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Vancouver, B.C. April 4, 2012 - La Quinta Resources Corporation (TSX-V: LAQ / Frankfurt: LQK / OTCBB: LQRCF) ("La Quinta" or "The Company") is pleased to report initial assays from its diamond drilling program at the West Vein target on the Easter project. Hole 2012-02, completed to 198 ft (60.9 m) at 60? to surface, intersected the following intercepts at shallower depths than originally anticipated:
------------------------------------------------------ |Depth (m)|Depth (ft)|Au, g/t|Ag, g/t|Sb, ppm|As, ppm| |----------------------------------------------------| |5.5 – 6.2|18-20 |0.081 |0.9 |20 |111 | |----------------------------------------------------| |6.2 – 6.8|20-22 |0.065 |0.8 |28 |74 | |----------------------------------------------------| |6.8 – 7.4|22-24 |0.154 |0.8 |16 |44 | |----------------------------------------------------| |7.4 – 8.0|24-26 |0.029 |0.7 |18 |50 | |----------------------------------------------------| |8.0 – 9.2|26-30 |0.953 |13 |35 |63 | |----------------------------------------------------| |9.2 – 9.8|30-32 |0.017 |0.7 | 7 |69 | ------------------------------------------------------
The gold and silver values intersected in the Footwall Vein part of the West Vein target, up to approximately 1 g/t and 13 g/t respectively, are similar to the average grades of the Main Resource, 1.3 g/t gold and 14 g/t silver. The Company's technical team is evaluating geologic parameters prior to continuing the drill program, in order to adjust drill hole locations to account for re-positioning of the West Vein during post-mineral faulting. The faulting appears to have down-thrown the mineralized target area, rotated it closer to ground surface and thinned the West Vein during extensional shearing. The reported intercepts may not represent true thickness. Unfaulted portions of the Footwall Vein in the West Vein target are as much as 30ft thick at surface. The Company additionally completed hole 2012-01 to 233 ft (71.7 m) depth; the hole is awaiting assays. The shallow depth of mineralization at the West Vein drill target is anticipated to enable relatively inexpensive drill definition of this target area. The West Vein target is approximately 3,000 ft westerly along strike beyond the limits of the drill-defined Main Resource. No historical drilling has tested the West Vein target.
Walter Martin, the Company's President, noted, "We are excited by the confirmation of our hypothesis that the Easter - style gold-silver mineralization extends along strike, well beyond the bounds of prior drilling. Epithermal vein mineralization can have erratic grades, especially in the upper levels of a given system. We anticipate that grades over the upper portions of the entire strike length of the Easter Vein system could be similar to the Main Resource. These are the first results from the Company's West Vein drilling, with hole 2012-02being sited near the top of the northerly dipping Footwall Vein portion of the West Vein target. The Company plans to drill a grid of holes totaling 1,800 ft (554m) north of this site to determine whether a previously unknown Main Resource-style of deposit might be present at shallow depths."
The Company has posted a feature page on the West Vein to its web site. See highlights of the West Vein drilling campaign at www.laquintaresources.com/westvein
The Company has engaged American Drilling of Spokane, Washington to conduct the diamond drilling, with delivery of PQ - sized core. Samples are being processed and analyzed at ALS Minerals in its Reno, Nevada laboratory.
Quality Control: The Company relied on ALS Minerals' in-house QA/QC analytical package for the analysis of these drill results. PQ sized drill core was photographed, digitized and split at the Reno, NV facilities. The remaining half of the core is securely stored at ALS Minerals. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. Trace elements, including silver, were analyzed using aqua regia digestion with ICP determination. ALS Minerals is an ISO 9001-200 and ISO 17025 certified laboratory.
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). Mr. Martin supervised drilling operations, core logging and transport of the boxed core to ALS Minerals at its Reno, NV facility.
La Quinta can earn a 65% interest in the Easter Project by incurring US$2 million in exploration expenditures during the five year term ending January 4, 2015, and by making 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, if it opts not to participate as a 35% co-venture partner.
About La Quinta Resources Corporation
La Quinta is a junior precious metals exploration company actively seeking mineral opportunities for the benefit of its stakeholders. Currently the Company is focused on exploring for gold and silver on the Easter Project, and gold, silver and base metals on its Black Jack property, both located 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, located in British Columbia, 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
Walter Martin, President and Director: 1(775) 225-8514
Ed Baer, Director: 1(416) 804-0512
La Quinta Resources Corp.
1(604) 943-1199 - Email: glen@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. 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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