La Quinta enters LOI to acquire BC massive sulfide project with 171 g/t silver, 6.7% copper

La Quinta Resources Corporation (TSX VENTURE:LAQ) (“La Quinta”) is pleased to announce that it has entered into a Letter of Intent (LOI) to acquire the Carruthers Pass, B.C. massive sulfide project from Cariboo Rose Resources Ltd. (TSX VENTURE: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 finalization of the above transaction is subject to receipt of requisite regulatory approval, including without limitation, the approval of the TSX Venture Exchange.
According to a NI43-101 compliant Technical Report dated 2006 and subsequent Summary Report dated 2008, the Carruthers Pass massive sulfide is a volcanogenic massive sulfide located 70 km south of the Kemess copper-gold mine in the Omineca Mining Division. The project consists of 8 claims with 130 units, covering 3,250 hectares more or less.
Read the full news release here.
More News
Indigenous leader in Peru says illegal miners use children as ‘human shields’ in the Amazon
The leader said he will ask the Peruvian government to declare a state of emergency in the area to allow the eviction of illegal miners.
February 17, 2025 | 12:01 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments