Quartz Discovers a New Copper-Gold-Silver Porphyry at Jake Project in British Columbia Company also acquires additional mineral claims surrounding Jake, hosting an entire new potential copper-gold porphyry district
Quartz Discovers a New Copper-Gold-Silver Porphyry
at Jake Project in British Columbia
Company also acquires additional mineral claims surrounding Jake, hosting an entire
new potential copper-gold porphyry district
January 14, 2025 Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz” or the “Company") (TSXV: QZM,
OTC Pink: QZMRF) is pleased to announce the Company’s maiden, seven hole, 3,418 meter scout core drilling
program has made a new British Columbia (“BC”) copper-gold porphyry discovery at its 100%- owned Jake
Project, located 160 kilometers north of Smithers (see Figure 1a and 1b).
Based on its successful drilling program, Quartz has also acquired a 100% interest in mineral claims capturing
an entire new potential BC porphyry copper- gold district surrounding the Jake discovery (see Figure 2) .
Porphyry deposits are among the world’s most important sources of copper, gold and silver and their
discovery presents the potential for outsized gains, especially in periods of surging metal prices.
In addition to releasing the Jake discovery news today, Quartz has also launched new social media and awareness
initiatives including an updated Website ( www.quartzmountainresources.com) and Corporate Prese ntation
https://www.quartzmountainresources.com/investors/presentation. Quartz will also be presenting Discovery
Core from both Maestro and Jake at the upcoming Association of Mineral Explorationists’ (“AME”) Round Up on
January 20 and 21 in booth #924 located in the Vancouver Convention Centre East.
Jake Discovery Highlights:
The discovery of a new copper-gold porphyry system at Jake, was highlighted by drill hole JK24-05, with combined
announced Cu intercepts in the hole totaling 355 meters (see Table 1).
TABLE 1
Drill Hole JK24-05 Assay ResultsA
Drill Hole Incl. From
(m)
To
(m)
Int.1,2,3
(m)
CuEQ4
(%)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(%)
JK24-05 21.00 78.00 57.00 0.30 0.18 0.077 2.7 0.012
108.00 191.04 83.04 0.25 0.18 0.062 2.9 0.004
Incl. 108.00 125.22 17.22 0.42 0.29 0.090 7.6 0.005
234.14 450.00 215.86 0.32 0.23 0.083 2.7 0.005
Incl. 234.14 308.00 73.86 0.40 0.30 0.120 2.5 0.003
and 234.14 269.02 34.88 0.49 0.37 0.144 3.3 0.001
Incl. 347.00 395.57 48.57 0.39 0.29 0.093 2.9 0.006
Note A. See Notes to Table 2
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Bob Dickinson, Chairman of Quartz commented, “We are excited to announce the discovery of the new Jake
copper-gold-silver porphyry system. We believe our maiden seven hole scout program has determined the location
of the system’s center nearby hole JK 24-05, where the highest grades are anticipated. The detailed results from
the 7 core holes provide Quartz the critical scientific vectors to target the core of the porphyry system in the next
phase of delineation drilling. Early observations from our drill program suggest geological similarities between
Jake and the geological environment at the past producing Bell Mine , currently owned by Glencore and located
160 km southeast of Jake.”
Figure 1a. Jake Location and Access
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Figure 1b. Jake Location and HDI’s BC Successes
The Jake Project is one of two key projects being advanced by Quartz in BC. The Jake maiden drill program
followed the very successful maiden drill program at the Company’s Maestro Project. The maiden drilling
program at Maestro discovered thick, high-grade, gold-silver lodes hosted within extensive precious metal
mineralization (see Quartz news release dated April 9, 2024). These exciting d iscoveries at both Maestro
and Jake support the Company’s strategy of targeting high value, high demand projects that have strong
potential for future transactions. Quartz has now commenced planning for drill delineation programs during
2025, starting at Maestro (Phase One) and later at Jake (Phase Two).
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Figure 2. Potential New BC Porphyry Copper District Acquired
Mr. Dickinson added, "Equally significant as the new copper -gold-silver discovery at Jake is our growing
understanding of the broader system. Porphyries often occur in clusters, and our data suggests we may be on the
verge of defining an entirely new porphyry district at Jake . As a result of o ur Jake porphyry discovery, Quartz
acquired a 100% interest in mineral claims capturing a potential new BC porphyry copper-gold district surrounding
the discovery. The Quartz team is committed to creating exceptional value for shareholders and these results,
combined with the exciting recent discovery of high-grade gold-silver lodes at our Maestro Project, create a robust
investment opportunity . We believe o ur next milestone s, the drill delineation of the new Maestro discovery
planned for 2025 and later the new Jake discovery will move Quartz rapidly forward towards potential
transactions.”
