for yet another zone. This is located 3.2 km west of the North zone. This promising showing has been traced for 760 metres and has been named BMW. A number of grab samples have been collected and assay results are expected early next month.
Located near Ketchikan, the 5-by-10-km Union Bay complex shows the characteristic zonal features of a Ural-Alaska complex, with a 1-km-wide dunite core on the southeastern side moving through wehrlite and magnetite-bearing olivine clinopyroxenites to hornblendite and gabbro on the margins. The complex appears as a lopolith folded along a later-staged west-northwest trending axis.
Quaterra is earning a 50% interest in Union Bay by spending US$1 million on exploration and making cash payments of US$100,000 over four years. Quaterra also agreed to issue 200,000 shares of its common stock to Freegold — 100,000 shares upon approval of the transaction by the Canadian Venture Exchange and 100,000 shares on May 1, 2002.
With a newly completed $865,000 financing in hand, Quaterra aims to drill-test the North zone with a 500-metre program slated to start in August.
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