Quartz Mountain Resources Closes $3.255 Million Private Placement and Accelerates Drill Program

Vancouver-based Quartz Mountain Resources Ltd. (Quartz) has successfully concluded a $3.255 million private placement. The financing involved issuing 9,300,000 common shares at $0.35 each, with notable participation from The Sutton Group Inc., which acquired 6,000,000 shares.

The funds raised will bolster exploration efforts at Quartz's Jake and Maestro Projects in British Columbia. The Jake Project, located 160 km north of Smithers, aims to identify a new porphyry copper-gold-silver deposit. The initiative follows promising results from the Maestro Project, which revealed high-grade gold-silver mineralization.

The drilling at the Jake Property will start mid-June 2024. Quartz Chairman, Bob Dickinson, expressed confidence in the project's potential to yield significant outcomes, aligning with global commodity demands.