The property, which covers an area of 9,057 hectares, is prospective for vein and stockwork related gold-silver mineralization with bulk tonnage potential.
The company’s near-term plans include geologic mapping, sampling and geophysical surveys to define drill targets.
Quaterra has the right to earn a 100% interest in the property by making semi-annual lease/pre-production payments and paying a 1% Net Smelter Return (NSR) royalty payment that is capped at $5m.
A portion of the property carries an uncapped 2% NSR royalty, and Quaterra, at its option, may issue LCI 20,000 common shares or its cash equivalent on or before 12 June 2012.
