VANCOUVER, Sept. 19, 2013 /CNW/ - Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSX-V: QZM; OTCBB: QZMRF) reports results from the summer exploration programs carried out by its joint venture partner Amarc Resources Ltd. ("Amarc") at the ZNT and Galaxie Projects in central and northern British Columbia ("BC"). In particular, surface exploration at the ZNT joint venture property has delineated a compelling silver and zinc anomaly that is ready for drill testing. A permit has been received from government and drilling is expected to commence shortly.
By option agreement announced in late 2012 and amendment announced in July 2013, Amarc has advised that it intends to acquire a 60% interest in ZNT from Quartz Mountain. Amarc also became the operator of the joint venture in July 2013.
The ZNT property is located 15 kilometres southeast of the town of Smithers, BC, and is accessible by road. The property was staked by Quartz Mountain on the basis of significant zinc concentrations in regional till samples as reported by Geoscience BC. In 2012, approximately 2,400 grid soil geochemical samples and 20 line kilometres of Induced Polarization ("IP") ground geophysical survey were completed. These initial exploration activities defined a new and unusually strong silver and zinc-in-soils anomaly measuring 1.8 kilometres by 1.2 kilometres (see map at http://www.quartzmountainresources.com/i/maps/QZM_DrillTarget_Sep2013.jpg), indicating the potential presence of an important-scale mineralizing system. In July 2013, a pitting and trenching program designed to further refine the target was completed over 16 days. Some 170 rock and 36 soil geochemical samples were collected from 62 pits and trenches. Integration of the data from these surface programs has defined a sizable silver deposit-target hosted by volcanogenic sandstones that will be the focus of the drilling program.
At the Galaxie property, which is held under another joint venture with Amarc, integrated exploration surveys completed in 2012 by Quartz Mountain delineated four porphyry copper targets in the Hu and Hotai areas and a silver skarn target at the Silver Lode play for ground follow-up (see Quartz Mountain news release February 21, 2012). Amarc, as operator of the joint venture, recently completed a program, which included geological mapping, 10 line kilometres of IP ground geophysical surveying and collection of 96 rock and 246 soil geochemical samples. Although no immediate drill targets were identified, a series of alkali intrusions were observed around the Hu target which are known to be the principal hosts for porphyry copper-gold deposits, and may warrant further exploration. Amarc has advised that it expects to retain its interest in the Galaxie Project at 40%.
About Quartz Mountain Resources Ltd.
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company focused on making a major new deposit discovery in British Columbia. Quartz Mountain is associated with Hunter Dickinson Inc. (HDI), a diversified, global mining group with more than 25 years of mineral development success.
Mark Rebagliati, P. Eng., a Qualified Person as defined under National Instrument 43-101, has reviewed the technical content of this release.
On behalf of the Board of Directors
|All soil, silt and rock samples in the 2013 program were prepared at the ACME Laboratories in Smithers or Vancouver and analyzed using their 36 element aqua regia digestion ICP/MS package at the Vancouver, Canada facility (ISO 9001:2008 registered and 17025:2005 accredited). Rock chip samples >10,000 ppm Zn were also analyzed by 4 acid digestion ICP-AES finish.|
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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although Quartz Mountain believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary regulatory approvals, permits, licenses and title and delays due to third party opposition, changes in and the effect government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information, investors should review Quartz Mountain's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
SOURCE: Quartz Mountain Resources Ltd.
For further information:
For further details on the Company, please visit Quartz Mountain's website at www.quartzmountainresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.