Quaterra Acquires Butte Valley Copper Prospect in Nevada (QMM)

Quaterra Resources QMM today announced the acquisition of the Butte Valley porphyry copper prospect, located in eastern Nevada about 40 miles north of Ely in north-central White Pine County. The Company has acquired approximately forty-five square miles of mineral rights by optioning and staking a total of 1,483 unpatented U.S. lode claims. Butte Valley was discovered in the 1960s through the drilling of a large magnetic anomaly. The sulfide system, which covers an area of at least two square miles, is totally blind and is buried below approximately 2,000 feet of gravels and a gravity slide block. Seventeen widely spaced holes were drilled, the last in 1980. Multiple targets exist, but one of the most compelling is a high-grade copper-magnetite skarn that could be present in reactive rocks below the level of historic drilling.