Juneau, Alaska-Towards the end of last month, Quaterra Resources Inc joined with Grande Portage Resources LTD in a joint venture to explore the Herbert Glacier for gold deposits. Quaterra Resources Inc, based out of Vancouver owns, in some instances with partners, 11 mining projects in Canada, the U.S. and Mexico. Grande Portage Resources LTD is also based out of Vancouver, they are a publicly traded mineral company with a focus on gold in Alaska and British Columbia.

They have now reported in a press release stating that they have discovered a large amount of gold in the Herbert Glacier Project. They have drilled through 21,400 feet of earth with their test drill holes and have had amazing results. They have identified an area that is producing 3.8 ounces of gold per ton. The amount is characterized by the CEO of Quaterra Resources, Thomas Patton as, “a lot of gold.”

According to Grande Portage, there are at least six “promising gold bearing main composite vein-fault structures containing ribbon structure quartz-sulfides on the property.” They are mainly focussing on three, the Main vein, Deep Trench vein and Goat Creek vein.

Grande Portage intends on drilling through 2012 and drill results from the Deep Trench vein are expected in the coming weeks.

The Herbert Glacier prospect is in the historic Juneau Gold Belt, formerly a world-class district with producers such the AJ and Treadwell mines and literally dozens of smaller gold mines and prospects. Overall gold production from the district is more than seven million ounces. In 2010, the district was reactivated by the reopening of Couer Alaska’s Kensington gold mine located 25 miles north of the Herbert Glacier property. In addition, Hecla Mining Company’s polymetallic Greens Creek Mine, a massive sulfide deposit containing silver, gold and zinc, is located in a parallel trend 12.5 miles to the west.