Quartz Mountain Resources Completes Acquisition of 100% Interest in Jake Property and Begins Drill Program Planning

VANCOUVER, BC / ACCESSWIRE / August 1, 2023 / Quartz Mountain Resources Ltd. ("Quartz Mountain" or "the Company") (TSXV:QZM)(OTC PINK:QZMRF) is pleased to announce that it has completed the acquisition of 100% of the Jake Porphyry Copper-Gold-Silver Property (the "Property"), which is located 160 km north of Smithers, British Columbia ("BC") (see Figure 1). The Company now owns 100% of the Jake Property and also 100% of the Maestro Gold-Silver-Copper-Molybdenum Property. The Company recently obtained BC Mines Act Permits for 50 drill sites for each of the Jake and Maestro properties and drilling is being planned to start in 2024.

Foto: Accesswire

Figure 1.

"The acquisition of 100% of the Jake Property is an important milestone for Quartz Mountain as we continue to forge the foundation of a truly exciting opportunity," said Quartz Mountain Chairman Robert Dickinson. "The porphyry copper-gold deposit target we have located at Jake with our modern surface exploration programs is very compelling. We have begun planning for, what we expect to be discovery drill programs in 2024 at both the Jake Property and the Maestro Property."

Jake Porphyry Copper-Gold-Silver Property
Quartz Mountain acquired the Jake Property after comprehensive research, review and analysis of historical data indicated the potential for the discovery of gold-rich porphyry copper deposits as well as gold-silver low-sulphidation epithermal type and silver-rich polymetallic vein systems (see Quartz Mountain Resources Ltd. news releases dated October 24, 2022 and September 7, 2022). Jake Property mineralization is contained within a prominent gossan measuring 3.5 km long by 1.5 km wide over an elevation of more than 800 m (see Figure 2). Within this large scale target is a swarm of north trending Babine age monzonite dykes intruding sedimentary rocks that host extensive areas of alteration and mineralization.

Foto: Accesswire

Figure 2.

To accurately delineate high-potential porphyry Cu-Au deposit targets on the Property a series of modern exploration programs, including a detailed airborne magnetic survey, geological mapping/geochemical sampling and geochemical modeling were systematically undertaken to build further on the very compelling historical data. In 2022, an IP survey was conducted with the results indicating the presence of an extensive sulphide mineral system underlying an area of highly anomalous Cu, Au, Ag, and Mo values in soils. A single, historical, shallow (121 m) diamond drill hole, cored in 1973 within the area of this developing important scale target, bottomed in intrusive rock hosting pervasive potassic alteration and Cu-Au-Ag porphyry stockwork type mineralization (see Quartz Mountain Resources Ltd. news release dated September 7, 2022).