La Quinta Resources Completes a Positive Due Diligence on Carruthers Pass Massive Sulfide, B.C.
August 15 2011 - 9:30AM
Marketwired
La Quinta Resources Corporation (TSX VENTURE: LAQ)(FRANKFURT: LQK)
("La Quinta" or the "Company") is pleased to report that it has
completed a positive due-diligence review of the Carruthers Pass
volcanogenic massive sulfide project, situated in north-central
British Columbia. La Quinta reviewed the project in the field with
representatives of Cariboo Rose Resources Ltd. ("Cariboo Rose")
during the week of August 8, 2011. The Carruthers Pass project
contains 8 claims covering 3,250 hectares (7,850 ac) in the Omineca
Mineral District of British Columbia. In April 2011, Cariboo Rose
agreed to grant La Quinta an option to acquire the project under a
Letter of Intent ("LOI"), subject to favorable due diligence. Under
the terms of the LOI, the Company can acquire 90% of the project
from Cariboo Rose over a six (6) year term by spending $2 million
in work commitments on the project, and making payments of $470,000
cash and issuing 2 million shares of the Company's common stock to
Cariboo Rose. The Company further has opportunity to acquire the
remaining 10% interest from the Vendor at fair market value. The
project is subject to a 2.5% royalty, which may be reduced to 1%
royalty by purchase from the underlier, Phelps Dodge Corporation of
Canada, for $1.5 million.
CEO Glen Watson said "We were impressed with the quality of
visible massive sulfide mineralization on the project. The scant
drilling that had been done previously showed favorable returns
from drillholes scattered over a large geographic area. We look
forward to defining the extent of the mineralized horizons
identified in previous work. We suspect that several other horizons
of mineralization are yet to be discovered on this exciting
project".
The information contained in this news release has been
reviewed, approved and deemed relevant by Walter Martin, the
Company's President, C.P.G., a qualified person as defined under
Standards for Disclosure of Mineral Projects (National Instrument
43-101).
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 Corp. Glen Watson CEO and Director
1(604) 803-5229 La Quinta Resources Corp. Ed Baer Director 1(416)
804-0512 La Quinta Resources Corp. 1(604) 943-1199
info@laquintaresources.com www.laquintaresources.com