Ophir Gold Corp. (OPHR.V): Announces Start of CSAMT Program and Provides an Update on Its 2021 Drill Program at the Breccia Gold Property, Idaho

Vancouver, British Columbia–(Newsfile Corp. – September 20, 2021) – Ophir Gold Corp. (TSXV: OPHR) (FSE: 80M) (OTCQB: KPZIF) (“Ophir” or the “Company“) is pleased to announce the start of the CSAMT geophysical program and provides an update on the drilling and surface exploration at the Breccia Gold Property (the “Property“), where it holds an option to earn 100% interest, located approximately 40 km southwest of Salmon, Idaho, and may be accessed directly by road.

Controlled Source Audio-frequency Magnetotelluric Survey (CSAMT)

The Company has engaged TMC Geophysics to carry out a Controlled Source Audio-frequency Magnetotelluric Survey (CSAMT) survey on the Property. TMC Geophysics is a leading geophysical services provider to the mineral exploration industry with its head office in Canada. The purpose of the CSAMT survey is to map silicification and structure at depth related to the hydrothermal system with the overarching objective to refine drill hole targets to test for a high-grade mineralized body at depth that is feeding the high-grade quartz-veined breccias observed at surface. The CSAMT survey is also anticipated to trace the Breccia Zone to the south where magnetic data indicates it continues under alluvium cover.

The CSAMT survey is designed to cover the majority of the Property and will include 15 lines at a 200 m spacing totaling approximately 472 stations and 26 line-kilometers. Crews from TMC Geophysics are being mobilized to site over the next few days.

Drill Program

Initial challenging drilling conditions, coupled with regional forest fires forcing a reworking of some site logistics, had hindered the operations of the drilling over the first half of the program resulting in slower than anticipated progress. However, the drill advancement rate and conditions have improved over the past week, as well as the forest fire risk abated, and the program is now proceeding with more momentum.

A total of approximately 1,295.7 m (4,251 ft) over seven (7) drill holes have been completed to date – BG21-001, 002, 003, 003a, 004, 005, and 006. Core length depths range from 69.2 m (DDH BG21-003, lost due to hole conditions) and 296.3 m (DDH BG21-006), with all holes oriented to intercept and cross at depth the breccia unit that defines the Meadows Fault Zone. The Company is pleased to report that the breccia unit has been successfully intersected in each hole and is characterized by variable widths of heavy iron-manganese oxide and clay alteration, quartz veining, and silicification, with the unit similar in appearance to that observed at surface. Occurrences of bladed quartz have also been encountered in several drill holes.

Significant clay alteration and occurrences of bladed quartz in drill core are characteristics consistent with the uppermost regions of a low-sulphidation epithermal system. In addition, quartz veining and silicification are observed to increase with depth of the breccia zone intercepted in drill core.

The Company anticipates reporting core sample assays for the first batch of drill holes in the next few weeks, once it has received full and final results. Core samples are being analyzed by Activation Laboratories at their Kamloops facility, BC.

The Company has submitted a five-year Plan of Operations to the United States Forestry Service for extended exploration of the Breccia Gold Property (see news release dated May 17, 2021). The permit, once received, will allow the Company to explore the Property for five consecutive years, under the same authorization, providing significant advantages and flexibility for follow-up aggressive and expanded diamond drilling on the Property. Coupled with the CSMAT data, the Company intends to continue delineating the near-surface breccia unit, as well as targeting the roots of the system where silicification and quartz stockwork veining, associated with gold mineralization, are anticipated to be ‘mapped’ by the CSAMT survey.

Breccia Gold Property Drill Map

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New Discovery of Breccia Outcrop

As a result of the initial slower than anticipated drilling, the opportunity was taken to further prospect areas of the Property and follow-up on the mineralized occurrences discovered in 2020. The Company is pleased to report that the prospecting has led to the discovery of a new breccia outcrop occurrence located approximately 800 m north-northwest of the drill area, and several hundred metres west of the extensive gold in soil anomaly situated along the northern portions of the Meadow’s Fault Zone.

A total of 16 samples were collected from a series of large breccia outcrops, extending for least 200 m in a generally east-west direction. The discovery indicates a potential splay off the Meadow’s Fault Zone and further highlights the surface exploration potential of the Property, and most specifically the north end of the Meadow’s Fault Zone. Analytical results are expected to be reported shortly.

QP Disclosure

Darren L. Smith, M.Sc., P. Geo., Director and Vice President of Exploration for the Company, and Qualified Person as defined by NI 43-101, supervised the preparation of the technical information in this news release.

About the Breccia Gold Property

The Breccia Gold Property consists of 98 claims covering approximately 1,973 acres (798 ha) within the Blackbird Mining District, in Lemhi County, approximately 40 kilometres southwest of Salmon, Idaho, USA. The Property is accessible by paved highway and a network of well-maintained gravel roads and is host to the historical Gahsmith Gold Mine. Exploration and development activity on the Property dates back to the 1930’s and has been exploited by at least eight adits, with several thousand tons of mineralized quartz veined material extracted. In the 1980s, a bulk sample of 4,621 tons was completed with an average grade of 0.335 oz/t Au reported. The current Property includes the Meadows Fault Zone and the lesser explored, parallel Musgrove Mine Trend. Recent exploration carried out in 2018, 2019, and 2020 included the remapping and sampling of the Meadows Fault Zone and the results are suggestive of the existence of a significant low-sulfidation, epithermal gold system. Surface results include 57.6 g/t Au and 19.6 g/t Ag in outcrop, and 69 g/t Au and 27.5 g/t Ag in float.

About the Company

Ophir Gold Corp. is a gold exploration company focused on the exploration and development of its flagship property, the past producing Breccia Gold Property located in Lemhi County, Idaho. The Company has an option to earn a 100% interest in the Property over a three-year period from Canagold Resources Ltd. (formerly Canarc Resource Corp.) and DG Resource Management Ltd.

On behalf of the Board of Directors

“Shawn Westcott”
Ophir Gold Corp.

For further information, please contact:

Shawn Westcott, CEO
Phone 1 (604) 365 6681
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.