Quartz Expands Maestro Project Area with Acquisitions of Lone Pine Porphyry Deposit Claim and North Claim

Transactions Consolidate Multiple Overlapping Mineralized Systems Under Quartz Control

VANCOUVER, BC / ACCESSWIRE / March 19, 2024 / Quartz Mountain Resources Ltd. ("Quartz" or the "Company") (TSXV:QZM)(OTC PINK:QZMRF) is pleased to announce the Company has agreed under two separate transactions, to purchase a 100% interest in each of the Lone Pine Claim and the North Claim (the "Acquisitions"). These two mineral claims total 169 hectares and are located within the Company's 100%-owned Maestro Property located 15km north of the town of Houston, British Columbia.

Consolidation of the 2,309 -hectare Maestro Project area allows continuous, through-going access to explore the potential for multiple overlapping precious and base metal systems in their entirety. As such, they add significant value to the Company's strategic plan to develop and transact the Maestro Project. In December 2023, Quartz completed 1,445 meters of diamond drilling in two holes at the Prodigy Au-Ag-Mo-Cu epithermal target approximately 1km north of the Lone Pine porphyry deposit. In addition, Quartz also completed surface and downhole geophysical surveys over the newly drilled area immediately after completion of its two drill holes. Results from the 482 core samples collected during that drill program are being processed and expected to be announced within the next three weeks.

Bob Dickinson, Chairman of Quartz commented, "These claim acquisitions are strategically important to Quartz as they allow us to rapidly move the Maestro Project forward. Our property assessments to date indicate Maestro hosts multiple overlapping precious and base metal mineralizing events over a large area. Historical drilling of 24,300 meters at Lone Pine delineated a sizable and higher-grade molybdenum porphyry deposit. We believe this system is the heat-engine for potentially extensive, epithermal gold and silver mineralization in addition to molybdenum and copper outboard of the Lone Pine deposit."

Foto: Accesswire

Figure 1: Plan map showing Lone Pine and North claim acquisitions within Maestro Property.

The Lone Pine mineral claim was purchased from Eagle Plains Resources Ltd., an arms-length vendor, for 750,000 common shares of the Company and a 2% NSR royalty, of which 1.5% can be purchased at any time by payment of $5 million. The shares are subject to a 24-month contractual resale restriction and a further right for the Company to arrange purchasers of the shares in the case of resales after that period. The Lone Pine transaction is subject to customary TSX Venture Exchange acceptance and closing conditions.