La Quinta Enters LOI to Acquire BC Massive Sulfide Project With 171 g/t Silver, 6.7% Copper
27 4월 2011 - 10:00PM
Marketwired
La Quinta Resources Corporation (TSX VENTURE: LAQ) ("La Quinta") is
pleased to announce that it has entered into a Letter of Intent
(LOI) to acquire the Carruthers Pass, B.C. massive sulfide project
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. The finalization
of the above transaction is subject to receipt of requisite
regulatory approval, including without limitation, the approval of
the TSX Venture Exchange.
According to a NI43-101 compliant Technical Report dated 2006
and subsequent Summary Report dated 2008, the Carruthers Pass
massive sulfide is a volcanogenic massive sulfide located 70 km
south of the Kemess copper-gold mine in the Omineca Mining
Division. The project consists of 8 claims with 130 units, covering
3,250 hectares more or less.
The project, staked initially based on presence of a large
massive sulfide boulder, was bolstered by discovery in 2008 of
in-place massive sulfide mineralization in horizons with chip
samples reported to contain values as follows:
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Sample # Gold g/t Silver g/t Copper (%) Zinc (%)
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39710 1.47 171 6.79 4.8
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39707 0.15 28.3 5.15 0.12
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39750 0.04 66.9 4.16 0.07
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39729 0.04 23.6 2.50 0.05
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39737 1.21 96.3 2.28 3.77
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39720 0.07 19.5 1.61 0.07
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39706 0.14 18.6 0.63 0.19
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39719 0.08 2.8 0.47 0.01
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39709 1.12 17.6 0.38 0.32
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39712 0.21 5 0.21 0.45
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39735 0.55 18.9 0.14 0.54
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Due diligence on the project is estimated to require 30-75 days,
depending on access to the property.
The Company's CEO Glen Watson commented, "The Carruthers Pass
project constitutes the type of acquisition that will create value
for La Quinta and will serve to build on the value base established
by our existing projects in the U.S. We look forward to working on
yet another exciting project in previously overlooked and
undervalued terrain."
The information contained in this news release has been
reviewed, approved and deemed relevant by Walter Martin, (President
of the Company) C.P.G., a qualified person as defined under
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 and silver on its Easter Project and 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. No resource has been identified on this property.
On behalf of the board
Glen Watson, CEO and Director
La Quinta Resources Corp.
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 / 1(604) 684-4653 info@laquintaresources.com
www.laquintaresources.com
La Quinta Resources Corporation (TSXV:LAQ)
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La Quinta Resources Corporation (TSXV:LAQ)
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