Quartz Mountain Releases Ni 43-101 Technical Report FOR Maestro GOLD-Silver Project, BC
1
QUARTZ MOUNTAIN RELEASES NI 43-101 TECHNICAL REPORT FOR MAESTRO GOLD-SILVER PROJECT, BC
HIGHLIGHTS
• Quartz Mountain has received from C.J. Greig & Associates Ltd. a National Instrument 43-101 Technical Report
on its Maestro Gold-Silver-Molybdenum-Copper Property located in central British Columbia.
• The Technical Report outlines key exploration targets including the Prodigy Zone, a priority exploration target for
bulk tonnage gold and silver mineralization.
• Select assay results from past operators’ drilling in the Prodigy Zone include 178 m grading 0.56 g/t Au, 18.8 g/t
Ag, 0.05% Cu and 0.029% Mo; and 128 m grading 0.22 g/t Au, 103.9 g/t Ag, 0.12% Cu and 0.022% Mo .
• New airborne magnetic and historical drill core re -logging programs completed by Quartz Mountain indicate
excellent potential for bulk tonnage style gold and silver mineralization.
• The Maestro Property has excellent infrastructure, being close to the highway between the mining-support towns
of Smithers and Houston, and therefore to airports, railways, and power.
June 14, 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 R eport (the " Technical
Report") on the Company’s Maestro Gold -Silver-Molybdenum-Copper Property (the “Property”) which is located
adjacent to Highway 16 between Smithers and Houston, British Columbia (“BC”).
The Technical Report, authored by geologist Charles J. Greig , M.Sc, P .Geo., of C.J. Greig & Associates Ltd, outlines
key exploration targets with “considerable potential for discovery of precious metals”. The report, titled “NI 43-101
Technical Report on the Maestro Property ” will be filed on SEDAR.com and posted on the Company’s website
(www.quartzmountainresources.com).
Project Summary
The Maestro Property is comprised of ten mineral claims covering 1,577 hectares located in central BC, 15 km north of
Houston and 50 km south of Smithers (see Figure 1). Highway 16 intersects the western edge of the Property, enabling
easy access to nearby infrastructure including airports, railways, and power. The central region of the Property is accessible
by numerous drill roads constructed by past operators . Quartz Mountain purchased 100% of the Property in 2021 from
Impala Capital Corp., an arm’s length third party. The Property is subject to a 2.5% Net Smelter Returns royalty, of which
1.5% can be purchased for $1.5 million.
2
Figure 1: Maestro Property Location
History
The Maestro Property and surrounding area has over 100 -years of mineral exploration history dating back to 1914.
However, work has only been accurately recorded in the immediate area since the 1960’s and included mapping, rock and
soil sampling, geophysics, trenching, and percussion and diamond drilling. Most of this work was focused on exploring for
porphyry molybdenum±copper mineralization and it ultimately led to a Technical Report and Preliminary Economic
Assessment in 20114 for the Lone Pine Molybdenum Deposit, which is held by others in an inlying land-holding within the
Maestro claims (see Figure 2). Because of the recent focus on the Lone Pine porphyry, systematic exploration for precious
metals in the surrounding Maestro claims was not generally undertaken.
The Maestro Property is underlain mainly by Lower to Middle Jurassic volcanic and volcaniclastic rocks of the Hazelton
Group and, to a lesser extent, by Upper Jurassic sedimentary rocks of the Bowser Lake Group (see Figure 2). Intruding the
stratified rocks are stocks and dikes belonging to the Late Cretaceous Bulkley and Tertiary Goosly suites.
Notable historical drilling:
▪ Molymines Exploration Ltd. (1965 -1969): 128 percussion and diamond drill holes totaling 6 ,381 m at the Lone
Pine Deposit and, to a lesser extent, the Prodigy Zone, which lies on the Maestro claims to the nort h of Lone
Pine.
▪ Granby Mining Corp. (1976-1978): 22 drill holes totaling 2,160 m at the Prodigy, Granby, and Mineral Hill zones.
▪ Dafrey Resources Inc. (1985): 12 percussion drill holes at the Lone Pine Deposit and the Prodigy Zone.
▪ Southern Cross Gold (1987): 8 diamond drill holes totaling 521 m at the Lone Pine Deposit and the Prodigy Zone.
