Quartz Mountain Announces Approval for Purchase of Second BC Mineral Property
Quartz Mountain Announces Approval for Purchase of Second BC Mineral Property
VANCOUVER, BC / ACCESSWIRE / May 24, 2022 / Quartz Mountain Resources Ltd.
("Quartz Mountain" or " the Company") (TSXV:QZM, OTC PINK:QZMRF) is pleased to
announce that further to its December 8, 2021 news release, the Company has received approval
from the TSX Venture Exchange for its acquisition of the Jake Property located approximately
160km northeast of Smithers, British Columbia from United Mineral Services Ltd. ("UMS").
The Jake Property is being targeted for its copper-gold porphyry potential. UMS is a private
company owned by Robert Dickinson, the controlling shareholder of the Company and a non-
arms-length vendor. Quartz Mountain has agreed to pay UMS out-of-pocket costs to assemble
the property totaling $200,000, which is payable in four equal tranches over 18 months from the
date of TSX Venture Exchange approval of the transaction.
The purchase from UMS is comprised of a 100% undivided interest in four mineral claims it
staked as well as the transfer of a valid option to acquire an undivided 100% interest in five
adjacent mineral claims (the "Underlying Claims") from Electrum Resource Corporation, an
arms-length third party. The Electrum option can be exercised with payment of $125,000 to July
2022 or alternatively an equal amount spread over two years with property work commitments of
$360,000. The Underlying Claims are subject to a 2% NSR which is capped at $3 million.
On behalf of the Board of Directors
Leonie Tomlinson
Director
For further details, contact Investor Relations at:
T: (604) 842-2690 or within North America at 1-800-667-2114.
W: www.quartzmountainresources.com
This release includes certain statements that may be deemed "forward-looking-statements". All
statements in this release, other than statements of historical facts 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. Assumptions used by the Company to develop forward-looking statements
include the following: the Company's projects will obtain all required environmental and other
permits and all land use and other licenses, studies and exploration of the Company's projects
will continue to be positive, and no geological or technical problems will occur. Though the
Company believes the expectations expressed in its forward-looking statements are based on
reasonable assumptions, such statements are subject to future events and third party discretion
such as regulatory personnel. 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, exploitation and
exploration successes, continuity of mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and tenure and delays due to third party opposition, changes in and
the effect of government policies regarding mining and natural resource exploration and
exploitation, exploration and development of properties located within Aboriginal groups
asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which
may cause permitting delays or opposition by Aboriginal groups, 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 on the Company, and the risks and uncertainties connected with its business,
investors should review the Company's home jurisdiction filings as www.sedar.com and its
filings with the United States Securities and Exchange Commission.
SOURCE: Quartz Mountain Resources Ltd.