Quartz Mountain Outlines New Copper and Silver Systems at Galaxie and ZNT Projects, British Columbia
VANCOUVER, Jan. 29, 2013 /PRNewswire/ – Quartz Mountain Resources Ltd. (“Quartz
Mountain”) (TSX-V: QZM; OTC: QZMRF) announces results from exploration
programs completed in 2012 at the Galaxie and ZNT projects in British
Columbia (BC). Induced polarization (IP) geophysical, prospecting and
geochemical sampling surveys were undertaken at the Company’s Galaxie
porphyry copper property, located near Dease Lake and the ZNT
silver-zinc project, located near Houston. These surveys delineated
extensive soil and coincident IP anomalies indicating high potential
for the discovery of new bulk tonnage-style copper and silver deposits.
Targets on each property are ready for drill testing, with permits
received from government for both projects.
Quartz Mountain is the operator of the ZNT and Galaxie projects (the
“Projects”), which are owned 60% by Quartz Mountain and 40% by Amarc
Resources Ltd. (“Amarc”). Amarc can acquire up to a 50% ownership
interest by funding exploration expenditures in relation to the
The ZNT Project was staked based on anomalous zinc in till geochemical
samples in information released by Geoscience BC. A successful
reconnaissance 256-sample soil geochemical program at ZNT was followed
by a detailed 2,223-sample soil geochemistry grid and a 20 line-km IP
geophysical survey. A high contrast 1,800 m by 1,200 m silver-zinc
anomaly was defined within an open-ended anomalous trend. This
significant silver anomaly is in part coincident with an extensive IP
chargeability anomaly indicating the presence of a large scale
mineralizing system (see map with the news release on the Company’s
website at www.quartzmountainresources.com). The Company has recently undertaken additional compilation work on
the area and acquired further ground, expanding the property to 389
The Galaxie Project lies within the Stikine Terrane, a well-endowed belt
of rocks that hosts a number of important copper and gold deposits in
northwestern BC. Exploration activities in 2012 were undertaken at
five target areas as well as at the Gnat porphyry copper deposit.
Programs at the five target areas included mapping, prospecting,
collection of 6,155 soil samples and a 290 line km IP geophysical
survey. The integrated field surveys delineated several strong
multi-element geochemical and geophysical anomalies (see maps showing
anomalies in each area with this news release on the Company’s
Of particular interest are the Hu, Hotai and Silver Lode target areas.
At Hu, located in the northwestern portion of the property, andesitic
rocks host chalcopyrite-rich veins with selected rock samples grading
up to several percent copper. These veins lie on the flank of a 750 m
by 1,200 m northwest trending chargeability anomaly outlined by the IP
survey which is a drill-ready porphyry copper deposit target.
The Hotai prospect, located in the southern part of the property, is
covered by glacial sediments with rare outcrop. Two important-scale IP
anomalies were defined at Hotai. One measures 750 m by 1,700 m and is
coincident with a positive magnetic feature. A diorite outcrop
peripheral to this chargeability anomaly hosts copper-rich quartz
veinlets. The second chargeability target measures 1,100 m by 1,700 m
and is coincident with an annular magnetic high with a central magnetic
low, considered a classic porphyry copper deposit signature.
At the Silver Lode target area, two significant coincident geochemical-geophysical anomalies were
identified. A 1000-m diameter, high-contrast IP anomaly extends to the
Hotai area and is overlain by a strong multi-element geochemical
anomaly. A moderate-contrast 500-m diameter IP chargeability anomaly
also occurs, associated with a broad area of skarn-altered calcareous
volcaniclastic rocks where stream sediments yielded very strong silver
Drilling programs are being planned for the Hu, Hotai and Silver Lode
Status of Work at the Gnat Porphyry Copper Deposit
The Gnat porphyry copper deposit at Galaxie was also a key focus of work
in 2012. Historical information on the deposit was analyzed and
supplemented with re-logging of core. Based on this work, a deep IP
geophysical survey was completed. These programs indicated that the
Gnat deposit remains open to expansion and a first-phase two-hole drill
program was completed in mid-December. Initial assay results are
expected to be received soon.
Mark Rebagliati, P. Eng., a Qualified Person as defined under National
Instrument 43-101, has reviewed the content of this release.
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
On behalf of the Board of Directors
President and CEO
____________________________________________________________________ |All soil, silt and rock samples in the 2012 program were prepared at| |the ACME Laboratories in Smithers or Vancouver and analyzed using | |their 36 element ICP/MS package at the Vancouver, Canada facility | |(ISO 9001:2000 and 17025:2005 accredited). Rock chip samples were | |also analyzed for gold by Fire Assay with an ICP-AES finish, or | |gravimetric finish for samples >10 ppm Au. | |____________________________________________________________________|
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.