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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (4401)	10/24/2001 7:33:56 PM
From: Al Collard	Read Replies (2) \| Respond to of 11802

Red, finally a little meat to one of QTA's NR's: Quaterra releases Union Bay drill results Wed 24 Oct 2001 News Release Mr. Thomas Patton reports Quaterra Resources has released results from an initial drilling program at the Union Bay platinum group element project in southeast Alaska. The program consisted of 356 metres of diamond drilling in four holes on two of the six multigram PGE targets on the 21-square-mile Union Bay ultramafic complex. Table one is a summary of significant mineralization from this drilling Angle holes UB01-1 and UB01-2 were scissored under North zone outcrops where previous surface sampling and rock saw trenching had returned values up to 19 grams per tonne platinum and palladium. The holes were designed to test down dip continuity of a northwest trending PGE-bearing horizon defined by previous mapping and sampling. Hole UB01-1, drilled to the west, intersected this horizon at a depth of 19.1 metres with a 0.5-metre interval assaying 11.2 g/t Pt and Pd. Mineralization is hosted in pyroxenite with disseminated and vein type magnetite. Hole UB01-2 was drilled to the northeast and intersected 0.6 metre of lower grade mineralization beginning at 50.1 metres averaging 0.44 g/t Pt and Pd. It is possible that the high-grade horizon intersected in hole UB01-1 was cut out or diluted by postmineral pyroxenite dikes. Holes UB01-3 and UB01-4 were drilled at Mt. Burnett, about 3.2 kilometres west of the North zone, where previous surface sampling returned values up to 11.5 g/t Pt and Pd. Both holes intersected anomalous Pt and Pd in multiple horizons up to 8.8 metres thick hosted primarily in hornblende pyroxenite containing disseminated and vein type magnetite. Values ranged up to 1.1 g/t Pt and Pd over a one-foot interval in hole UB01-4. Management is encouraged by these initial results that show the presence of high-grade Pt and Pd below North zone mineralized outcrops. These results will allow the company to begin tracing mineralization along the +400-metre mineralized trend with additional drill holes. Mapping and sampling also strongly suggest that all Pt-Pd mineralization discovered to date on the property occurs within a predictive magmatic sequence that can be traced discontinuously over an area eight kilometers long and five kilometers wide. Quaterra president Tom Patton noted: "The discontinuous nature of stratiform PGE mineralization in occurrences such as the J-M Reef in the Stillwater complex is well documented. The large size of our target combined with widespread high-grade surface samples suggests that continued exploration should be successful in identifying zones with minable widths and grades." Quaterra may earn a 50-per-cent interest in Union Bay from International Freegold Mineral Development Inc. by spending $1.0-million (U.S.) in exploration and development and making staged cash payments totalling $100,000 (U.S.) over the next four years. Zone Hole From To Int Pt No. (m) (m) (m) (ppb) North 1 19.1 19.6 0.5 10,590 North 2 50.1 50.7 0.6 422 Mt. Burnett 3 0.6 4.3 3.7 157 3 14.2 16.0 1.8 1115 3 61.4 64.1 2.7 98 4 0 8.8 8.8 105 Includes 1.4 3.5 2.1 213 4 28.4 28.7 0.3 1007 Zone Hole From To Pd Pt+Pd No. (m) (m)(ppb) (ppb) North 1 19.1 19.6 565 11,155 North 2 50.1 50.7 21 443 Mt. Burnett 3 0.6 4.3 122 279 3 14.2 16.0 177 282 3 61.4 64.1 109 207 4 0 8.8 186 291 Includes 1.4 3.5 382 595 4 28.4 28.7 155 1162 All samples were prepared and analyzed by Bondar Clegg Ltd. for platinum, palladium and gold using ICP analytical methods and a two-acid digestion procedure.