La Quinta Resources Corporation (TSXV: LAQ) - Properties

The property, containing sediment-hosted high-grade lead-silver-zinc veins, is located in northeastern Nevada, approximately 50 air-miles north of Elko and 12 miles west – northwest of the Jerrit Canyon Mine. The property consists of five lode mining claims (~100 ac). A total of approximately 1,200 ft of drifts and stopes have been developed along one level only. 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 20 ft 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 ranged from 3 - 90 oz/ton silver, 0.001 – 0.068 oz/ton gold and 0.8 – 37 % lead along more than 3,500 ft aggregate strike at surface and in underground workings. The veins individually range from 1ft - 20ft wide. 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 targets and a postulated silver-enriched polymetallic replacement target estimated to underlie the present workings at depths of 300 ft – 700 ft.

The Easter project is located on the southern boundary of the Delamar Caldera, a resurgent bimodal volcanic feature nested with the regional Caliente Caldera volcanic complex. The Delamar Caldera contains rhyolitic tuffs and flows and basaltic dikes in the vicinity of the Easter project. Calderas are circular to semi-circular collapse structures centered around eruptive centers in volcanic fields. Resurgent calderas, sites of recurring volcanic eruptions, are important in the formation of ore deposits of various types, including gold and silver as found at the Easter project.

Epithermal quartz-adularia veins containing gold and silver are hosted in the rhyolites outboard of and subparallel to basaltic dikes along the southern margin of the Delamar Caldera, a nested resurgent caldera within the regional Caliente Caldera. The Easter vein itself ranges from 10 – 70 ft in thickness, and is exposed intermittently along a strike length of more than 6,400 ft. The Easter vein consists of banded quartz with interspersed adularia and/or sericite, with vein textures ranging from massive to vuggy to cockscomb. Additional quartz and chalcedony veins flank the main Easter Vein along its entire strike length in both the hangingwall and footwall, with an aggregate width that ranges to 240 ft. The system has overall low-sulfur, low salinity characteristics.

The mineralogy of the Easter Vein consists of thin rhythmically banded quartz, iron oxides, fine-grained sericite and/or adularia, fine-grained pyrite and unidentified fine-grained gray sulfides. The thin rhythmic banding is apparent just above the safety glasses in the specimen to the right. Additional quartz vein textures include mammillary, vuggy, cockscomb, bladed (after calcite), and stockwork.

HISTORIC DRILL PROGRAMS

Prior to 2000, eight companies drilled 109 holes on the project, using both core and percussion techniques. 93 RC holes were drilled for a total of 32,940 ft of both angle and vertical holes, and 16 core holes were drilled for a total of 4,287 ft of vertical and angle holes.

An additional 4,857 ft of core drilling, primarily as vertical holes, was completed by Beta Minerals in 2004, with results as follows, reported by Hembree (2004):

The drilling programs to date have confirmed that gold mineralization hosted in quartz-adularia veins extends over a strike length of 1,800 ft and downdip to more than 1,700 ft below ground surface. These results may not be compliant with NI43-101. Additional surface sampling indicates that the mineralized veins continue along strike both east and west of the Easter Vein for at least 6,400 ft. La Quinta’s technical advisors plan to confirm several of the significant drill intercepts and extensions of surface mineralization outboard of the drilled areas, then drill untested gaps within the vein system to test for continuity of the mineralization.

La Quinta Resources Ltd. has acquired an option to earn 65% joint venture interest in the Easter gold-silver property from Gryphon Gold. La Quinta can earn 65% interest over a 5-year period by expending US$2 million on exploration of the property and paying the owner, Gryphon Gold, US$190,000.

The Easter property is situated in Lincoln County, Nevada, approximately 105 air-miles northeast of Las Vegas. The property consists of 20 unpatented mining claims (more than 400 acres) located on gold – silver veins hosted in volcanic rocks in the Delamar Mining District. The property was mined on a small scale historically with production of 204 tons of ore that averaged 0.668 oz/ton gold and 3.2 oz/ton silver from 1933 – 1935. Subsequent work by several companies has included drilling more than 100 holes using core and reverse circulation percussion methods.