Ophir Gold Corp. Announces 2022 Exploration Program - Emphasis on Newly Discovered High-Grade Gold and Silver Mineralization
Ophir Gold Corp. Announces 2022 Exploration
Program - Emphasis on Newly Discovered
High-Grade Gold and Silver Mineralization
Vancouver, British Columbia--(Newsfile Corp. - April 25, 2022) -
Ophir Gold Corp.
(
TSX.V:
OPHR
)
(
OTCQB: KPZIF
) (
FSE: 80M
) ("
Ophir
" or the "
Company
") is pleased to announce plans for a
diamond drill program at the Company's Breccia Gold-Silver Property (the "Property"), located
approximately 40 km southwest of Salmon, Idaho. The 2022 drill program will follow on the heels of the
fall 2021 drill program, which returned significant intervals of precious metal mineralization associated
with the Breccia Gold Zone on the Property (Figure 1).
This drill program, planned for the second half of 2022, will include 1,000 metres over four (4) to five (5)
holes, and prioritize following-up on the
high-grade
silver
intersection returned at the bottom of drill hole
BG21-005 (6,940 g/t Ag over 9.5 m
(
1)
)
, and the
high-grade gold-silver
intersection returned in drill
hole
BG21-004 (13.02 g/t Au and 46.6 g/t Ag over 7.4 m)
- see news releases dated December 1
st
,
2021, and February 9
th
, 2022.
Drill hole
BG21-005
, the western most drill hole competed in 2021, encountered a significantly clay
altered breccia over most of its length and was abandoned at 185.3 m due to difficult drilling conditions,
just short of the intended target depth. The last two sampled intervals from BG21-005 returned highly
anomalous silver of
8.6 g/t Ag
and
6,940 g/t Ag
, respectively; although, core recoveries were poor in the
final sample (<10%), they do represent a 9.5 m interval (175.9 m to 185.3 m). These end-of-hole result
remain very significant and corelate with a 'western zone' of precious metal mineralization identified in
multiples drill holes (BG21-003A, 004, 005, and 006). These results are supported by the recently
released Controlled Source Audio Magneto-Telluric ("CSAMT") survey data, indicating drill hole BG21-
005 ended at the very top of the mineralized zone (see news release dated March 15
th
, 2022).
The northernmost drill hole from 2021, BG21-004, returned the most well-mineralized gold-silver
intercept of the program. The results of BG21-004 (13.02 g/t Au and 46.6 g/t Ag over 7.4 m) suggest
considerable potential to the north along the Meadows Fault Zone. The Breccia unit, which largely
defines the fault zone, has been mapped over significant distance to the north where it is also coincident
with a large Au-Sb in soil anomaly, as well as numerous surface rock gold occurrences. In addition,
BG21-004 forms part of the western zone of precious metal mineralization identified in multiple drill
holes, including BG21-005, and also correlates to a distinct band of resistivity as defined by the CSAMT
survey data.
"We had tremendous success with our 2021 program, confirming the existence of the high-grade
precious metal mineralized breccia reported by Groves in 1983. We are also excited to see that the
high-grade mineralization appears to correlate with a 100-500 ohm-m resistivity corridor that stretches
over 1,000 metres along strike and more than 500 metres depth. Drilling encountered what could be a
major high-grade silver zone at the bottom of Hole 005, which is why we have set this newly discovered
zone as our highest priority for follow up in 2022,"
comments Shawn Westcott, CEO of Ophir Gold
Corp.
The area surrounding drill holes BG21-005 and 004 are included in the drill plan submitted to the United
States Forestry Service (USFS) for the Company's five (5) year Plan of Operations which is anticipated
to be approved for early summer 2022. 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 diamond drilling on the Property. Subject to securing a qualified drill contractor, as
well as receiving the Plan of Operations, the Company expects to begin the drill program in summer,
2022.
Exploration Model
The main Breccia Gold Zone is thought to represent the uppermost regions of a low-sulphidation
epithermal system. Given the spatial relationship between high-grade gold veins and near vertical, north
to northwest orientated structures that occur directly above or proximal to observed high-resistivity, and
the possible intrusive system in the east-central part of the Breccia Property, a vein-type or intrusion
related gold system is also considered.
Our understanding of precious metal mineralization at Breccia is evolving with the addition of further
geological and geophysical data, suggesting enhanced potential for high grades of gold/silver
mineralization at the Breccia Gold Zone, to the north along the Meadows Fault Zone, and to the east of
the immediate Breccia Gold Zone Trend.
A summary of the 2021 drill results is presented in Table 1 and Figure 1 below.
Table 2: Summary of 2021 mineralized drill core intersections at the Breccia Gold Zone
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6338/121388_img.jpg
Figure 1: Assay summary of 2021 drill holes completed at the Breccia Property
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6338/121388_89356ae514fb2bca_002full.jpg
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.
(1)
Sample recovery over this interval was very low (<10%), and therefore, the grade calculated over
the interval may not be representative
About the Breccia Gold Property
The Breccia Gold Property consists of 102 claims covering approximately 1,836 acres (743 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
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/121388