Quartz Mountain Resources Featured in Kaiser Watch: Highlighting Discovery Potential and 2025 Growth Plan

If you caught the preview, now’s the time to dive deeper. John Kaiser’s latest Kaiser Watch Substack post provides a comprehensive analysis of Quartz Mountain Resources Ltd. (TSXV: QZM, OTC: QZMRF), from its inclusion in the 2025 Favorites Collection to the promising drill results at the Maestro Project.

Read the full article below and explore why Quartz Mountain is positioned as a high-potential exploration story in BC’s prolific mineral belt.

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Tracker: Speculative Value Rating for Quartz Mountain Resources Ltd

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Quartz Mountain Resources Ltd has been a member of the Bottom-Fish Collection from 2023 onward and was confirmed on November 13, 2024 at $0.355 for the 2025 Bottom-Fish Collection. On April 23, 2025 Quartz Mountain was added to the 2025 Favorites Collection with a Fair Spec Value rating at $0.78 based on the potential of a drill program started in early April 2025 to confirm the Prodigy Zone on the 100% owned Maestro project in central British Columbia as either a bulk tonnage gold-silver deposit comparable to the Blackwater deposit that Artemis Gold Inc has put into production, or as an underground mineable high grade gold-silver lode-vein system. The property hosts the Lone Pine molybdenum deposit which has been taken to the level of a PEA, but it is too small and low grade to ever qualify for standalone development. Past exploration has tested the volcanics beyond the moly porphyry deposit above the underlying multi-phased granitic intrusion which has yielded evidence of intermediate sulphidation epithermal style gold-silver mineralization, but the results have never hung together sufficiently to guide a deposit delineation drill program. That changed in late 2023 when Quartz Mountain drilled a pair of scissor holes in the Prodigy area that helped establish the direction of the structural controls and possibly explain why past vertical holes had such hit and miss results. In early April 2025 Quartz Mountain started an 8 hole drill program consisting of four sets of 2 angled holes designed to test the shallow and deeper parts of a 500 m segment of the inferred northeast oriented Prodigy Trend. Following a $4.2 million unit financing at $0.42 that closed in March Quartz Mountain has about $5 million working capital. The company is headed by Bob Dickinson with insiders owning about 67% of the 68.9 million issued (74.5 million fully diluted). The financing eliminated an important missing piece, with the only remaining missing piece being assay confirmation that the new mineralizing model for the Prodigy Trend is correct. Assays should start arriving some time in May. The property has year round access so discovery confirmation could transition to year-round delineation drilling. Plan B would involve returning to the Jake copper-gold porphyry project, also in British Columbia, where drilling in 2024 confirmed the presence of copper-gold mineralization.

Quartz Mountain Resources Ltd has its origins on the CDN predecessor of the CSE, from which it migrated to the TSXV on October 23, 2000. It was headed by David Jennings, a geological visionary for the Hunter Dickinson group who unexpectedly passed away in 2005. The company was an inactive orphan in the HDI stable until Bob Dickinson became CEO in late 2017. Following a 10:1 rollback on January 2, 2018 the junior stagnated several more years and then split its stock 1:3 on May 27, 2020 after Dickinson and his son took down a $500,000 unit financing at $0.11. A new focus emerged in June 2021 when Quartz Mountain acquired a group of claims in central British Columbia from Eugene Beukman that surrounded the Lone Pine mining lease which hosts a molydenum deposit that Bard Ventures Ltd, a former Don Sheldon company, advanced through a PEA during the 2006-2011 MolyMania boom.

The resource of 110 million tonnes at 0.08% Mo for the "Alaskite Zone" was too small to develop and became worthless after molybdenum prices crashed. In 2016 Bard undertook a small drill program to the northeast of the deposit on what it called the "Quartz Breccia Zone" and is now known as the Prodigy target to follow up holes drilled during the moly cycle. The results did not change the erratic nature of the gold mineralization encountered during 2008-2011 and no further work was done. In 2020 Bard underwent a name change and control shifted to a new group which pursued a different focus.