The successful Jake drilling included seven exploration drill holes that were completed on a hill side from three
Pad sites (see Figure 3 ). These scout drill holes were fanned out in multiple directions over an area measuring
1,000 meters east-west and 600 meters vertical. Hole 1 on Pad A intersected classic quartz-sericite-pyrite altered
rocks found peripheral to most porphyry copper deposits. Holes 2,3,4,5 were fanned out from Pad B. These holes
intersected a major porphyry copper-gold-silver system with Hole 5 being closest to the center of the system .
Holes 6 and 7 drilled from Pad C intersected intervals of epithermal precious metal zones and veinlets (see
anomalous Au and Ag assay results) associated with highly anomalous zinc.
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Figure 3. Jake, A New Porphyry Cu-Au-Ag Discovery
The Jake porphyry discovery area is highlighted by a classic Induced Polarization chargeability donut shape
signature (see Figure 4) commonly targeted by porphyry explorers.
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Figure 4. Jake Discovery Section A-B
Figure 5. Highly Anomalous Cu-Au-Mo Values in Soils Above Jake Discovery
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Assay results from the 7 scout core holes completed at Jake during the discovery drill program are listed in Table
2 below.
Table 2
Jake Discovery Drill Program Assay Results
Notes:
1. Widths reported are drill widths, such that true thicknesses are unknown.
2. All assay intervals represent length-weighted averages.
3. Some figures may not sum exactly due to rounding.
4. Copper equivalent (CuEQ) calculations use metal process prices of: Cu US$4.00/lb, Au US$2000/oz., Ag US$25/oz, and Mo US$15.0 0/lb, and
conceptual recoveries of: Cu 85%, Au 75%, Ag 70% and Mo 82%. Conversion of metals to an equivalent copper grade based on these metal prices
is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery.
The metal equivalencies for each metal are added to the copper grade. The general formula for this is: CuEQ% = Cu% + ((Au g/t * (Au recovery /
Cu recovery) * (Au $ per oz./31.1034768 / Cu $ per lb. * 22.04623)) + ((Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz./ 31.1034768 / Cu $ per
lb. * 22.04623)) + ((Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb.) / Cu $ per lb.)).
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About Jake
The 100% owned Jake Property is located 160 km north of Smithers in north central BC. It is accessible by
helicopter and close to the Minaret airstrip , historical logging roads and railbeds which lead to mining support
towns of Smithers, Fort St. James and Hazelton.
Quartz’s first ever drill test of 3,418 meters in 7 holes during 2024 discovered a new porphyry copper-gold-silver
system leading to the acquisition of 100% interest in mineral tenures over an entire new BC porphyry copper-gold
district surrounding the Jake discovery. The next milestone towards a transaction will be delineation drilling of
the new Jake discovery, currently being planned to commence after Maestro delineation drilling.
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 a very expansive altered area at Jake hosting
epithermal and porphyry -style sulphide disseminations and veinlets containing Cu -Au-Ag-Zn-Mo and Re. To
delineate deposit targets within this large Jake mineral system for the recent drilling program, a series of modern
surface exploration programs were completed in the period 2018-2023. This exploration work included detailed
airborne magnetic surveying, geological mapping, geochemical sampling/modelling and Induced Polarization
(“IP”) surveying. These e xploration surveys were designed to build on very compelling historical data on the
Property developed by legendary porphyry copper explorers, including Kennco, Canadian Superior, Cities Service,
Placer Development and Teck Corp. Taken together this comprehensive Jake Project technical database defined
a significant-scale porphyry copper-gold deposit target and associated epithermal precious metal deposit targets
which Quartz has capitalized on.
About Maestro
The 100% owned Maestro Project, located in central British Columbia, lies adjacent to Highway 16, 15 km north
of Houston and 50 km south of Smithers, providing year -round road access to the Pr oject and nearby
infrastructure including, rail, hydroelectricity, and natural gas.
Quartz’s first ever drill test, a maiden two-hole drill program at the Prodigy Zone on the Maestro Property
(reported by Quartz News Release dated April 9th, 2024) discovered exciting high-grade Au-Ag lode s, hosted
within an extensive epithermal Au-Ag system. The lodes and the more disseminated precious metals, intersected
by the drill holes are both hosted within a large and earlier deposited, Mo-Cu porphyry system. Quartz’s second
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 also 36 m of 5.73 g/t Au and 87 g/t Ag. These results indicate high potential for both bulk tonnage
and underground high -grade gold and silver mineralization. Notably, green sericite alteration reminiscent of
deposits such as Blackwater, which is currently being placed into production near Vanderhoof plays a significant
role at Prodigy. The discovery is open in multiple directions and at depth, promising significant further potential.
The next milestone towards a transaction will be delineation drilling of the new Prodigy discovery at Maestro,
currently being planned to commence in HI 2025.