August 1, 2023

Quartz Mountain Resources Completes Acquisition of 100% Interest in Jake Property and Begins Drill Program Planning

August 1, 2023 Vancouver BC - Quartz Mountain Resources Ltd. ("Quartz Mountain" or "the Company") (TSXV:QZM)(OTC PINK:QZMRF) is pleased to announce that it has completed the acquisition of 100% of the Jake Porphyry Copper-Gold-Silver Property (the "Property"), which is located 160 km north of Smithers, British Columbia ("BC") (see Figure 1). 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.

"The acquisition of 100% of the Jake Property is an important milestone for Quartz Mountain as we continue to forge the foundation of a truly exciting opportunity," said Quartz Mountain Chairman Robert Dickinson. "The porphyry copper-gold deposit target we have located at Jake with our modern surface exploration programs is very compelling. We have begun planning for, what we expect to be discovery drill programs in 2024 at both the Jake Property and the Maestro Property."

Jake Porphyry Copper-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 (see Quartz Mountain Resources Ltd. news releases dated October 24, 2022 and September 7, 2022). 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 (see Figure 2). 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 (see Quartz Mountain Resources Ltd. news release dated September 7, 2022).

Jake Property Acquisition Terms
The Company purchased the JakeProperty from UnitedMineral 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. The Electrum claims, also now owned 100% by Quartz Mountain are subject to a 2% net smelterreturn royalty which is capped at $3 million (see Quartz Mountain Resources Ltd. news releases December 8, 2021 and May 24, 2022).

About Quartz Mountain
Quartz Mountain Resources Ltd. (TSXV:QZM), (OTC PINK: QZMRF) is a restructured mineral exploration company based in Vancouver, Canada. It is focused on acquiring, exploring, developing, and transacting high-value gold, silver and copper projects. The Company currently holds 100% of the Jake Porphyry Copper-Gold-Silver Property, the Maestro Gold-Silver-Copper-Molybdenum Property and the Troy Volcanogenic Massive Sulphide Property, all located in BC.Projects are selected under Quartz Mountain's key acquisition principles: access to infrastructure, high potential for important scale resources and significant early future transaction potential.

Quartz Mountain is associated with Hunter Dickinson Inc. (HDI), a company with over 35-years of success, discovering, developing, and transacting mineral projects in Canada and internationally. Former HDI projects in B.C. included Mount Milligan, Kemess South, and Gibraltar - all of which are porphyry deposits with current or former producing mines. Other well-known projects with HDI involvement include Sisson and Prosperity in Canada, Pebble and Florence in the United States, and Xietongmen in China.

Quartz Mountain is committed to the advancement of critical and essential mining assets while following responsible mineral development principles, including a mandate to employ best practice approaches in the engagement and involvement of local communities, and meeting rigorous environmental standards.

Qualified Person
Farshad Shirmohammad, M.Sc., P.Geo, a Qualified Person as defined under National Instrument 43-101, who is not independent of Quartz Mountain Resources, has reviewed and approved the technical content of this news release.

On behalf of the Board of Directors,

Robert Dickinson

For further details, contact Robert (Bob) Dickinson
T: (604) 684-6365 or within North America at 1-800-667-2114.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: the Company's projects will obtain all required environmental and other permits, and all land use and other licenses, studies and exploration of the Company's projects will continue to be positive, and no geological or technical problems will occur. Though the Company believes the expectations expressed in its forward-looking statements are based on reasonable assumptions, such statements are subject to future events and third party discretion such as regulatory personnel. Factors that could cause actual results to differ materially from those in forward-looking statements include variations in market prices, continuity of mineralization and exploration success, and potential environmental issues or liabilities associated with exploration, development and mining activities, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, and exploration and development of properties located within Aboriginal groups asserted territories that may affect or be perceived to affect asserted aboriginal rights and title, and which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions as well as the effect of COVID 19. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, and the risks and uncertainties connected with its business, investors should review the Company's home jurisdiction filings as and its filings with the United States Securities and Exchange Commission.

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