La Quinta Resources Encounters 16.9m of 1.02 g/t Gold at Easter Project
July 25 2011 - 9:00AM
Marketwired
La Quinta Resources Corporation (TSX VENTURE: LAQ)(FRANKFURT: LQK)
("La Quinta" or the "Company") is pleased to report that it has
received assays for the first two holes of its resource expansion
drilling on the Easter gold and silver property (the "Easter
Project") located in southeast Nevada.
La Quinta has completed two exploratory vertical reverse
circulation ("RC") percussion drill holes sited on the downdip
extension of the Main Vein at the Easter Project. The holes, 11-22
and 11-02, were drilled as orientation holes to determine the
location of the Main Vein. The hole depths were 245 ft (76.7 m) and
190 ft (57.9 m), respectively.
Follow-up twinning using diamond drilling will ascertain true
thickness as groundwater was encountered at relatively shallow
depths. The RC drilling method is not considered an accurate
sampling tool below the groundwater table for deposits containing
particulate gold because a portion of the gold typically is not
recovered. Diamond (core) drilling methods, considered more
accurate, will be used to complete the drilling program now that
relative positions of the vein and groundwater have been
determined.
Gold grades of significance included:
Hole no. Depth, ft Depth, m Au, g/t Au, oz/st
11-22 100-105 30.8-32.3 0.681 0.020
105-110 32.3-33.8 2.62 0.076
110-115 33.8-35.4 0.758 0.022
115-120 35.4-36.9 0.251 0.007
120-125 36.9-38.5 0.107 0.003
125-130 38.5-40.0 0.562 0.016
130-135 40.0-41.5 0.314 0.009
135-140 41.5-43.1 0.692 0.020
140-145 43.1-44.6 0.257 0.008
145-150 44.6-46.2 2.62 0.076
150-155 46.2-47.7 2.62 0.076
155-160 47.7-49.3 0.121 0.004
11-02 110-115 33.8-35.4 0.162 0.005
115-120 35.4-36.9 1.280 0.037
120-125 36.9-38.5 1.085 0.032
125-130 38.5-40.0 0.527 0.015
The Company has also completed three shallow reverse circulation
orientation holes in the West Vein area. Early this year the
Company's technical staff found epithermal veins containing as much
as 10 g/t gold (0.29 oz/st) in surface reconnaissance samples. No
drilling has ever been done in this area. Assays are pending.
CEO Glen Watson said, "The drill results in the resource area
confirm the approximate position, depth and nature of
mineralization. As we step out at depth using diamond drilling
methods, we anticipate that grades will increase. Orientation of
the mineralized shoots within the Main Vein can reliably be
determined as drill work expands the identified resource both
downdip and along strike. Drilling in the previously untested West
Vein area, situated approximately 3,200 ft (1000 m) west of the
indicated resource, will expand the technical understanding of the
extent of the commercial potential of this robust vein system."
The Company's program of QA/QC includes insertion within the
sample stream of purchased standards and prepared duplicates at
appropriate intervals. Additional reliance is upon the internal
QA/QC implemented by ALS Minerals, where the samples are being
analyzed.
The information contained in this news release has been
reviewed, approved and deemed relevant by Walter Martin, C.P.G.,
the Company's President, and a qualified person as defined under
National Instrument 43-101.
Standards of Disclosure for Mineral Projects ("NI 43-101"):
La Quinta can earn a 65% interest in the Easter Project by
incurring US$2 million in exploration expenditures by January 4,
2015 and making annual payments to Pilot Gold Inc. ("Pilot Gold")
that total US$190,000. Terms of the earn-in arrangement in the
first year include a US$30,000 payment (paid) and a work
requirement of US$100,000 (expended). Upon exercising the option to
form a joint venture at the end of year five, La Quinta is required
to issue 500,000 common shares to Pilot Gold. Pilot Gold retains a
net smelter royalty of 2.5% - 4%, depending on the price of
gold.
About La Quinta Resources Corporation
La Quinta is a junior precious metals exploration company
actively seeking mineral opportunities for the benefit of our
stakeholders. Currently the Company is focused on exploring for
gold, silver and copper on the Easter Project and its Black Jack
properties, Nevada and on Carruthers Pass, British Columbia. The
Easter Project is underlain by an epithermal quartz-adularia vein
stockwork system hosted within Tertiary volcanic rocks of the
Caliente Caldron Complex of southeastern Nevada. Numerous drill
programs were conducted over the past 27 years by several
operators. The resultant 121 holes and five adits were used to
outline a 43-101 compliant resource of 2.6 million tons at 1.3 g/t
gold (0.038 oz/t) and 14 g/t silver (0.4 oz/t) within an area of
gold mineralization with a strike length of at least 6,450 feet
(1,966 m) and drill-defined widths up to 90 feet (27.4 m).
Significant prior intercepts include up to 0.194 oz. Au / ton over
90 feet (6.6 g/t over 27.4m true thickness) (including 0.549 oz. Au
/ ton over 15 feet (18.8 g/t over 4.5m)) and 0.084 oz. / ton over
110 feet (including 0.534 oz. Au / ton over 5 feet) (2.88 g/t over
33.5 m w/internal 18.3 g/t in 1.52 m). The Black Jack property, an
early-stage exploration target in NE Nevada, consists of old mine
workings that contain silver- gold-base metals veins hosted in
Ordovician limestones that overlie nearby Cambrian shale. The
Carruthers Pass property is a massive sulfide project with copper,
gold and silver located 70km south of Kemess copper-gold mine. The
project consists of 8 claims covering 3,250 hectares. No resources
have been identified in either Black Jack or Carruthers Pass
properties.
On behalf of the board
Glen Watson, CEO and Director
This document includes forward-looking statements. When used in
this document, the words "potential", "plan", "could", "estimate",
"expect", "intend", "may", "should", and similar expressions are
intended to be among the statements that identify forward-looking
statements. Although La Quinta believes that their expectations
reflected in these forward-looking statements are reasonable, such
statements involve risks and uncertainties and no assurance can be
given that actual results will be consistent with these
forward-looking statements.
SEC 12G file#82-35061
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: La Quinta Resources Corporation Glen Watson CEO and
Director 1(604) 803-5229 La Quinta Resources Corporation Ed Baer
Director 1(416) 804-0512 La Quinta Resources Corporation 1(604)
943-1199 info@laquintaresources.com www.laquintaresources.com