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

VANCOUVER, BC / ACCESSWIRE / April 9, 2024 / 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, see Footnotes to Tables 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).

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 porphyry deposits are the world's most important 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 approach to developing assets that will be attractive to potential transaction partners," concluded Dickinson.

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 AgEQ (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.