La Quinta Resources Encounters 16.9m of 1.02 g/t Gold at Easter Project
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/25/11 -- La Quinta Resources Corporation (TSX VENTURE: LAQ)(FRANKFURT: LQK) ("La Quinta" or the "Company") is pleased to report that it has received assays for the first two holes of its resource expansion drilling on the Easter gold and silver property (the "Easter Project") located in southeast Nevada.
La Quinta has completed two exploratory vertical reverse circulation ("RC") percussion drill holes sited on the downdip extension of the Main Vein at the Easter Project. The holes, 11-22 and 11-02, were drilled as orientation holes to determine the location of the Main Vein. The hole depths were 245 ft (76.7 m) and 190 ft (57.9 m), respectively.
Follow-up twinning using diamond drilling will ascertain true thickness as groundwater was encountered at relatively shallow depths. The RC drilling method is not considered an accurate sampling tool below the groundwater table for deposits containing particulate gold because a portion of the gold typically is not recovered. Diamond (core) drilling methods, considered more accurate, will be used to complete the drilling program now that relative positions of the vein and groundwater have been determined.
Gold grades of significance included:
The Company has also completed three shallow reverse circulation orientation holes in the West Vein area. Early this year the Company's technical staff found epithermal veins containing as much as 10 g/t gold (0.29 oz/st) in surface reconnaissance samples. No drilling has ever been done in this area. Assays are pending.
CEO Glen Watson said, "The drill results in the resource area confirm the approximate position, depth and nature of mineralization. As we step out at depth using diamond drilling methods, we anticipate that grades will increase. Orientation of the mineralized shoots within the Main Vein can reliably be determined as drill work expands the identified resource both downdip and along strike. Drilling in the previously untested West Vein area, situated approximately 3,200 ft (1000 m) west of the indicated resource, will expand the technical understanding of the extent of the commercial potential of this robust vein system."
The Company's program of QA/QC includes insertion within the sample stream of purchased standards and prepared duplicates at appropriate intervals. Additional reliance is upon the internal QA/QC implemented by ALS Minerals, where the samples are being analyzed.
The information contained in this news release has been reviewed, approved and deemed relevant by Walter Martin, C.P.G., the Company's President, and a qualified person as defined under 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.
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
"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
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Datum: 25.07.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 37317
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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