VANCOUVER, Nov. 15, 2013 /CNW/ - Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSXV: QZM) (OTC: QZMRF) announces an exploration update. Drilling has been undertaken at the ZNT silver property located in central British Columbia ("BC"). The ZNT property is being explored under a joint venture agreement with Amarc Resources Ltd. ("Amarc"). Amarc has acquired a 60% interest and is operator of the ZNT Project, and Quartz Mountain holds a 40% interest.
The ZNT exploration property was staked by Quartz Mountain in 2012 on the basis of significant zinc concentrations in regional till samples as reported by Geoscience BC. In 2012, the Company collected approximately 2,400 grid soil geochemical samples and completed 20 line kilometres of Induced Polarization ground geophysical survey. These initial exploration activities defined a new and unusually strong silver and multi-element-in-soils anomaly measuring 1.8 kilometres by 1.2 kilometres.
Quartz Mountain and Amarc entered into a joint venture on the project in late 2012. As operator of the ZNT Joint Venture, Amarc completed a pitting and trenching program on the property in July of this year, designed to further refine the target outlined by Quartz Mountain's work in 2012. Some 170 rock and 36 soil geochemical samples were collected during the 2013 program from 62 pits and trenches. Integration of the data from these surface programs defined a silver deposit-target hosted by volcanogenic sandstones. However, a recent 600-metre, 2-hole drill program indicated a limited extent to the prospective host rock package and did not encounter economic mineralization. As a result, no further work is planned at ZNT by Amarc.
Quartz Mountain and Amarc are also in a 60/40 joint venture on the Galaxie Project in northwestern BC. Amarc explored some of the targets at Galaxie in 2013. As described in the Company's September 19, 2013 news release, a series of alkali intrusions which are known to be the principal hosts in the Stikine-Iskut porphyry belt for porphyry copper-gold deposits were observed during the 2013 program around the Hu target. Although Amarc plans no further work, the potential at Hu and a number of other remaining target-areas identified during Quartz Mountain's 2012 program warrant further exploration.
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.
On behalf of the Board of Directors
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.
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For further details, 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.