Quaterra Resources has acquired the Butte Valley porphyry copper prospect that is situated in eastern Nevada approximately 40 miles north of Ely in north-central White Pine County.
The company has purchased mineral rights of about 45 square miles through optioning and buying 1,483 unpatented U.S. lode claims in total.
Butte Valley prospect was found through drilling a huge magnetic anomaly in 1960. The sulfide system covering at least two square miles area is entirely invisible and is hidden under gravels of around 2,000 feet and a gravity slide block. During 1980, 17 broadly spaced holes were drilled. Among the several existing targets, the most important is a high-grade copper-magnetite layer, which can be seen in reactive rocks under the historic drilling level.
The company has planned a full data compilation and geophysics program to delineate the targets for many deep drill holes that occurs inside and contiguous to the historic drilling region.
The Butte Valley prospect is a huge, partly explored porphyry copper system with well-built infrastructure. The property has resource potential of chalcocite-rich porphyry copper mineralization and high-grade skarn.
Primarily, Quaterra has purchased 41 unpatented lode mining claims that cover well-known mineralization core. Through yearly payments of US$1 million in total for more than 10 years and giving 2.5% NSR royalty on production, Quaterra can earn 100% interest in the claims.
Source: http://www.quaterraresources.com/