Vancouver A mapping and sampling program by Quaterra Resources (QTA-V) has discovered three new zones of platinum-palladium mineralization at the Union Bay property in southeast Alaska.
This work precedes a drill program, which is slated to start in less than two weeks.
The latest results include combined platinum-palladium values of up to:
- 11.5 grams per tonne at the BMW zone;
- 8.8 grams per tonne at the Cobra east zone; and
- 3.6 grams at the Cobra West zone.
Scattered outcrop showings with high platinum-palladium values have now been outlined over two east-west corridors for a distance of 4.8 km and 2 km, respectively. Mineralization remains open along strike and occurs over a vertical distance of at least 550 metres.
Several zones will be drill-tested. The primary targets are located along the North zone, where samples returned up to 19 grams combined platinum-palladium over a 400-metre strike length, as well as the new Mt. Burnett zone, which has a current strike length of 750 metres.
Olivine pyroxenite appears to be the most favourable lithology for mineralization. The presence of magnetite and chromite stringers along narrow, later-staged pyroxenite dykes also seems to have some bearing on the mineralization.
In April, Quaterra inked a deal to acquire half of Union Bay from International Freegold Mineral Development (ITF-T). The junior can earn its stake by spending US$1 million on exploration and paying US$100,000 in cash over four years.
Quaterra also agreed to issue 200,000 shares of its common stock to International Freegold — 100,000 shares upon approval of the transaction by the Canadian Venture Exchange and 100,000 shares on May 1, 2002
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