▪ Bard Ventures Ltd. (2007-2011): 77 diamond drill holes totaling 35,334 m at the Lone Pine Deposit, and Prodigy,
Granby, and Mineral Hill zones.
3
Figure 2: Maestro Property Geology1
Styles of Mineralizaion and Highlights of Historical Drilling
The Maestro Property contains significant molybdenum±copper porphyry-style mineralization in three primary areas that
are known as the Prodigy, Granby, and Mineral Hill zones (see Figure 2 ). Locally, a distinct style of mineralization
consisting of silver and base metal -rich veins occur s along with the molybdenum± copper porphyry mineraliza tion.
Currently, however, the most significant target on the Property is considered to be at the Prodigy Zone, where elevated
gold and silver values are associated with yet another style of mineralization. This style occurs as quartz-ankerite veins,
breccia bodies, and disseminated sulphide system s, and has yielded the strongest and most consistent gold and silver
values returned in historical exploration (see Table 1). This style of vein mineralization is associated with green sericite
alteration and cuts across both the porphyry-style mineralization and silver- and base metals-rich veins.
4
Table 1: Significant Historical Diamond Drill Hole Intercepts, Prodigy Zone1
DDH From (m) To (m) Width (m) Au (g/t) Ag (g/t) Cu (%) Mo (%)
BDQ-08-02 19.00 497.00 478.00 0.06 21.35 0.04 0.026
Including 197.00 215.00 18.00 0.98 490.14 0.33 0.023
And 203.00 205.00 2.00 6.60 3224.00 2.00 0.003
Including 257.00 259.00 2.00 0.17 26.30 1.49 0.082
Including 401.00 403.00 2.00 0.30 206.00 0.19 0.012
BDQ-08-03 8.00 407.00 399.00 0.08 10.90 0.05 0.033
Including 67.00 167.00 100.00 0.15 34.56 0.07 0.021
And 67.00 117.00 50.00 0.21 50.35 0.10 0.019
And 79.00 101.00 22.00 0.32 94.66 0.19 0.016
And 101.00 155.00 54.00 0.11 17.64 0.03 0.021
Including 295.00 407.00 112.00 0.02 1.20 0.03 0.059
BDQ-08-04 173.40 551.27 377.87 0.31 9.65 0.04 0.021
Including 373.00 551.27 178.27 0.56 18.83 0.05 0.029
And 373.00 493.00 120.00 0.65 18.93 0.05 0.038
And 373.00 449.00 76.00 0.77 22.98 0.06 0.036
And 391.00 393.00 2.00 1.07 42.00 0.12 0.253
And 407.00 411.00 4.00 1.35 66.35 0.17 0.025
And 421.00 425.00 4.00 0.27 26.10 0.06 0.085
And 429.00 433.00 4.00 1.25 50.50 0.05 0.042
And 441.00 449.00 8.00 1.24 47.60 0.07 0.046
And 529.00 551.27 22.27 0.62 35.78 0.12 0.005
And 545.00 547.00 2.00 1.41 170.00 0.38 0.002
BDQ-08-05 115.00 223.00 108.00 0.17 12.52 0.04 0.014
Including 163.00 223.00 60.00 0.20 16.48 0.03 0.015
BDQ-08-05 275.00 331.00 56.00 0.33 13.90 0.04 0.012
Including 275.00 291.00 16.00 0.37 33.23 0.06 0.010
And 283.00 285.00 2.00 0.18 128.00 0.18 0.006
BD-11-68 29.57 80.00 50.43 NA 1.58 0.08 0.042
BD-11-68 103.04 443.00 339.96 NA 1.64 0.06 0.062
Including 103.40 120.80 17.40 NA 1.05 0.13 0.113
Including 165.50 166.50 1.00 NA 179.20 0.38 0.103
BD-11-68 464.40 465.40 1.00 NA 111.90 0.08 0.053
BD-11-69 18.60 54.20 35.60 0.16 40.41 0.05 0.010
Including 49.30 51.00 1.70 1.35 711.00 0.73 0.003
BD-11-69 127.70 255.20 128.20 0.22 103.94 0.12 0.022
Including 134.10 181.90 47.80 0.49 269.21 0.27 0.011
And 142.50 148.80 6.30 1.94 1483.83 1.35 0.011
BD-11-69 146.80 469.10 322.30 0.09 15.34 0.03 0.045
Including 180.00 181.90 1.90 1.00 1539.00 1.09 0.004
Including 335.00 336.40 1.40 3.84 20.40 0.20 0.046
Including 448.70 449.00 0.30 5.51 61.40 0.04 0.017
NA: No Assays
5
Recent Work
In 2021, Quartz Mountain conducted a 234 line-km airborne magnetic survey at Maestro (see Figures 3, 4), and re-logged
13 historical diamond drill holes from the Prodigy. The holes were drilled between 2007 and 2011 by Bard Ventures Ltd.,
and results from some of the best holes are given in Table 1. Results from the re-logging suggest that there is a correlation
of gold-bearing sulphide and sulphosalt mineralization in quartz-ankerite veins associated with quartz monzonitic intrusive
rocks and with distinctive green sericite alteration of low magnetic susceptibility. This style of mineralization and alteration
may extend outward from the precious metals-bearing zones identified in drilling at the Prodigy Zone, as suggested by the
distribution of green sericite alteration identified in the re-logging (Figures 5, 6), which appears to have increasing intensity
of alteration south and westward. The zone remains open in both directions.
