VANCOUVER,
May 1, 2012 /PRNewswire/ - Quartz
Mountain Resources Ltd. ("Quartz Mountain" or the "Company") (TSXV:
QZM; OTCBB: QZMRF) announces that it has staked 93 new claims in an
area located 133 kilometres northwest of the Blackwater gold
deposit and 41 kilometres south of Houston, BC.
The 391 square kilometer Karma property was staked
to cover 70-73 million year old Kasalka volcanic units that are the
same age as the rocks which host gold and silver deposits in BC's
exciting new Blackwater-Newton gold district located to the
south. The Blackwater-Newton district hosts New Gold's plus
seven million ounce Blackwater deposit, its Capoose silver-gold
deposit and Amarc's Newton gold discovery.
Quartz Mountain has interests in two properties in
this prospective area where there is considerable potential for the
discovery of bulk tonnage gold/silver and/or gold vein
deposits. In addition to Karma, the Company has an option to
earn 100% of the Buck gold-silver property centred 15 km south of
Houston. Past
exploration indicates the presence of an extensive gold-silver
mineralized system at Buck, outlined by coincident geophysical and
gold-in-soil geochemical anomalies, which are still open to
expansion. Zones of gold/silver mineralization were intersected in
irregularly spaced drill holes by prior operators which further
support the potential at Buck.
The Company plans exploration programs including an
airborne geophysical survey combined with ground geochemical and
Induced Polarization surveys to establish and prioritize drill
targets at both Karma and Buck.
This release has been reviewed by Mark Rebagliati, P.Eng, a Qualified Person as
defined by NI 43-101.
About Quartz Mountain
Quartz Mountain Resources Ltd. is a Vancouver-based exploration company focused on
making a major new gold deposit discovery in British Columbia. The Company 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
Robert Dickinson
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 the
Company 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 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 the Company's filings that are
available at www.sedar.com.
SOURCE Quartz Mountain Resources Ltd.