Quartz Intersects 102m of 2.22 g/t Au and 104 g/t Ag Announces New Discovery at Prodigy on its Maestro Project, British Columbia
Quartz Intersects 102m of 2.22 g/t Au and 104 g/t Ag
Announces New Discovery at Prodigy on its Maestro Project, British Columbia
April 9, 2024 Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz” or the “ Company") (TSXV:
QZM, OTC Pink: QZMRF) is pleased to announce an important new discovery at the Company’s
Maestro property located 15km north of Houston, British Columbia (“BC”). Quartz has received assay
results from its first two diamond drill holes (total 1,445m) completed in December 2023, at the
Prodigy target at Maestro and the results support Quartz’s strategy of developing high value, high
demand projects (see Table 1).
Diamond drill hole PR-23-02, the Company’s second hole at Prodigy intersected:
• 102 meters grading 2.22 g/t Au and 104 g/t Ag (3.49 g/t AuEQ1, 270 g/t AgEQ)
• Including 12 meters grading 1.23 g/t Au and 586 g/t Ag (8.01 g/t AuEQ, 752 g/t AgEQ)
• And additionally 36 meters of 5.73 g/t Au and 87 g/t Ag (6.69 g/t AuEQ, 471 g/t AgEQ).
1 For details of the calculation of equivalents, se e Footnotes to Table s page 7
The results represent the discovery of a substantial new Au-Ag system at Maestro, potentially related
to the Lone Pine Mo-Cu porphyry deposit located approximately 1km south of the Prodigy discovery
(see Figure 1 and Figure 2).
2023 Prodigy Drill Hole Results
Drill Hole Incl. From
(m)
To
(m)
Int. 1,2
(m)
AgEQ 3(a)
(g/t)
AuEQ 3(b)
(g/t)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Mo
(%)
PR-23-02 81.00 186.00 105.00 24 0.29 9 0.06 0.06 0.015
PR-23-02 228.00 282.00 54.00 64 0.86 16 0.59 0.04 0.016
PR-23-02 324.00 675.00 351.00 103 1.33 36 0.78 0.05 0.029
PR-23-02 Incl. 423.00 639.00 216.00 153 1.97 57 1.17 0.07 0.033
PR-23-02 And 537.00 639.00 102.00 270 3.49 104 2.22 0.09 0.029
PR-23-02 Incl. 537.00 549.00 12.00 752 8.01 586 1.23 0.61 0.060
PR-23-02 Incl. 603.00 639.00 36.00 471 6.69 87 5.73 0.05 0.013
PR-23-01 45.00 393.00 348.00 32 0.38 13 0.13 0.04 0.015
PR-23-01 Incl. 63.00 96.00 33.00 63 0.75 32 0.28 0.05 0.018
PR-23-01 Incl. 156.00 252.00 96.00 43 0.52 19 0.22 0.07 0.008
PR-23-01 Incl. 276.00 306.00 30.00 45 0.51 26 0.09 0.07 0.018
Table 1 – 2023 Prodigy drill hole assay results from drill holes PR -23-02 and PR-23-01.
Bob Dickinson, Chairman of Quartz commented, “The results from our initial two drill holes
surpassed our expectations, and early observations suggest there are multiple overlapping
mineralizing events that occurred over a long period of time. Over my career, long -lived and multi -
generational mineral systems are common factors that make mines globally, which is very
encouraging to see at Maestro in these early days of the discovery. Projects like Maestro are vital to
growing Canada’s clean, modern economy and p orphyry deposits are the world’s most important
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sources of copper and molybdenum and major sources of gold and silver. And Maestro is located in
British Columbia, a global leader in the development of socially and environmentally responsible
resources. Combined with a positive market sentiment for commodities like gold , silver, copper and
molybdenum, Maestro and Quartz are well -positioned to create significant value for shareholders . The
Quartz team is committed to creating Canada’s next great mineral success story and these results
validate our modern a pproach to developing assets that will be attractive to potential transaction
partners,” concluded Dickinson.
Figure 1 – Cross section highlighting the Prodigy discovery in PR -23-02 (see Figure 2 for location of
sectional trace.)
