ACCESS Newswire
24 May 2022, 17:19 GMT+10
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.
E: [email protected]
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.
Get a daily dose of Vancouver Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vancouver Star.
More InformationI will never forget that fateful moment when I was just 11 years old, walking back home from school with my friend. Unfortunately,...
SYDNEY, NSW, Australia - The Australian Labor Party has been swept to victory for a second term after defeating the Coalition in an...
WASHINGTON, D.C.: The U.S. State Department has started a second round of its deferred resignation program, according to an internal...
WASHINGTON, D.C.: U.S. President Donald Trump said this week that some fraud cases had been reported to the Justice Department based...
NEW YORK CITY, New York: This week, the Trump administration has approved an emergency rule that allows gas stations across the U.S....
WASHINGTON, D.C.: Major automobile companies want Congress to stop California's plan to ban the sale of gas-only cars by 2035—a rule...
DUBLIN, Ireland: April 2025 saw a slight improvement in the labor market, with the seasonally adjusted unemployment rate dropping to...
LONDON, U.K.: Grocery prices in the UK rose by 3.8 percent in April, slightly higher than last month's 3.5 percent, adding more pressure...
HONG KONG: Hong Kong's housing market continued to lose ground in March, with home prices falling for a fourth straight month despite...
BEIJING, China: China's top airlines are still grounded in red ink, reporting steeper losses for the first quarter as they battle fierce...
WASHINGTON, D.C.: General Motors is recalling more than 720,000 vehicles globally over a defect linked to its 6.2L V8 engines, the...
ATLANTA, Georgia: United Parcel Service is cutting 20,000 jobs and closing dozens of facilities, marking one of its biggest shakeups...