Beukman, who was not part of the new group, ended up with the unwanted Lone Pine project. Dickinson was interested in the gold potential peripheral to the moly enriched porphyry zone, but Beukman wanted too much for the entire property, so they settled on Quartz Mtn acquiring the surrounding claims while Beukman kept the Lone Pine lease. In late 2023 Quartz Mtn conducted a small drill program of 2 scissor holes for 1,445 m on the Prodigy Zone of the renamed Maestro project which helped Dickinson's team understand the orientation of the mineralization controls. Hole #2 was an angled hole drilled from east to west and it intersected 351 m of 0.78 g/t gold, 36 g/t silver and 0.029% molybdenum. Within that is a higher grade 102 m interval of 2.22 g/t gold, 104 g/t silver and 0.029% molybdenum. The results helped explain why the earlier vertical holes by Bard delivered erratic results. Dickinson had initially envisioned Prodigy as having potential for a low grade bulk tonnage gold deposit similar to the Blackwater-Davidson deposit Artemis Gold Inc was developing after acquiring it from New Gold Inc. The results now also revealed the potential for high grade underground mineable vein controlled lode zones. The delineation drilling strategy is to drill four sets of two angled holes as a fence along the northeast strike inferred as the structural control. The initial program will test a 500 m portion of the 1,000 m interpreted strike which gives the tonnage footprint a scale comparable to the 1,500 by 500 m Blackwater deposit.

Dickinson had kept an eye out on the Lone Pine mining lease, hoping it might lapse. The claim was not relevant to his visualized outcome, but he disliked title holes in the middle of a project. During 2023 the Lone Pine lease did manage to lapse, but an eagle swooped out of the sky and snatched the claims when staking opened. That eagle was none other than Tim Termuende's Eagle Plains Resources Ltd whose team specializes in monitoring claims about to lapse and has computers poised to pound away with split second applications the instant online staking opens. Dickinson was not amused, but in March 2024 he managed to strike a deal to acquire the claims for 750,000 shares and a 2% NSR of which 1.5% can be bought any time for $5 million. He insisted on a two year hold and right of first refusal on resale which expires in Q2 of 2026.

During 2024 Quartz Mtn did not drill Maestro but it did conduct a drill program on the Jake copper-gold porphyry project acquired in early 2022 from Dickinson via the transfer of an underlying 100% option agreement he had acquired from John Barakso's Electrum Resources Corp. The 7 hole 3,418 m drill program intersected low grade copper-gold mineralization which justifies future follow up exploration as Plan B. Maestro, however, is going to be the Plan A focus for 2025. In mid February 2025 Dickinson connected with an influential San Diego based financier who agreed to arrange most of a $4.2 million financing consisting of 10 million units at $0.42 with a half warrant at $0.60 expiring in one year but with an acceleration clause if the stock trades at $1.00 or higher for 10 consecutive days. Dickinson took down 1.7 million units designated as flow-thru, and The Sutton Group Inc took down 2.4 million units. This brings Dickinson's stake to about 24 million shares and Sutton Group to 17.4 million shares. On April 9, 2025 Quartz Mtn announced that a drill program had begun at Maestro.

The analogue for the primary target outcome at Maestro is the Blackwater-Davidson deposit developed by Artemis Gold Inc as an open-pit gold-silver mine. Blackwater is an intermediate sulphidation epithermal deposit with proven and probable reserves of 334.3 million tonnes at 0.78 g/t gold and 5.8 g/t silver (8 million oz gold 62.2 million ounces silver). Richfield Ventures Corp optioned 75% of Blackwater from Randy Turner's Silver Quest Resources Ltd in 2009 and undertook a successful rethink of past drilling which attracted a $500 million paper bid in June 2011 from New Gold Inc, which 6 months later acquired Silver Quest's 25% stake for about $125 million in stock.

The original combined value of $625 million for Blackwater is ten times the current $62 million implied project value for Maestro based on 100%, $0.78 stock price and 79.5 million fully diluted. Artemis Gold, which acquired Blackwater in 2020 for $320 million in cash and stock plus a stream and has since put Blackwater into production, has an implied value of $5.2 billion. The potential size of the prize at Maestro is very high.

Although Bob Dickinson does not think there will ever be a need to buy down the Lone Pine royalty granted to Eagle Plains, he does think the molybdenum porphyry deposit is a key piece of the geological puzzle that connects Maestro to the Blackwater deposit, as explained in the Blackwater diagram below.

The Maestro diagram below is key to understanding the target outcome model at Maestro. The property is covered with pre-existing volcanics that were intruded by a granitic magma that never surfaced and whose outline is indicated by the dashed oval. The A-B section is a north-south line that cuts through both the Lone Pine molybdenum deposit and the Prodigy zone characterized by quartz ankerite breccias within which quartz sulphide lode zones developed. The intrusion had multiple phases and the two mineralized systems, which are within the overlying older volcanics, have separate deposition histories.

The next diagram below shows the hole locations for the proposed drill program which was supposed to be underway by mid March but which was not announced as having started until April 9. Those 8 holes as 4 sets of 2 angled holes could reveal either a high grade silver-gold core or reveal a low grade bulk tonnage system like Blackwater. The location is excellent, surrounded mainly by private land, and allows year round drilling. The program will take 6-8 weeks to complete with assays starting to arrive in May.