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Assay results from PR-23-02 and PR-23-01 combined with results from 10 historical core holes drilled
in the period 2007 -2011 at Prodigy by a past operator, Bard Ventures Ltd, within an area measuring
275 meters north-south by 400 meters east -west (see Figure 2, Prodigy Drill Hole Plan Map) indicate
Quartz has discovered a high-grade Au-Ag lode, hosted within an extensive epithermal Au-Ag system
(see Figure 3 and Figure 4). The lode and the more disseminated precious metals, intersected by holes
PR-23-01 and PR -23-02, are both hosted within a large and earlier deposited, Mo -Cu porphyry
system. In addition to the exceptional results produced by PR -23-02, broad widths of near -surface
mineralization were also demonstrated by hole PR-23-01, collared 230 m north-west of hole PR-23-
02. This furthest-west hole on the Prodigy Target intersected 348 m of 32 g/t AgE Q (13 g/t Ag, 0.13
g/t Au and 0.015 % Mo) from 45 metres downhole. Table 2 below lists results of 6 historical holes
drilled at Prodigy that host precious metals . Table 3 below lists the 4 eastern most historical holes
drilled at Prodigy that host long intervals of porphyry Mo -Cu mineralization with only anomalous
precious metals. The combined results indicate high potential for both bulk tonnage and
underground high-grade mineralization.
Figure 2 - Plan view map of Prodigy highlighting the discovery in PR -23-02. PR-23-02 hosts the western -most
intersection to date, and the zone remains open in several directions and at depth. Total depth, azimuth, and
dip of PR-23-01 (633 m, 180°, -73°) and PR-23-02 (812.5 m, 280°, -70°).
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Figure 3 – Broad zone of quartz -ankerite-pyrite veining and locally semi -massive to massive pyrite +/ -
chalcopyrite-tetrahedrite-molybdenite throughout a 36m zone of strong green sericite alt ered andesite at
603m – 639m downhole. Assays from this interval are 36m of 5.73 g/t Au, and 87 g/t Ag (6.69 g/t AuE Q, and
471 g/t AgEQ).
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Figure 4 – Mineralogical samples of select drill core from PR-23-02 where multiple overlapping mineral
events are evident.
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Historical Prodigy Drill Hole Results
Drill Hole Incl. From
(m)
To
(m)
Int 1, 2
(m)
AgEQ 3(a)
(g/t)
AuEQ 3(b)
(g/t)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Mo
(%)
BD-11-69 35.00 54.20 19.20 101 1.11 72 0.25 0.08 0.012
BD-11-69 Incl. 49.30 51.00 1.70 876 9.24 711 1.35 0.73 0.003
BD-11-69 134.10 205.20 71.10 239 2.54 185 0.35 0.22 0.025
BD-11-69 Incl. 136.10 185.30 49.20 330 3.49 264 0.48 0.30 0.011
BD-11-69 And 142.50 148.80 6.30 1752 18.18 1484 1.94 1.34 0.011
BD-11-69 Incl. 180.00 183.30 3.30 1082 11.09 921 0.60 1.17 0.007
BD-11-69 329.10 404.50 75.40 62 0.78 1 0.10 0.02 0.136
BD-11-69 445.80 450.80 5.00 84 1.14 16 0.75 0.03 0.041
BD-11-70 47.40 55.20 7.80 42 0.50 9 0.03 0.25 0.016
BD-11-70 114.50 399.70 285.20 34 0.41 4 0.02 0.09 0.053
BD-11-70 Incl. 173.80 338.50 164.70 33 0.40 4 0.02 0.11 0.043
BD-11-70 Incl. 195.50 196.10 0.60 398 4.46 202 0.48 1.57 0.012
BDQ-08-02 21.00 81.00 60.00 30 0.35 9 0.07 0.07 0.024
BDQ-08-02 197.00 403.00 206.00 72 0.79 46 0.10 0.07 0.035
BDQ-08-02 Incl. 197.00 213.00 16.00 668 7.04 551 1.09 0.37 0.023
BDQ-08-02 And 203.00 209.00 6.00 1616 16.98 1350 2.62 0.86 0.018
BDQ-08-03 9.00 352.70 343.70 38 0.46 13 0.13 0.06 0.030
BDQ-08-03 Incl. 9.00 167.00 158.00 49 0.56 25 0.11 0.08 0.022
BDQ-08-03 Incl. 67.00 167.00 100.00 60 0.68 35 0.16 0.07 0.021
BDQ-08-03 And 67.00 117.00 50.00 82 0.93 50 0.22 0.10 0.019
BDQ-08-03 And 79.00 101.00 22.00 142 1.57 95 0.34 0.19 0.016
BDQ-08-04 293.00 551.27 258.27 56 0.73 13 0.43 0.04 0.026
BDQ-08-04 Incl. 373.00 497.00 124.00 79 1.05 19 0.64 0.05 0.038
BDQ-08-04 And 373.00 463.00 90.00 89 1.18 23 0.71 0.06 0.037
BDQ-08-05 119.00 223.00 104.00 33 0.41 13 0.17 0.04 0.014
BDQ-08-05 Incl. 141.00 223.00 82.00 37 0.46 15 0.20 0.03 0.015
BDQ-08-05 275.00 325.00 50.00 42 0.54 15 0.30 0.04 0.012
Table 2 – Historical drill hole assay results at Prodigy drilled by a previous operator between 2007 and 2011. S ee Figure 2 for
reference.
