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
Scott Cousens
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
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.