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| | October 13, 2006
Crowsnest Project Update / 1,600-Metre Gold Bearing Structure Hypothesized
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| | In June and July the company completed a program of mechanical trenching and drill road construction on the Crowsnest project located adjacent to the Flathead Forest Service road south of Fernie BC. The Crowsnest and the nearby Howell projects, both owned by Eastfield Resources Ltd. and under option to La Quinta Resources Corp., are unique, containing the only significant known areas of intrusive rocks in the Front Ranges of the Eastern Rocky Mountains. The intrusive bodies, which are alkalic in composition, are associated with gold mineralization. Dome Exploration Canada Limited (later Placer Dome Canada Limited) started exploration on the Crowsnest property in the mid 1980's, and Eastfield purchased the claims through an option agreement in 1998, making the final payment in August of this year.
Despite a considerable amount of drilling and surface grid work, the source of numerous high-grade samples of rubble has remained a mystery. The high-grade rubble, which includes a number of samples exceeding 100 grams per tonne gold, occurs intermittently over 1,600 metres. Several hypotheses have been utilized to predict the source areas for the mineralization with limited success. The 2006 program, which has not yet been compiled, located several new areas of anomalous gold in syenite bodies but did not locate new high-grade showings. Nevertheless, the company feels that it has identified a feature that may define the trace of the "mother structure" responsible for the high-grade mineralization several hundred metres up the slope to the south of the road system. Drill hole 03-04, the most recent drill hole completed at Crowsnest (2003), is believed to have intersected this structure and bottomed in mineralized syenite at 102.7 metres. The last 3.3 metre sample from this hole while returning only an anomalous gold value, returned 240.0 grams per tonne silver (7.0 ounces per ton). Hole 03-04 was located down slope from a mineralized sample of syenite float that returned a value of 9.36 g/t gold. The current model concludes that the discovery trench (trench TK-1), which returned 8.30 g/t gold over 16.5 metres, is on the same structure a further 800 metres to the northwest. A pronounced linear feature separating syenite from limestone defines this feature over a 250-metre interval. Investigation in 2006 of the area which is the southern projection of the structure, resulted in the discovery of mineralized syenite float that returned an assay of 3.49 g/t gold and is anomalous in tellurium which is the signature of gold mineralization at the discovery trench 1600 metres to the northwest. Future work will endeavour to expose this feature.
Drilling on the nearby Howell property is currently in progress with the drill now testing the fourth target. No assays have yet been received for the drilling which is expected to continue to the end of October.
To earn a 60% interest in either property, La Quinta must complete $900,000 in work on Howell and $800,000 on Crowsnest before Dec 2008.
J.W. Morton, P. Geo., is the qualified person who has reviewed and takes responsibility for this news release.
J.W. (Bill) Morton, P.Geo.,
(604) 685-6465
Contact: BD Capital Partners: President
The TSX - Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX - Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission. |
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