Ophir Gold Corp. Identifies New Potential Spodumene-Bearing Zone from Historical Data Compilation, Radis Lithium Property in James
Ophir Gold Corp. Identifies New Potential
Spodumene-Bearing Zone from Historical Data
Compilation, Radis Lithium Property in James
Bay, Quebec
Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) -
Ophir Gold Corp.
(TSXV: OPHR)
(OTCQB: KPZIF) (FSE: 80M)
("
Ophir
" or the "
Company
") is pleased to announce it has identified a
new potential spodumene-bearing zone as well as multiple lithium in soil anomalies, as a result of
ongoing historical data compilation on the Radis Lithium Property (the "Property"). The Property is
located approximately 70 km east-northeast of Wemindji and proximal to all-season road and hydro-
power line infrastructure in the James Bay Region of Quebec.
The compilation work, completed by Dahrouge Geological Consulting Ltd., included a focused review of
historically documented pegmatite and lithium occurrences on and proximal to the Property. A
description from Harvey, 1975 (GM 34101) identifies a "Z
one de quartz ayant la forme d'un oeuf, soit:
70 pieds de large et une longueur d'environ 300 pieds
peut contenir du spodumene
. Un échantillon
est parti pour analyse. Cette zone est située 700 pieds l'ouest de l'anomalie R et à 300 pieds à l'est
du ruisseau qui coule est-ouest
." (Figure 1). The description translates to "
A zone of quartz having the
shape of an egg, that is: 70 feet wide and a length of about 300 feet that
may contain spodumene
. A
sample sent for analysis. This area is located 700 feet west of the R anomaly and 300 feet east of the
east-west flowing creek
."
Figure 1: Historically documented spodumene zone from Harvey, 1975 - GM 34101
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The description indicates that the potential spodumene occurrence is located approximately 800 m to
the east of the historically documented "lithium pegmatite" on the Property, along geological trend and
within the same greenstone belt (Figure 2).
Additionally, several soil samples from a 2009 soil survey (GM65430) that was focused only on the
western part of the Property, returned anomalous lithium values, up to 226 ppm Li on the Property, in the
down ice direction of the "lithium pegmatite" and potential spodumene zone (Figure 2). Several
pegmatite (I1G) occurrences with tourmaline were also described from report GM50181, in close
proximity to the anomalous soil samples. The findings represent an approximately 2.5 km strike length of
potential lithium and pegmatite occurrences within the Yasinski Greenstone Belt (Figure 3).
These historically documented pegmatite/lithium occurrences on the Radis Property are on geological
strike of the roughly 8-10 km discontinuous pegmatite outcrop trend present on the adjacent Mia
Property, which is host to the Mia Li-1 (2.65% Li
2
O), Mia Li-2 (2.27% Li
2
O), and Carte 1879 (1.65%
Li
2
O) lithium occurrences. This entire trend on the Radis Property has never been the subject of lithium
exploration and is considered to have a strong exploration potential based on the local geological
setting, the presence of pegmatites that have never been sampled for lithium, and the documented
lithium occurrences on the Property that are immediately on strike with the adjacent Mia and Carte 1879
lithium showings.
Figure 2: Radis Property geology, lithium occurrences and soil anomalies
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Shawn Wescott, Company President and CEO, comments:
"We are delighted at what the team has
discovered as a result of the ongoing data compilation. The identification of an additional zone that
may contain spodumene along trend of the previously mapped lithium pegmatite highlights the
potential of the Radis Property. Coupled with anomalous soil samples in the down ice direction and
within the Yasinski greenstone belt, the historical data compilation has developed numerous targets
over a 2.5 km strike length that has never been explored for lithium
.
We are very excited for the
upcoming field season, which will see the first focused lithium exploration on the Property."
Management cautions that past results or discoveries on adjacent properties (i.e. Mia) may not
necessarily be indicative to the presence of mineralization on the Company's properties (i.e. Radis). The
Company considers its Radis Property to host significant potential for spodumene pegmatite due
historical descriptions of lithium and potential spodumene occurrences, favorable geological setting, and
proximity along geological trend to known spodumene pegmatites.
In preparation for the upcoming exploration program, the Company has begun engaging service
providers for an airborne LiDAR survey to be completed in late spring / early summer over the Property.
The data will also provide high-resolution orthophoto imagery, which will be used to identify potential
pegmatite outcrop targets.
Figure 3: Radis Property Satellite Imagery Prospecting Targets
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Qualified Person
The technical content of this news release has been reviewed and approved by François Gagnon, P.
Geo., Senior Exploration Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person
under NI 43-101 on standards of disclosure for mineral projects, who has prepared and reviewed the
content of this press release.
The results discussed in this document are historical. An Ophir Gold Corp. qualified person has not
performed sufficient work or data verification to validate these results in accordance with NI 43-101.
Although the historical results may not be reliable, the Company nevertheless believes that they provide
an indication of the property's potential and are relevant for any future exploration program.
About the Radis Lithium Property
In December 2022, the Company entered into an option agreement to earn 100% interest in the Radis
Property. The Radis Property consists of 152 claims totaling 7,850.3 hectares and is situated within a
volcano-sedimentary sequence (i.e., a g greenstone belt) belonging to the Yasinski group. The
greenstone belt over the Property contains at least one known lithium pegmatite and is considered highly
prospective for additional lithium pegmatites, hosting a tight regional fold which may provide favourable
zones of dilation for pegmatite emplacement.
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.
The Company also has an option to earn a 100% interest in the Radis Lithium Property over a three-year
period from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Limited.
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 and include
statements in this press release related to the exploration and discovery potential of the Property and the
Company's future plans with respect to the Property. 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.
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