Quartz Mountain Resources Ltd. announced that it has completed the acquisition of 100% of the Jake Porphyry Copper-Gold-Silver Property, which is located 160 km north of Smithers, British Columbia. The Company now owns 100% of the Jake Property and also 100% of the Maestro Gold-Silver-Copper-Molybdenum Property. The Company recently obtained BC Mines Act Permits for 50 drill sites for each of the Jake and Maestro properties and drilling is being planned to start in 2024.

Jake Porphyry Copper- Gold-Gold-Silver Property. Quartz Mountain acquired the Jake Property after comprehensive research, review and analysis of historical data indicated the potential for the discovery of gold-rich porphyry copper deposits as well as gold-silver low-sulphidation epithermal type and silver-rich polymetallic vein systems. Jake Property mineralization is contained within a prominent gossan measuring 3.5 km long by 1.5 km wide over an elevation of more than 800 m. Within this large scale target is a swarm of north trending Babine age monzonite dykes intruding sedimentary rocks that host extensive areas of alteration and mineralization. To accurately delineate high-potential porphyry Cu-Au deposit targets on the Property a series of modern exploration programs, including a detailed airborne magnetic survey, geological mapping/geochemical sampling and geochemical modeling were systematically undertaken to build further on the very compelling historical data.

In 2022, an IP survey was conducted with the results indicating the presence of an extensive sulphide mineral system underlying an area of highly anomalous Cu, Au, Ag, and Mo values in soils. A single, historical, shallow (121 m) diamond drill hole, cored in 1973 within the area of this developing important scale target, bottomed in intrusive rock hosting pervasive potassic alteration and Cu-Au-Ag porphyry stockwork type mineralization. The Company purchased the Jake Property from United Mineral Services Ltd. ("UMS") by reimbursing UMS $200,000 for its costs to assemble the Property.

UMS is a private company owned by Robert Dickinson, a controlling shareholder of Quartz Mountain and a non-arms-length vendor. The Property comprised a 100% interest in four claims owned by UMS and the transfer to it of an option to acquire a 100% interest in five adjacent mineral claims held by Electrum Resource Corporation ("Electrum"). The mine claims cover an area of 2,374 hectares.

The Electrum option was fulfilled by Quartz Mountain with a final payment of $75,000 in July 2023.