La Quinta Resources Finds 4 g/t Gold on the Easter Project, S.E. Nevada
29 August 2011 - 3:00PM
Marketwired
La Quinta Resources Corporation ("La Quinta" or "The Company") (TSX
VENTURE: LAQ)(FRANKFURT: LQK) is pleased to report, that at the new
West Vein target, surface grid sampling in the stockwork and
hanging wall zone has found additional grades as great as 4.2 g/t
gold and 34 g/t silver (0.12 oz/st gold and 1 oz/st silver). These
values included and were flanked by strongly anomalous gold, silver
and antimony values in the hanging wall vein of the West Vein
target. Earlier sampling on the footwall vein of the West Vein
target had reported values as great as 10 g/t (0.29 oz/st) gold.
Shallow orientation drilling of the stockwork vein system
sandwiched between these two veins reported sub-gram anomalous gold
and trace elements as well. The hanging wall and footwall veins are
separated by as much as 150 ft wide zone of stockwork quartz
veinlets. The morphology of the occurrence of mineralization is
similar to that found at the drill indicated resource at the Main
Vein.
Walter Martin, the Company's President and Chief Geologist,
revealed: "The quality of mineralization on the West Vein area
surpasses our expectations. It is rare in such a mature exploration
terrane as Nevada to find mineralization at surface with these
grades and exposures that has not been drilled previously. Prior
operators focused on developing resources at the Main Vein, 1 km
east of the shoot at the West Vein. As a result, we conclude that
the West Vein demonstrates strong similarity to the surface
mineralization found at the Main Vein and the potential to add to
gold-silver resources at the Easter project has just increased
significantly."
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).
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 in
the event it elects not to participate in 35% of the development
costs of the Easter project.
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 at 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
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