Quaterra Resources (TSXV: QTA) published a report that, according to the company, supports its assessment of the Groundhog prospect in Alaska as a possible copper-gold porphyry system hosting mineralization similar to that in Northern Dynasty’s (TSX: NDM) massive Pebble project.
Groundhog is located some 300 kilometres southwest of Anchorage. It is a 54,880-acre property that covers the northern extension of a 10-kilometre wide north-northeast trending structural zone that hosts a number of porphyry copper-gold prospects, including the Pebble project, which is approximately five kilometres south of the Groundhog claim boundary.
Quaterra has to provide $5 million over six years in exploration spending in order to earn a 90% interest in Groundhog from Chuchuna Minerals
According to the independently-prepared report, mapping, limited drilling and geochronology have demonstrated that similar-aged rocks in a similar structural setting to that in Pebble occur at Groundhog.
“We are pleased to have affirmation of Groundhog as a possible copper-gold porphyry system hosting mineralization similar to Pebble and to have been provided with a roadmap for its exploration going forward,” Quaterra’s president and CEO, Gerald Prosalendis, said in a media statement. “This year’s program will involve the 3D inversion of last year’s ZTEM geophysical survey as recommended by the report. This will enable refinement and selection of high-priority targets for ground-based IP and drilling possibly next year if circumstances and the availability of funds enable it.”