Quaterra drills Union Bay

Quaterra Resources (QTA-V) has launched a drilling program to test for platinum-palladium mineralization at the Union Bay property, 45 km north of Ketchikan in southeast Alaska.

The junior will test several occurrences along a 5-km-long corridor, with a minimum of 1,000 metres of drilling. Quaterra can earn a 50% interest in the property from International Freegold Mineral Development (ITF-T) by spending US$1 million on exploration and paying a total of US$100,000 over the next four years.

Quaterra recently arranged a $150,000 private placement financing consisting of 1 million units priced at 15 each. A unit consists of one share and a warrant exercisable for one additional share at 20 for 12 months.

Quaterra is also exploring for massive sulphide mineralization on four property blocks, north of Nome in the Seward Peninsula of northwestern Alaska. Recently completed gravity surveys revealed a number of anomalous features.