Quartz Mountain Releases Ni 43-101 Technical Report FOR Jake Porphyry Copper-GOLD Project, BC
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QUARTZ MOUNTAIN RELEASES NI 43-101 TECHNICAL REPORT FOR
JAKE PORPHYRY COPPER-GOLD PROJECT, BC
Highlights
• Quartz Mountain has received a National Instrument 43-101 Technical Report from C.J. Greig & Associates
Ltd. on its Jake Porphyry Copper-Gold-Silver Property located in northwest BC.
• The Jake Property, as described in the Technical Report, hosts broad areas of alteration and precious and
base metals mineralization characteristic of Cu +Au porphyry -type systems, as well as Au -Ag low -
sulphidation epithermal type and Ag-rich polymetallic vein systems.
• Modern a irborne magnetic and geological surveying combined with the review of ext ensive data from
historical geochemical, geophysical and drill programs indicate a strong potential for discovery of a major
deposit.
• The Company has received Government approval for Induced Polarization surveys and core drilling.
September 07, 2022 Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz Mountain" or “ the Company")
(TSXV: QZM, OTC Pink: QZMRF) is pleased to announce receipt of a National Instrument 43 -101 Technical
Report (the "Technical Report") on the Company’s Jake Porphyry Copper-Gold-Silver Property (the “Property”)
which is located 160 km north of Smithers, British Columbia (“BC”) (see Figure 1).
The Technical Report, authored by geologist Charles J. Greig, M.Sc, P .Geo., of C.J . Greig & Associates Ltd,
describes mineralization in two areas called Jake North and Jake South that are contained within a prominent gossan
measuring 3.7 km long by 1.5 km wide (see Figure 2). Within the gossan is a series of north trending Babine
monzonite dykes intruding sedimentary rocks. Associated with these dykes is altered and mineralized area s
containing porphyry-style disseminated sulphides and quartz-sulphide veins hosting Cu+Au±Mo mineralization.
High Ag±Au values have also been intersected in historical drilling and surface samples (see Table 1).
At Jake North, historical drilling intersected significant mineralization along a strike length of over 1 km with the
most consistent minerali zation 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).
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Figure 1: Jake Property Location
Project Summary
Location
The Jake Property is located 160 km north of Smithers in northwest BC and is comprised of nine continuous
mineral claims that cover 2,374 ha. The property is accessible by helicopter and is close to logging roads leading to
mining support towns of Smithers, Hazelton and Houston. Smithers is a BC Provincial Government hub.
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Figure 2: Jake Property (Looking North)
Property
The Company purchased the Property from United Mineral Services Ltd. ("UMS") and will make staged payments
totaling $200,000 to UMS to reimburse UMS for its costs to assemble the Property. The purchase comprises a 100%
interest in four claims owned by UMS and the transfer of an option held by UMS to acquire 100% interest in five
mineral claims held by Electrum Resource Corporation ("Electrum"). The option can be fulfilled with payment of
$75,000 by July 2023. The Electrum claims are subject to a 2% net smelter return royalty ("NSR") which is capped
at $3 million (Quartz Mountain Resources Ltd. News Release, December 8, 2021).
History
Mineral exploration work on the Jake Property dates to 1965 and includes mapping, sampling, geophysics,
trenching, backpack and diamond drilling, and road building. To date, two deposit target areas – Jake North and
Jake South – have been identified. Noteworthy historical exploration work includes:
• Kennco Exploration (Western) Ltd. (1965): two backpack drill holes totaling 55 m at Jake South.
• Canadian Superior Exploration Ltd. (1968, 1971 -1976): 12 diamond drill holes totaling 1 ,207 m at Jake
North.
• Cities Services Minerals Corporation (1977): two dia mond drill holes totaling 436 m at Jake North ,
intersected grades of 0.19% Cu and 3.67 g/t Ag over 40 m (Sketchley, 1988).
• QPX Minerals Inc. (1987): geological mapping and extensive property wide soil sampling
confirmed copper, gold, molybdenum, silver, lead, zinc mineralization at Jake North and Jake
South.
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• Teck Corporation (1997 -1999): six diamond drill holes totaling 696 m at Jake North, intersecting high-
grade silver and gold veins and copper-gold stockworks near intrusive/sediment contacts.
In the period 2016 through 2020 UMS conducted an aerial magnetic survey and reinterpreted historical geochemical
data over the entire Property. In addition, it conducted geological mapping and sampling over Jake South.
Figure 3: Airborne Magnetic Survey Results
(1st Vertical Derivative)
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The magnetic survey was flown at 200 m line spacing and provides excellent detail for interpreting the property
geology (see Figure 3). Results from the survey show several large magnetic highs , one associated with Cu+Au
mineralization intersected in 1999 core drilling at Jake North by Teck Corporation (“Teck”). Review of historical
geochemical data found sample results are consistent with the presence of a large Cu-Au porphyry system (see
Figure 4 and Figure 5). In 2020 , UMS mapped and sampled Jake South , identifying multiple stages of
mineralization and more evidence of a potential large Cu-Au system.
Figure 4: Jake North Historical Drill Collars Underlain by Geology
and Au-in-Soil Geochemistry
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Figure 5: Jake North Historical Drill Collars Underlain by Geology
and Cu-in-Soil Geochemistry
Mineralization
The geology of Jake consists of Upper Jurassic Bowser Lake Group sedimentary rocks that are intersected by a
series of north trending monzonite dykes of the Tertiary Babine Plutonic Suite.
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 c ommonly associated with Babine intrusions, which are found with in nearby Cu -
Au±Ag±Mo porphyry deposits such as Bell, Granisle, Huckleberry, Berg, Davidson, and Mt. Thomlinson.
