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Quia Resources Announces Completion of Phase 1 Drill Program and Provides Exploration Update

Date : 05/17/2012 @ 3:01PM
Source : Marketwired Canada
Stock : Quia Resources Inc. (QIA)
Quote : 0.035  0.0 (0.00%) @ 2:05AM
Quia Resources Inc. share price Chart

Quia Resources Announces Completion of Phase 1 Drill Program and Provides Exploration Update

Quia Resources Inc. ("Quia" or the "Company") (TSX VENTURE:QIA) announced today
the completion of the Phase 1 Drill Program at the Rueda South and River Zone
targets and provided an exploration update.


Completion of Drill Program 

The Company completed five holes at the Rueda South target to test a
gold-in-soil anomaly coincident with a cluster of artisanal mines and where two
vein systems had been mapped, one trending north-east and the other north-west. 


The Company also completed one hole to test a shear zone target identified as an
approximately 1.5 km long multi-element geochemical anomaly coincident with a
magnetic high. Assays are pending for the six holes and are expected shortly.
The six holes at Rueda South and the River Zone totaled 1,157 metres.


Exploration Update 

The Company plans to complete further surface work at the high grade Libertad
target and Durmiente porphyry target prior to further drilling. These targets
will be the focus of a phase 2 program, in addition to potential further work at
the Rueda South and River Zone targets, subject to results. 


Yannis Banks, Quia's CEO, commented: "We're pleased to have completed our phase
1 program and are looking forward to receiving back results from the Rueda South
and River Zone targets shortly. We have made excellent progress in a truly
frontier area in Colombia with our exploration program having discovered
multiple systems of gold mineralization, including notably the Libertad system.
We have also defined multiple other targets which remain to be tested and which
exhibit significant scale-potential for both high grade and porphyry-type gold
deposits, in particular the Durmiente target."


Libertad Target 

The Libertad structure is a north-south striking, steeply dipping mineralized
vein-breccia system that is hosted within black schistose rocks of the Caja
Marca Terrance. The Libertad structure is directly associated with the
north-south striking Palestina fault system which locally separates the
metamorphic rocks of the Caja Marca Terrane from the plutonic rocks of the
Norosi batholith to the east. Based on its exposed position in several tunnels,
the Libertad structure can be mapped with confidence over a strike length of 600
metres along which its true width was observed to vary between 1 and 3.5 metres.
Results of soil sampling indicate the structure has a continuous strike of at
least 1 km and open in both directions. Separate underground channel samples
returned grades as high as 39 g Au/t and 100 g Ag/t.


Durmiente Target 

The Durmiente area is a large geochemical and magnetic anomaly. The anomaly is
expressed by a strong Ag-Pb-As-Cu-Mo (+Au) correlation. The geochemical anomaly
is also coincident with a topographic high and at least two magnetic anomalies,
each of which measure approximately 600 by 600 metres in size. The confluence of
the geochemical and magnetic anomalies measures approximately 2800 by 1000
metres; however, further surface work is required over a newly acquired
concession to verify the continuity of the anomaly. A number of artisanal vein
mines demarcate the west edge of the Durmiente anomaly along a trend of 3
kilometres. 


An updated corporate presentation with new maps 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. 


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.


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