Quartz Mountain drilling Jake Copper-Gold Project, British Columbia

Quartz Mountain Resources Ltd. [TSXV-QZM; OTC Pink-QZMRF] reported that core drilling has commenced at its Jake Porphyry Copper-Gold-Silver Project, located 160 km north of Smithers, northern British Columbia.

The Jake drill program aims to discover a new, significant scale porphyry deposit. The Jake project is one of two key projects being developed by Quartz in British Columbia. The Jake drill program follows initial drilling at the company’s Maestro Project which discovered an exciting high-grade, gold-silver lode hosted within extensive precious metal mineralization.

“The commencement of the drill program at Jake follows the recent close of a $3.25 million financing. This provides a robust balance sheet to support accelerated value creation,” said Quartz Chairman Bob Dickinson. “Our assessment of the Jake property, combined with extensive historical data, suggests an expansive altered and mineralized area that presents significant opportunity for an important-scale porphyry Cu-Au discovery. The drill program at Jake will focus on completing five initial drill holes and is strategically designed to target a high demand, high value discovery that is attractive to potential transaction partners. We remain focused on achieving important milestones on both the Jake and Maestro Projects, and the start of this drill program represents an important step on the path to our ultimate transaction milestone,” concluded Dickinson.

Initial plans are to drill 5 holes at Jake, each with a length of 500 metres (total 2,500 meters) from up to 3 drill pads. The three drill pads, labelled A, B and C, are located near a historical core hole drilled in 1973. Drill hole 73-3, was a vertical, 121 metres deep diamond drill hole which was logged and re-sampled in 1986 and again in 1997 by Teck Corp.

Analytical results of the core re-sampling and logging by Teck indicated that this hole hosted pervasive potassic alteration and Cu-Au-Ag porphyry stockwork-type mineralization documented in Assessment Reports numbered 16,838 and 25,530. Teck’s reported results from analyses of a 4.8 m half core sample near the bottom of the hole were: 0.37% copper, 0.16 g/t gold, 8 g/t ppm silver and 0.004% molybdenum.

In 1999, following its resampling of Hole 73-3, Teck drilled six shallow holes to the east and at higher elevations. These holes intersected polymetallic epithermal mineralization in extensive altered rocks which is commonly found overlaying Cu-Au-Ag porphyry deposits. Teck’s 1999 program was the last drilling on the Jake property. The area of 73-3, despite its remarkable porphyry mineralization and alteration while being completely open to the west and at depth, did not undergo further investigation until Quartz identified the untapped opportunity at the Jake property.

Quartz has funded a series of modern surface exploration programs to accurately delineate high-potential porphyry Cu-Au deposit targets within this large mineral system. This exploration work included detailed airborne magnetic surveying, geological mapping, geochemical sampling/modelling and Induced Polarization (IP) surveying. These surveys were designed to build on compelling historical data developed by legendary porphyry copper explorers, including Kennco, Canadian Superior, Cities Service, Placer Development and Teck Corp. Taken together this comprehensive Jake Project technical data base has defined a significant-scale porphyry copper-gold-silver deposit target underlying an extensive area of highly anomalous Cu, Au, Ag, and Mo values in soils.

The 100%-owned Jake Property is accessible by helicopter and close to historical logging roads which lead to mining support towns of Smithers and Hazelton.

Mineralization at Jake is situated within a prominent rusty coloured gossan measuring 3.5 km long by 1.5 km wide. Within the gossan is north-trending dyke swarms that intrude into sedimentary rocks. The combination of extensive historical and recent exploration work has outlined an expansive altered and mineralized area comprising porphyry-style sulphide disseminations and quartz-sulphide stockwork veins hosting Cu-Au-Ag mineralization.

The 100%-owned Maestro Project, located in central BC, lies adjacent to Highway 16, 15 km north of Houston and 50 km south of Smithers, providing year-round road access to the project and nearby infrastructure including, road, rail, hydroelectricity, and natural gas.

Results from Quartz’s first two drill holes at the Prodigy Zone on the Maestro Property intersected a high-grade gold-silver lode deposit within multi-generation precious metal mineralization all hosted within a Mo-Cu porphyry environment. Core hole PR-23-02 intersected 102 m grading 2.22 g/t Au and 104 g/t Ag, including 12 m grading 1.23 g/t Au and 586 g/t Ag and 36 m of 5.73 g/t Au and 87 g/t Ag. The discovery is open in multiple directions and at depth, promising significant further potential.

Both The Jake and Maestro projects have access to infrastructure and high potential for important resources and significant future transactions. The BC Government has awarded permits for 50 drill sites for each project. First drilling at Maestro discovered a high-grade gold-silver lode within extensive precious metal mineralization all hosted within a large porphyry Mo-Cu system. The company’s first drill program at Jake commenced in June 2024 with the goal of making another high value discovery.

Quartz is associated with Hunter Dickinson Inc., a company with over 35-years of successfully discovering, developing, and transacting mineral projects in Canada and internationally.