La Quinta Resources has received the exploration drilling permits for the Carruthers Pass volcanogenic massive sulfide (VMS) project. This permit allows six diamond drill holes to be drilled with the support of a helicopter.
The company has to complete the drilling program by December 2012 and a reclamation bond for the project has also been posted. It also expects that the work crews will move to the location in two to three weeks.
The company has contracted Global Geological Services to supervise the drilling program, which is led by Geoffrey Goodall. The President of the company has designed the work program, which costs $350,000 in approximate.
The CEO of La Quinta has stated that the company is happy to engage Global Geological Services for the project. The intellectual continuity that is brought by Mr. Goodall will be the quickest method to follow the trends of the robust mineralization at the project. Additionally, the Ministry of Mines has quickly given the permit for the exploration program.
Cariboo Rose Resources holds the Carruthers Pass VMS project under an option. According to the terms in the letter of intent, La Quinta is capable of buying 90% interest of the project from Cariboo Rose in a six year tenure. This purchase can be done by paying $2 million in project work and cash payment of $470,000 and also by providing the company's 2 million common shares to Cariboo Rose. Additionally, the company has the chance to buy the remaining 10% from Cariboo Rose.