La Quinta Resources Signs Letter of Intent with Black Jack Exploration on the Black Jack Silver Property, Nevada
LA QUINTA RESOURCES CORPORATION 1201-1111 West Hastings St.
Vancouver, B.C. V6E 2J3 LAQ: TSX-V SEC 12G file#82-35061 No.10-03 NEWS RELEASE February 9, 2010
La Quinta Resources Signs Letter of Intent with Black Jack Exploration on the Black Jack Silver Property, Nevada
La Quinta Resources Corporation (TSXV: LAQ, the "Company") is pleased to report that it has signed a Letter Of Intent with Black Jack Exploration, Inc. Subject to regulatory approval, the Company will have the option to acquire 100% of the Black Jack Silver Property in Elko County, Nevada USA. LAQ can earn 100% interest in the Black Jack property over a 3 year period by spending US$1 million in exploration expenditures and by making payments of US$265,000.00 to Black Jack Exploration. First year terms include a US$15,000.00 payment (received) to Black Jack Exploration and a work requirement of US$100,000.00 on a technical review program starting February 2nd, 2010 to October 30th, 2010. LAQ can then purchase the property for US$50,000.00 down by November 15, 2010 and pay the balance of US$200,000.00 over 36 months. Walter Martin, VP Exploration of La Quinta Resources Corp., is also currently President and Director of the Idaho Corporation Black Jack Exploration Inc. The property, containing sediment-hosted high-grade lead-silver-zinc veins, located in northeastern Nevada, approximately 80 kilometers north of Elko and 20 miles west-northwest of the Jerrit Canyon Mine. The property consists of five lode mining claims. The old airtram and rails are still in the main drift. No detailed sampling has been done on the property in modern times.
The host rock is brecciated dolomitic limestone of the Ordovician Porter Peak carbonate sequence. A porphyritic dacite dike intersected in the underground workings is approximately 7 meters wide and has been completely argillized where exposed. Mineralization consists of a mass of carbonate-quartz veins exhibiting both coarse stockwork and sheeted characteristics with oxidized galena and sphalerite. In reconnaissance level sampling, metal values range from 3 to 90 oz/ton silver, 0.001 to 0.068 oz/ton gold and 0.8% to 37% lead along more than 1100 meters aggregate strike at surface and in underground workings. The veins individually range from 30 cm to 7 meters. These veins also contain anomalous amounts of bismuth, antimony, cadmium, copper and tungsten in addition to the silver, lead, zinc and gold.
La Quinta intends to explore both the vein target and a postulated silver-enriched polymetallic replacement target estimated to underlie present workings at depths of 100 to 300 meters.
La Quinta is a junior exploration company actively seeking mineral opportunities for the benefit of all our stakeholders. Currently the Company is focused on exploring for gold on its Easter Project in Nevada. The Easter Project is underlain by a quartz-adularia vein stockwork system 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 and 121 holes outlined an area of gold mineralization with a strike length of at least 6,450 feet and widths up to 90 feet. Significant prior intercepts include up to 0.194 oz. Au / ton over 90 feet (including 0.549 oz. Au / ton over 15 feet) and 0.084 oz. / ton over 110 feet (including 0.534 oz. Au / ton over 5 feet).
Homestake Mining JV partner World Wide Minerals reported (June 20, 1994) a near surface historic resource of 3.35 million tons grading 0.065 ounces per ton gold (218,000 gold ounces) to a depth of 200 feet. Drilling has also shown the system is open below a vertical depth of 1,740 feet, several hundred feet below an indicated boiling zone (at a depth of 500 to 800 feet) and suggests the possibility of a second bonanza system underlying the near surface mineralization.
LAQ: TSX-V SEC 12G file#82-35061 No.10-03 NEWS RELEASE February 9, 2010
A qualified person has not done sufficient work to classify the historic resource estimate as current mineral resources or to verify the analytical work as reliable. These do not meet current 43-101 standards and are presented here only as an indication of the amount of gold mineralization
ON BEHALF OF THE BOARD
Glen Watson CEO and President
To Contact La Quinta Resources Corp.
Contact Glen Watson, 1(604) 803-5229 Email: info@ laquintaresources.com - Web Site: www.laquintaresources.com
“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.”
This document includes forward- looking statements. 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