VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2011) - La Quinta Resources Corporation ("La Quinta" or "The Company") (TSX VENTURE:LAQ)(FRANKFURT:LQK) is pleased to report, that at the new West Vein target, surface grid sampling in the stockwork and hanging wall zone has found additional grades as great as 4.2 g/t gold and 34 g/t silver (0.12 oz/st gold and 1 oz/st silver). These values included and were flanked by strongly anomalous gold, silver and antimony values in the hanging wall vein of the West Vein target. Earlier sampling on the footwall vein of the West Vein target had reported values as great as 10 g/t (0.29 oz/st) gold. Shallow orientation drilling of the stockwork vein system sandwiched between these two veins reported sub-gram anomalous gold and trace elements as well. The hanging wall and footwall veins are separated by as much as 150 ft wide zone of stockwork quartz veinlets. The morphology of the occurrence of mineralization is similar to that found at the drill indicated resource at the Main Vein.
Walter Martin, the Company's President and Chief Geologist, revealed: "The quality of mineralization on the West Vein area surpasses our expectations. It is rare in such a mature exploration terrane as Nevada to find mineralization at surface with these grades and exposures that has not been drilled previously. Prior operators focused on developing resources at the Main Vein, 1 km east of the shoot at the West Vein. As a result, we conclude that the West Vein demonstrates strong similarity to the surface mineralization found at the Main Vein and the potential to add to gold-silver resources at the Easter project has just increased significantly."
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).
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 in the event it elects not to participate in 35% of the development costs of the Easter project.
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 at 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."