Quartz to Commence Phase 5 Drilling at Maestro, Targeting Prodigy Expansion and Multiple Potential Sulphide-Mineralized Systems

Quartz Mountain Resources Ltd. announced that Phase 5 diamond drilling at its 100%-owned Maestro Gold-Silver Project in British Columbia will commence on October 22, 2026. The program targets two primary objectives: testing large, previously untested geophysical targets north of the Prodigy discovery, and conducting systematic step-out drilling to expand the known footprint of the Prodigy Au-Ag-Mo epithermal system.

Phase 5 drilling will utilize proposed collar locations to test strong >30 mV/V IP chargeability anomalies and coincident resistivity-high features, potentially representing deposit-scale sulphide systems. The company has drill permits covering 37 additional sites, providing flexibility for the program.

This announcement follows the closing of a $1.7 million private placement on October 16, 2026, which brought total working capital to $4.0 million. Previous drilling (Phases 1-4) totaled 12,951 metres across 21 holes, outlining a vertically integrated hydrothermal system extending up to 500 metres deep.

Quartz Mountain Resources Ltd. (QZM) issued a routine operational update confirming the mobilization schedule for its Phase 5 drill program. The initiative was previously announced in September 2026, with the necessary capital secured through an October 16 financing. The release outlines geological targets but discloses no new discoveries or assay results.

Because the market had already priced in the financing and the planned start of drilling, the news is considered incremental and aligns with prior expectations. No immediate material impact on the stock price is anticipated until actual assay results are released, which typically take 4-8 weeks post-drilling.

Quartz Mountain Resources Ltd. is an exploration-stage mining company focused on gold, silver, copper, and molybdenum projects in British Columbia. Its flagship asset is the Maestro Gold-Silver Project, located near Houston, BC. The project is 100% owned and fully permitted for drilling. The core of the Maestro project, known as the Prodigy Discovery, features a vertically integrated system comprising near-surface epithermal Au-Ag-Mo-Cu mineralization, high-grade Au-Ag veins, an underlying gold-rich porphyry system, and adjacent porphyry Mo-Cu mineralization.

The company also owns the Jake Project, a secondary property near Smithers, BC, which features a newly discovered Cu-Au-Ag porphyry system. Quartz Mountain Resources is currently in an exploration and delineation stage, transitioning from grass-roots exploration to systematic delineation drilling ahead of potential project transactions.