VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2011) - 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
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