Quartz Mountain Resources Ltd. announced receipt of a National Instrument 43-101 Technical Report on the Company's Jake Porphyry Copper-Gold-Silver Property which is located 160 km north of Smithers, British Columbia. 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. Within the gossan is a series of north trending Babine monzonite dykes intruding sedimentary rocks.

Associated with these dykes is altered and mineralized areas 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. At Jake North, historical drilling intersected significant mineralization along a strike length of over 1 km with the most consistent mineralization located at the contact of Babine porphyry dykes and the sedimentary rocks they intrude.

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.

Property The Company purchased the Property from United Mineral Services Ltd. 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. 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 which is capped at $3 million. 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 diamond 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. 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. The magnetic survey was flown at 200 m line spacing and provides excellent detail for interpreting the property geology. 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.

Review of historical geochemical data found sample results are consistent with the presence of a large Cu-Au porphyry system. In 2020, UMS mapped and sampled Jake South, identifying multiple stages of mineralization and more evidence of a potential large Cu-Au system. 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. These deposit styles are commonly associated with Babine intrusions, which are found within 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.

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 with large portions of the drill core not assayed. 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 sampling, 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.