Quartz Mountain Acquires Prospective New Ground in Central BC
VANCOUVER, May 1, 2012 /PRNewswire/ – Quartz Mountain Resources Ltd. (“Quartz
Mountain” or the “Company”) (TSXV: QZM; OTCBB: QZMRF) announces that it
has staked 93 new claims in an area located 133 kilometres northwest of
the Blackwater gold deposit and 41 kilometres south of Houston, BC.
The 391 square kilometer Karma property was staked to cover 70-73
million year old Kasalka volcanic units that are the same age as the
rocks which host gold and silver deposits in BC’s exciting new
Blackwater-Newton gold district located to the south. The
Blackwater-Newton district hosts New Gold’s plus seven million ounce
Blackwater deposit, its Capoose silver-gold deposit and Amarc’s Newton
gold discovery.
Quartz Mountain has interests in two properties in this prospective area
where there is considerable potential for the discovery of bulk tonnage
gold/silver and/or gold vein deposits. In addition to Karma, the
Company has an option to earn 100% of the Buck gold-silver property
centred 15 km south of Houston. Past exploration indicates the
presence of an extensive gold-silver mineralized system at Buck,
outlined by coincident geophysical and gold-in-soil geochemical
anomalies, which are still open to expansion. Zones of gold/silver
mineralization were intersected in irregularly spaced drill holes by
prior operators which further support the potential at Buck.
The Company plans exploration programs including an airborne geophysical
survey combined with ground geochemical and Induced Polarization
surveys to establish and prioritize drill targets at both Karma and
Buck.
This release has been reviewed by Mark Rebagliati, P.Eng, a Qualified
Person as defined by NI 43-101.
About Quartz Mountain
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company
focused on making a major new gold deposit discovery in British
Columbia. The Company 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
Robert Dickinson
Chairman
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 the Company 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 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 the Company’s filings that are available at www.sedar.com.
SOURCE Quartz Mountain Resources Ltd.
