La Quinta Resources Corporation: Drilling Permits Received for Carruthers Pass Massive Sulfide Project, B.C.
August 16 2011 - 9:30AM
Marketwired
La Quinta Resources Corporation ("La Quinta" or "The Company") (TSX
VENTURE: LAQ)(FRANKFURT: LQK) is pleased to report that permits to
proceed with exploration drilling on the Carruthers Pass
volcanogenic massive sulfide project have been received. The
helicopter-supported drill program is permitted for as many as 6
diamond drill holes. The program is to be completed by December
2012. A reclamation bond has been posted for the project. La Quinta
anticipates that work crews will mobilize to the site in 2-3 weeks.
La Quinta has engaged Global Geological Services, Inc. to manage
the drill program, led by Geoffrey Goodall, P. Geo., an independent
qualified person as defined under Standard for Disclosure of
Mineral Projects ("NI 43-101"). Mr. Goodall brings technical
continuity to the project, having worked for prior operators on the
site from discovery in 1998 through 2006. Mr. Goodall and Walter
Martin, the Company's President, are designing the work program,
estimated to cost $350,000.
CEO Glen Watson said "We are fortunate to have secured the
services of Global Geological Services Inc. We feel strongly that
the intellectual continuity that Mr. Goodall brings to the table
will be the most expedient means for us to pursue the robust
mineralized trends on the project. We are also fortunate that the
Ministry of Mines issued the exploration permit so promptly."
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).
The Carruthers Pass project is under option from Cariboo Rose
Resources Ltd. (TSX VENTURE: CRB) ("Cariboo Rose"). 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 Cariboo Rose 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, Limited for $1.5 million.
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 and silver on the Easter Project and on its Black Jack
properties in Nevada. 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 the
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