Quia Resources Inc.

Quia Resources Inc.

February 09, 2012 09:00 ET

Quia Resources Reports Further Drill Results Expanding the La Colina System and Provides Update on 2012 Exploration Plan

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2012) - Quia Resources Inc. ("Quia" or the "Company") (TSX VENTURE:QIA) announced today further drill results from its San Lucas project in Colombia and provided an update on its 2012 exploration plans.

Highlights from holes 8 through 14 from the company's ongoing phase 1 drilling program include:

  • SL1109 intersected 12.5 m of 0.22 g Au/t

  • SL1110 intersected 4.5 m of 1.50 g Au/t

  • SL1112 intersected 15.20 m of 0.27 g Au/t

  • SL1114A intersected 3.85 m of 0.52 g Au/t

The drilling to date has established a disseminated gold system at the La Colina anomaly that is potentially continuous over at least 800 metres in strike, which represents significant scale potential for this system and generally in the area, and appears to be getting wider both at depth and to the southwest and appears to be getting higher grade to the south west. It is open in all directions and at depth.

The last hole completed in 2011, SL1114A, encountered a wide zone of strong silicic alteration and fracturing between 61.5 metres and 97 metres before the hole was shut down due to difficult drilling conditions. Sections of this zone (e.g. 61.5 metres to 74.25 metres) carried up to 4% pyrite, 7% jarosite, 5% hematite, 3% goethite and 4% quartz in veinlets, indicating a later hydrothermal event.

Yannis Banks, Quia's CEO, said: "Holes 8 through 14 have provided us with valuable information regarding the geology, control and origin of the gold mineralization in the area. In particular, hole SL1114A demonstrated a strong system of alteration with disseminated sulphide mineralization and a wide zone of quartz veining that represent the right conditions for a disseminated gold system. This later hydrothermal event appears to trend south and converge with the Rueda South and Durmiente targets. The drilling will now focus on these target areas vectoring in on the source of the mineralization."

Hole SL1109 was drilled at the north end of the La Colina target approximately 75 metres south of Holes SL1101 and SL1104 which were previously announced. Holes SL1110 and Holes SL1112 through SL1114A were drilled in the 'Platform H' area approximately 800 metres south of the north zone.

The 'platform H' zone is coincident with a magnetic low that may have been caused by this later hydrothermal event, and which trends south and converges with two other such trends underlying the Rueda South and Durmiente target areas, as well as two associated gold in soil anomalies and artisanal mine trends.

Drilling is moving to the south and south-east where these trends converge in the Rueda South and Durmiente target areas.

Below is a summary of significant results from holes 8 through 14.

Drill Hole From (m) To (m) Length (m)* g Au/t g Ag/t
SL1108 1.60 3.70 2.10 0.46 1.20
and 35.36 38.40 3.04 0.22 1.22
SL1109 126.75 128.30 1.55 0.59 0.15
and 248.75 249.35 0.60 1.32 12.80
and 268.85 281.35 12.50 0.22 2.20
and 284.10 284.95 0.85 1.17 19.00
SL1110 34.35 38.92 4.57 1.50 1.54
and 49.30 53.85 4.55 0.23 0.18
SL1111 81.44 84.95 3.51 0.22 0.15
and 112.48 114.33 1.85 0.62 0.15
and 166.75 167.43 0.68 0.84 0.15
SL1112 58.60 73.80 15.20 0.27 0.00
SL1113 108.73 113.40 4.67 0.23 0.00
SL1114A 61.70 65.55 3.85 0.52 0.56
83.05 84.05 1.00 0.30 0.15

*Intervals do not necessarily indicate true widths. True widths for holes SL1108 to SL1113 are estimated to be 80% to 100% of the reported lengths. The true widths for intervals with SL1114A are not known because the drill hole may have entered a structure at an oblique angle.

To date approximately 3150 metres of drilling has been completed. The company has changed drill contractors to change to a smaller more portable rig type and is planning to drill another 5,000 metres in Q1 and Q2 2012 for a total of approximately 8,000 metres in the phase 1 drill program. Drilling with the new contractor is expected to commence by February 20th, 2012.

An updated corporate presentation with new maps, core photos and other information will be available today from the Company's website at www.quiaresources.com.

About Quia Resources Inc.

Quia Resources is a gold exploration Company focused in Colombia and its 100%-owned San Lucas property in the San Lucas gold belt. The San Lucas gold belt is among the least explored and most prospective gold belts in Colombia. Quia is an early-mover into this belt and has established a key property position and a strong base of technical knowledge in the area.

Iain Kelso, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the terms defined by National Instrument 43-101.

Samples were fire assayed by Acme Analytical Laboratories S.A. in Vancouver, Canada.

Forward-Looking Statements

This press release contains or refers to forward-looking information, including statements regarding exploration results, potential mineralization, exploration plans and timing of the commencement of drilling, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Neither the 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.

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