This suggestion is supported by the results of the airborne magnetic survey , which shows linear northwest -trending
magnetic highs and lows that coincide in many places with mapped intrusions and faults, respectively. Interestingly, the
survey also outlined a large west -northwest trending oval -shaped magnetic high that lies in a till-covered area which
surrounds much of the Prodigy Zone (see Figure 3, 4). The magnetic high is cored by a distinct oval-shaped magnetic low
that is cospatial with the Prodigy Zone.
Figure 3: Maestro Property 1st Vertical Derivative of Total Magnetic Intensity
(after Walcott, 20213)
6
Figure 4: Prodigy Zone 1st Vertical Derivative of Total Magnetic Intensity
(after Walcott, 20213)
Figure 5: Historical Drill Pattern (after Bouzari, 20212)
7
Figure 6: Historical Drill Pattern on Prodigy Zone, Cross Section 1, showing thick,
gold-rich intercepts, associated with green sericite alteration.1
To date, no mineral resource has been established, and no mineral processing or metallurgical testing has been conducted
for the Maestro Property.
Proposed Work
The Technical Report for the Maestro Property strongly recommends further exploration work and outlines that budgeted
work in detail . The recommended Phase 1 program was to compile and reinterpret the historical geophysical data, to
further resample historical drill core, and to conduct a soil geochemical survey in the vicinity of the Prodigy Zone. The
recommended Phase 2 program was to drill the Prodigy Zone to test the continuity, extent, and grade of the gold-silver
mineralization therein.
About Quartz Mountain
Quartz Mountain Resources Ltd. (TSXV: QZM.V, OTC PINK: QZMRF) is a restructured mineral exploration company based
in Vancouver, Canada. It is focused on acquiring, exploring, developing, and transacting high-value gold, silver, and copper
projects. The Company currently holds 100% of the Maestro Gold-Silver-Copper-Molybdenum Property and an option to
acquire 100% of the Jake Porphyry Copper-Gold Property, both located in central BC. Projects are selected under Quartz
Mountain’s key acquisition principles: easy access to infrastructure, high potential for major 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 proj ects in Canada and internationally. Former HDI projects in B.C. included Mount
8
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 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 HDI’s Responsible
Mineral Development principles, including a mandate to 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 Min eral 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 qualified person and a geologist under his supervision visited the Maestro Property on October 3, 2021 , and verified
the data for the report before, during and after the site visit by reviewing and assessing the historical exploration literature,
assessment and technical reports and data concerning the Property; verifying the ownership and expiry dates of mineral
titles that comprise the Property and auditing the results of 100 samples reported in the drilling database against original
assay certificates attached to assessment reports.
Additional Drill Hole Information
DDH Length (m) Year Zone Azimuth Inclination
BDQ-08-02 531.60 2008 Prodigy 0 -90
BDQ-08-03 481.60 2008 Prodigy 0 -90
BDQ-08-04 551.30 2008 Prodigy 0 -90
BDQ-08-05 486.50 2008 Prodigy 0 -90
BD-11-68 590.40 2011 Prodigy 0 -90
BD-11-69 602.59 2011 Prodigy 0 -90
Information on the laboratory and QA/QC for the historical drill holes can be found in the Maestro Technical Report.