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
Scott Cousens
Chairman
| 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.