The Technical Report, authored by geologist
At Jake North, historical drilling intersected significant mineralization along a strike length of over 1 km with the most consistent mineralization located at the contact of Babine porphyry dykes and the sedimentary rocks they intrude.
The report, titled 'NI 43-101 Technical Report on the Jake Property' will be posted on the Company's website (www.quartzmountainresources.com).
Mineralization
The geology of Jake consists of
Mineralization at the Jake Property is situated within a prominent gossan measuring 3.7 km long by 1.5 km wide. Within the gossan is a series of north-northeast trending dyke swarms that intrude into sedimentary rocks. The combination of both historical and recent work has outlined a broadly altered and mineralized area comprising porphyry-style sulphide disseminations, and quartz-sulphide stockwork veins hosting Cu-Au+/-Mo mineralization. Furthermore, diamond drilling by Teck in 1999 demonstrated that high-grade silver and gold exists at Jake North (see Table 1).
These deposit styles are commonly associated with Babine intrusions, which are found within nearby Cu-Au+/-Ag+/-Mo porphyry deposits such as Bell,
The strongest known Cu+Au porphyry mineralization drilled to date has been associated with
At Jake South historical work has outlined geology, alteration and elevated geochemistry in results from soil sampling suggesting the possible presence of a porphyry Cu+Au system as well as associated epithermal veins.
The Company has not yet conducted any drilling on the Property. Previous explorers have drilled portions of the Property since 1965. Many of the historical drilling results were never publicly reported and have limited or no data available. The most recent and most thoroughly documented drilling was by Teckin 1999, which drilled six diamond drill core holes at Jake North and encountered significant mineralization (see Table 1) with large portions of the drill core not assayed.
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Data Verification
The authors prepared the Technical Report in accordance with the formatting requirements of national Instrument 43-101 and Form 43-101F1 Standards of disclosure for
The only reported information on sample preparation, analyses and security was for the talus fines and rock sampling conducted by UMS in 2020 and by Teck from 1997 to 1999.
The talus fine and rock samples for the 2020 sampling program were analyzed at
For Teck's 1997 to 1999 exploration programs, including the 1999 drill program (Table 1), Teck sent all samples to
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 variations in market prices, continuity of mineralization and exploration success, and potential environmental issues or liabilities associated with exploration, development and mining activities, 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, and exploration and development of properties located within Aboriginal groups asserted territories that may affect or be perceived to affect asserted aboriginal rights and title, and which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions as well as the effect of COVID 19. 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
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