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Eastern Historical Drill Hole Results
Drill Hole Incl. From
(m)
To
(m)
Int. 1,2
(m)
CuEQ 3(c)
(%)
Ag
(g/t)
Au
(g/t)
Cu
(%)
Mo
(%)
BD-07-02 158.00 300.80 142.80 0.29 2 0.01 0.05 0.057
BD-07-06 158.50 275.20 116.70 0.21 1 0.01 0.04 0.040
BD-11-68 41.20 353.10 311.90 0.34 2 N/A 0.07 0.067
BD-11-68 Incl. 100.10 317.40 217.30 0.37 2 N/A 0.08 0.072
BDQ-08-01 6.10 425.00 418.90 0.23 1 0.01 0.04 0.046
BDQ-08-01 Incl. 287.00 353.00 66.00 0.44 3 0.01 0.07 0.090
Table 3 – Historical drill hole assay results at Prodigy drilled by a previous operator between 2007 and 2011. See Figure 2 for
reference. Precious metal abundance in drill holes increases westward, with the easternmost drill holes highlighted in Table 3
containing base metal mineralization but lacking precious metal mineralization. Note N/A means not assayed for Au.
Footnotes to Tables 1, 2, 3.
1) Reported widths of mineralization are drill hole intervals or core lengths recovered. Insufficient data exists to
permit the calculation of true width of the reported mineralized intervals. All assay intervals represent length -
weighted averages.
2) Some figures may not sum exactly due to rounding.
3) Metal equivalent calculations use prices of: Cu US$4.00/lb., Au US$1800/oz., Ag US$22/oz. and Mo US$15/lb and
conceptual recoveries of: Cu 82%, Au 80%, Ag 80%, and Mo 82%. There has been no metallurgical testing on
Prodigy mineralization. The equivalencies for each metal are calculated as follows:
a) Silver equivalent (AgEQ g/t) = Ag g/t + (Au g/t * (Au recovery /100) * (Au $ per oz./ Ag $ per oz.)) + (Cu %
* (Cu recovery /100) * (Cu $ per lb. * 22.0462) / (Ag $ per oz. / 31.10348)) + (Mo % * (Mo recovery /100)
* (Mo $ per lb. * 22.0462) / (Ag $ per oz . / 31.10348))
b) Gold equivalent (AuEQ g/t) = Au g/t + (Ag g/t * (Ag recovery / 100) * (Ag $ per oz./ Au $ per oz.) + (Cu %
* (Cu recovery / 100) * (Cu $ per lb. * 22.0462 /Au $ per oz. / 31.10348)) + (Mo % * (Mo recovery / 100)
* (Mo $ per lb. * 22.0462 /Au $ per oz. / 31 .10348))
c) Copper equivalent (CuEQ%) = Cu % + (Mo % * Mo $ per lb./Cu $ per lb. * (Mo recovery / Cu recovery ) +
((Au g/t* (Au recovery / Cu recovery) * (Au $ per oz./ 31.10348 / Cu $ per lb. * 22.0462)) + ((Ag g/t * (Ag
recovery / Cu recovery ) * (Ag $ per oz. / 31.10348 / Cu $ per lb. * 22.0462))
d) Factors: 22.0462 = 1% of one tonne in lbs., 31.10348 grams per troy ounce
4) The collar locations in UTM NAD83, Zone 9N coordinates for drill holes are listed in Table 4.
