La Quinta Resources Announces Drill Program on its Carruthers Pass Project
LA QUINTA RESOURCES CORPORATION 400 – 409 Granville Street, Vancouver, BC V6C 1T2
No.11-18 LAQ: TSX-V NEWS RELEASE SEC 12G file#82-35061
La Quinta Resources Announces Drill Program on its Carruthers Pass Project
Vancouver, B.C. July 28, 2011 - La Quinta Resources Corporation (“La Quinta” or “The Company”) is pleased to announce that drilling permits are expected to be issued in the near term for its Carruthers Pass, B.C. project located 355 km WNW of Prince George in central British Columbia. The final approval of the permit is pending however the Provincial Ministry of Energy and Mines recently requested and subsequently accepted a security bond to cover the work outlined in the permit application. Normal ministry procedure for the granting of an exploration permit establishes bonding close to the date of the final grant.
La Quinta proposes to drill approximately 1,100 ft (338 m) of diamond drilling in 2 - 3 drill holes. The holes will target the downdip extension of massive sulfides discovered in outcrops on rugged cliffs during 2008. In the 2008 program, massive sulfides 2-4 m thick that dipped into the cliff face were discovered to contain as much as 6.7% copper, 4.8% zinc, 171 g/t silver and 1.47 g/t gold. The drilling will be conducted from the accessible knolls atop the cliff. The Company intends to use both surface and downhole electrical geophysics to assist with identification of favorable unexposed horizons.
The Company also has engaged an independent QP (qualified person as defined under Standards of Disclosure for Mineral Projects “NI 43-101”) to complete an NI 43-101 compliant technical report on the Carruthers Pass project. Delivery of the report is anticipated in September.
The Carruthers Pass project is under option from Cariboo Rose Resources Ltd. (TSX-V: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 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 Standards of Disclosure for Mineral Projects (“NI 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 the Easter Project and on its 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. 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 the Black Jack or Carruthers Pass properties.
On behalf of the board Glen Watson CEO and Director
For further information, please contact:
Glen Watson, CEO and Director: 1(604) 803-5229 Ed Baer, Director: 1(416) 804-0512
La Quinta Resources Corp.
1(604) 943-1199 - Email: [email protected] - 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. 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.
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