La Quinta Resources Completes a Positive Due Diligence on Carruthers Pass Massive Sulfide, B.C.

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

La Quinta Resources Corporation (TSXV:LAQ)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024