The strongest known Cu+Au porphyry mineralization drilled to date has been associated with Bowser Lake Group
sedimentary rocks in contact with intruding Babine monzonite dykes. The most consistent mineralization drilled to
date at Jake North is at the western edge of the area of historical work and coincident with a large, newly discovered
magnetic high. This area is very prospective for further mineralization and will be a priority for future exploration.
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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 Teck in 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.
Jake North
Teck 1999 Drilling, Significant Intersections
Table 1
DDH From (m) To
(m)
Width
(m)
Au
(ppb)
Ag
(ppm)
Cu
(ppm)
Pb
(ppm)
Zn
(ppm)
J-99-01 4.57 12.8 8.23 191 12.1 1,140 2,083 1,179
J-99-01 24.69 28.5 3.81 264 2.6 30 654 1,622
J-99-01 40.9 51.82 10.92 118 4.3 2,102 171 424
J-99-01 66.29 83.61 17.32 303 8.4 1,278 492 1,124
J-99-01 88.91 89.49 0.58 460 15.6 1,140 1,710 52,600
J-99-02 31.91 36.27 4.36 350 9.5 1,291 732 1,335
J-99-02 39.32 48.77 9.45 156 5.6 144 430 590
J-99-02 57.30 67.73 10.43 690 14.7 509 731 11,611
J-99-02 80.01 84.06 4.05 263 9.8 1,088 1,479 3,720
J-99-02 89.58 112.78 23.2 157 7.9 1,571 1,040 2,258
J-99-03 80.47 83.82 3.35 245 26.8 219 5,352 7,489
J-99-04 22.55 22.86 0.31 110 30.0 91 10,400 24,000
J-99-04 55.47 56.08 0.61 570 145.4 3,852 3,784 1,489
J-99-04 118.87 134.11 15.24 71 1.7 1,303 10 42
J-99-06 27.43 47.55 20.12 132 7.6 654 194 237
J-99-06 59.16 63.43 4.27 143 10.2 1,247 216 578
J-99-06 78.91 79.03 0.42 755 4.6 447 352 143
J-99-06 100.03 102.11 2.08 580 14.0 270 4,431 4,975
J-99-06 120.4 123.44 3.04 103 3.4 1,513 33 149
The Technical Report concludes that the Jake Property has merit and the results to date justify further work. A
proposed Phase 1 program ($238,000) should be undertaken to further compile historical geochemical surveys and
expand on geological mapping, soil s ampling, and geophysical surveys; followed by a Phase 2 diamond drill
program ($1,950,000). Detailed recommendations and exploration budgets are outlined within the Technical
Report.
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About Quartz Mountain
Quartz Mountain Resources Ltd. (TSXV: QZM, OTC P ink: QZMRF) is a restructured mineral exploration
company based in Vancouver, Canada. It is focused on acquiring, exploring, developing, and tran sacting high-
value gold, silver and copper projects. The Company currently holds 100% of th e Maestro Gold-Silver-Copper-
Molybdenum Property and an option to acquire 100% of the Jake Porphyry Copper-Gold-Silver Property, both
located in BC. P rojects are selected under Quartz Mountain’s key acquisition principles: easy access to
infrastructure, high potential for major mineable resources and significant future transaction potential.
Quartz Mountain is associated with Hunter Dickinson Inc. (HDI), a company with over 35 -years of success,
discovering, developing, and transacting mineral projects in Canada and internationally. Former HDI projects in
B.C. included Mount Milligan, Kemess South, and Gibraltar - all of which are porphyry deposits with current or
former producing mines. Other well -known projects with HDI involvement include Prosperity and Sisson in
Canada, Pebble and Florence in the United States, and Xietongmen in China.
Quartz Mountain is committed to the advancement of critical and essential mining assets while following
responsible mineral development principles, including a mandate t o employ best practice approaches in the
engagement and involvement of local communities, and meeting rigorous environmental standards.
About C.J. Greig & Associates Ltd.
C.J. Greig & Associates Ltd. was founded and is led by well -known exploration geologist Charlie Greig. The C.J.
Greig & Associates team is highly regarded for its porphyry Cu-Au deposit knowledge and discovery track record.
Charlie Greig is the recipient of the BC Association for Mineral Exploration's H.H. 'Spud' Huestis Award in 2020,
for the discovery of GT Gold Corp.'s Saddle North porphyry Cu-Au deposit and Saddle South epithermal Au deposit
in northwest BC.
Qualified Person
Charles J. Greig, P.Geo, a Qualified Person as defined under National Instrument 43 -101, who is not independent
of Quartz Mountain Resources, has reviewed and approved the technical content of this news release.
On behalf of the Board of Directors,
Robert Dickinson
Chairman & CEO
For further details, contact Matthew Dickinson, VP Corporate Development at:
T: (604) 842-2690 or within North America at 1-800-667-2114.
W: www.quartzmountainresources.com
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 Mineral Properties. The qualified person and geologists
under his supervision visited the Jake Property on October 2 , 2021, and verified the data for the report before,
during and after the site visit by reviewing and assessing the historical exploration literature including reports
provided by the Company, annual reports, assessment reports and other reports from previous explorers on file with
the British Columbia Government's Ministry of Energy, Mines and Low Carbon Innovation ("MEM") that detail
work carried out in the Province from 1965 to 2020; and included reviewing recent exploration results of w ork
completed for United Mineral Services Ltd., verifying the ownership and expiry dates of mineral titles that comprise
the Property and auditing the results of 50 samples reported in the drilling database against original assay certificates