Business
Quartz Commences Drilling at Jake Porphyry Copper-Gold Project Program Funded by Recently Closed $3.25 Million Financing
Drill program at Jake follows the Company's recent discovery at Maestro Project VANCOUVER, BC...
About this update from Quartz Mountain Resources Ltd.
[{"type":"text","content":"Quartz Commences Drilling at Jake Porphyry Copper-Gold Project Program Funded by Recently Closed $3.25 Million FinancingDrill program at Jake follows the Company's recent discovery at Maestro ProjectVANCOUVER, BC / ACCESSWIRE / June 18, 2024 / Quartz Mountain Resources Ltd. (\"Quartz\" or the \"Company\") (TSXV:QZM)(OTC Pink:QZMRF) is pleased to announce that core drilling has commenced at its Jake Porphyry Copper-Gold-Silver Project (\"Jake\"), located 160 km north of Smithers, BC. The Jake drill program aims to discover a new, significant scale porphyry deposit. Porphyry deposits are the world's most important sources of copper, gold and silver and their discovery presents the potential for outsized gains, especially with surging metal prices. 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 (see Quartz news release dated April 9, 2024).\"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 meters (total 2,500 meters) from up to 3 drill pads (see Figure 1). 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 m 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 ...