Quality Assurance/Quality Control Program
Drilling by Quartz
Quartz drilled NQ size core in the 2023 drilling program at Prodigy. All drill core was logged, photographed,
and cut in half with a diamond saw. Half core samples from the drilling were sent to ALS Canada Ltd.,
Langley, B.C., for preparation and were analyzed at ALS Canada Ltd., North Vancouver, B.C. Both are
ISO/IEC 17025:2017 accredited facilities. At the laboratory, samples were dried, crushed to 70% passing -
2mm, and a 250 g split pulverized to better than 85% passing 75 microns. Samples were analyzed for Au
by fire assay fusion of a 30 g sub-sample with an ICP-AES finish, and for 48 elements including Ag, Mo and
Cu by a four-acid digestion, multi-element ICP-MS package. Overlimits for Ag, Cu, Pb and Zn were analyzed
by four-acid digestion and ICP-AES finish. For Au overlimits and additional Ag overlimits, a fire assay fusion
and gravimetric finis h were completed. As part of a comprehensive Quality Assurance/Quality Control
("QAQC") program, Quartz Mountain control samples were inserted in each analytical batch at the
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following rates: standards one in 40 regular samples, in -line replicates one in 40 regular samples and at
least one coarse blank per analytical batch. The control sample results were then checked to ensure
proper QAQC.
Historical Drilling
Historical Prodigy core completed by Bard Ventures Ltd. was split using a hydraulic core splitter. Samples
from 2007 and 2011 were analyzed at Acme Analytical in Vancouver, B.C. In 2007, core samples were split,
and jaw crushed to 70% passing 10 mesh (2 mm). A 250 g riffle split was pulverized to 95% passing 15 0
mesh (100 microns). In 2011, core samples were crushed to 80% passing 10 mesh (2 mm) and a 250 g riffle
split was pulverized to 85% passing 200 mesh (77 microns).
In both years, samples were analyzed by a four -acid digestion, multi -element ICP -ES package for 35
elements. For Mo overlimits (>4000 ppm), samples were analyzed by four -acid digestion and ICP -ES
methods.
Historical assays from 2008 were analyzed at Eco Tech in Kamloops, B.C. Samples were crushed to 70%
passing 10 mesh (2 mm), and a 250g sub-sample was pulverized to 95% passing a 150-mesh (109 micron)
screen. Samples of 0.5 g were digested in 3 ml of a 3:1:2 (HCl:HNO3:H20) for 90 minutes in a water bath at
95 degrees Celsius, diluted to 10 ml with water and then analyzed by ICP -AES for 28 elements. For Mo
over 4000 ppm, an aqua regia and ICP method was used.
For the 2007 program, no standards were submitted with the mainstream samples. The 2008 and 2011
programs inserted a standard or blank after every 20th sample.
Bard Ventures did not analyze all core samples for Au. In 2023, 976 assay pulps were selected by Quartz
from Bard Ventures’ drilling at Prodigy and elsewhere on the Maestro property and sent to ALS Canada
Ltd. A 25 g sample was analyzed for super trace Au by aqua regia digestion and ICP-MS finish. For samples
overrange, an aqua regia digestion and ICP -MS finish method was applied again. No external control
samples were submitted.
The Qualified Person (“QP”) for the Company has not independently verified the historical analytical data
disclosed within this news release. The Company has obtained all historical records including all analytical
data from the previous operators and all laboratory assay certificates from reputable commercial assay
laboratories for all drill holes disclosed within this news release. It is the Qualified Person’s opinion that
sample preparation, security, analytical procedures used by reputable commercial assay laboratories, and
Bard Venture’s QA/QC program conformed with industry standards at the time of analysis and is therefore
considered reliable for informational and drill targeting purposes.
At this time Quartz does not plan to carry out further re-analysis on historical drill core at Prodigy due
to the QP’s opinion stated herein and the historical drill cores limited relevance with respect to
Quartz’s strategy going forward to explore for gold, silver, copper and molybdenum resources.
Qualified Person
Farshad Shirmohammad, M.Sc., P.Geo., a “Qualified Person” within the meaning of National Instrument
43-101 – Standards of Disclosure for Minerals Projects, has reviewed and approved the scientific and
technical information contained in this news release.