Quartz Mountain Resources Ltd. announced receipt of a National Instrument 43-101 Technical Report (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 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. 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. 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. 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. 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 north 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. 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. Locally, a distinct style of mineralization consisting of silver and base metal-rich veins occurs along with the molybdenum±copper porphyry mineralization. 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 systems, and has yielded the strongest and most consistent gold and silver values returned in historical exploration. 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.