First resource estimate made by potential Herbert Glacier mine developers

Herbert Glacier

Herbert Glacier survey photo courtesy of Quaterra Resources.

Developers of a proposed mine at Herbert Glacier believe there’s at least 245,145 ounces of gold. That’s based on an independent resource estimate after exploratory drilling over the last two years and recent assays.

Herbert Glacier, 18-miles north of downtown Juneau, is in the middle of the historic Juneau mining district, with Kensington Mine currently operating 25-miles to the north and Greens Creek Mine about 12-miles to the west. The area is being jointly developed by Grande Portage Resources Limited and Quaterra Resources, both of Vancouver, British Columbia.

Tom Patton, CEO and President of Quaterra, hinted that latest estimate is only a partial picture of Herbert Glacier’s potential.

“We think that this thing has the potential for million-plus ounces of high-grade gold,” said Patton during a Wall Street analysts conference on April 10, 2012.

His comments were made before Monday, April 16th’s release of the inferred resource estimate for two of the four potential principal veins. Total resource is estimated at 1.57 million (metric) tonnes with an average grade of 4.86 grams per tonne (0.142 ounces per ton).

If those inferred estimates are correct, then the value of the 245,145 ounces of gold at today’s market price would be worth approximately $404 million.

“We got interested in this thing just because of the address,” said Patton who made a reference to Juneau’s post-World War I mining boom. “This Herbert Glacier deposit was not discovered at that time because it was under the Herbert Glacier which has since receded.”

Patton told analysts that his company expects to spend about $700,000 for additional work at Herbert Glacier this year.

The resource estimate was done by Wasilla-based Yukuskokon Professional Services.

In a prepared statement, Ian Klassen, CEO and President of Grande Portage which is the majority partner in the joint venture, said that they’re “delighted with the initial report.” Klassen said they hope to discover additional mineralized zones and expand the known resource area with more drilling this summer. That includes 36,000 feet of infill drilling and 9,000 feet of exploratory drilling.

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