Lion Copper & Gold Corp. (LCGMF)

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Go QTRRF - Drill Baby Drill & Cash from NYSE:FCX

From Corporate Website: https://quaterra.com/2017/01/quaterra-announces-2017-drill-program-at-yerington-copper-project-nevada/

VANCOUVER, B.C. — Quaterra Resources Inc. (“Quaterra” or the “Company”) and its subsidiary Singatse Peak Services LLC (“SPS”) today announced a 2017 drill program of at least 15 drill holes to test targets throughout the Company’s 51-square-mile land package located in the historic Yerington District of Nevada.

Freeport-McMoRan Nevada LLC (“Freeport Nevada”) has agreed to make accelerated option payments of up to $1.5 million. SPS has determined that these will be used to fund the 2017 drill program. (All amounts are expressed in U.S. dollars). Freeport Nevada is a wholly owned subsidiary of Freeport Minerals Corporation, which in turn is a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE:FCX).

Says Quaterra President and COO Gerald Prosalendis: “This year’s drill program is focused on locating and drilling both potential open-pitable and higher-grade porphyry and skarn mineralization in a number of prospective areas that we have identified across our district-scale property.

“Work will begin in the first quarter of the year and will include both reverse circulation and core drilling of a minimum of 15 holes in and around the Yerington pit, at the MacArthur deposit five miles north of the Yerington pit, and on other prospective targets identified on the Company’s large land position,” he says.

“For example,” he says “MacArthur contains significant sulfide mineralization beneath the oxide zone as discovered by a relatively few previously drilled holes that continued beyond the base of the oxide. We want to better understand the porphyry system that underlies the oxide cap.”

Geophysical surveys, geologic mapping and data from the previous drilling programs have been used to select drill targets. An induced polarization (IP) geophysical survey is currently in progress to assist in final drill site selection.

Freeport Nevada’s accelerated $1.5 million option payments are in addition to an option payment last month of $1.25 million by Freeport Nevada to SPS that is being used for property maintenance, G&A and environmental compliance at Yerington. Last month’s option payment was the second of a four-tranche agreement totaling $5.75 million over two years announced in June last year to extend Stage 2 of Freeport Nevada’s option to acquire an interest in the Company’s Yerington Copper Project. Freeport Nevada has the right to terminate the agreement at any time with 60 days’ notice. (Please see news release dated June 13, 2016).

In June 2014, Quaterra and its subsidiary SPS entered into an agreement which gives Freeport Nevada an option to earn an initial 55% interest in SPS by providing $40.7 million in option payments to SPS. In June 2016, Stage 2 of the agreement was potentially extended by another two years.



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