Ophir Gold Corp. Mobilizes Crew for Surface Sampling and Mapping Program at the Radis Lithium Property, James Bay, Quebec
Ophir Gold Corp. Mobilizes Crew for Surface
Sampling and Mapping Program at the Radis
Lithium Property, James Bay, Quebec
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) -
Ophir Gold Corp.
(TSXV: OPHR)
(OTCQB: KPZIF) (FSE: 80M)
("
Ophir
" or the "
Company
")
is pleased to announce that it has
commenced its inaugural exploration campaign on the Radis Lithium Property (the "Property"), located
in the Eeyou Istchee James Bay, Quebec. The Property is located approximately 70 km east-northeast
of Wemindji and proximal to the all-season Billy-Diamond Highway and hydro-power line infrastructure in
the region.
The 2023 surface exploration program includes prospecting, rock sampling, and geological mapping, as
well as
a Property-wide LiDAR and orthphoto survey and interpretation. Results will be used to prioritize
drill targets for the inaugural drill program expected summer 2023. Objectives of the surface program are
to evaluate the historically documented references to a "lithium pegmatite" and potential spodumene-
bearing pegmatite (collectively, the 'showings') on the Property identified following a recent data
compilation completed by the Company (see new release dated March 14, 2023). The two showings are
mapped approximately 800 m apart along strike within the same greenstone belt and have never been
evaluated for their lithium potential. The Company will prospect and map these showings in detail, as
well as areas along trend and proximal to identify further occurrences of potentially lithium-bearing
pegmatite.
The field crews will also prospect and further map the historically documented pegmatite dykes with
tourmaline (a common lithium pegmatite pathfinder mineral) situated proximal to a series of anomalous
lithium in soil samples, and located approximately 2.5 km southwest of the potential spodumene-bearing
zone (Figure 1). Additionally, regional prospecting will be completed targeting
areas within the Yasinski
Greenstone Belt on the Property considered the most prospective to host lithium pegmatite.
In addition to the prospecting, rock sampling, and geological mapping program, the Company also
intends to complete a LiDAR and orthophoto survey over the entire Property. The acquired data, coupled
with results from initial geological mapping and rock sampling over the Property, will be used to guide
the next stage of exploration including additional surface exploration and drill hole planning.
The 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 (Figure 2). The 2023 exploration program represents the first targeted lithium
exploration at the Radis Property, which is considered to have a strong lithium pegmatite 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.
Management cautions that past results or discoveries on adjacent properties (i.e. Mia) are sourced
from publicly available information, have not been idenpendently verified by the Company and may
not necessarily be indicative to the presence of mineralization on the Company's properties (i.e.
Radis).
Figure 1: Radis Property geology, lithium occurrences, and soil anomalies
To view an enhanced version of this graphic, please visit:
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Figure 2: Radis Property Satellite Imagery Prospecting Targets
To view an enhanced version of this graphic, please visit:
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Shawn Wescott, Company CEO, comments:
"We are very excited for the commencement of the
inaugural field exploration at Radis, which will see the first focused lithium exploration program on the
Property. We are highly encouraged by what the team has discovered as a result of the data
compilation earlier this year, which will help expedite the sampling program. In particular, the
identification of an additional zone that is indicated may contain spodumene, along trend of the
previously mapped lithium pegmatite on the Property, highlights the strong 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
.
"
Ophir also announces that, pursuant to its stock option plan, it has granted an aggregate of 225,000
options to purchase common shares in the capital of the Company to certain consultants of the
Company, exercisable at a price of $0.30 per share for a period of twenty-four (24) months from the date
of grant.
Qualified Person
The technical content of this news release has been reviewed and approved by Nathan Schmidt, P.
Geo., Senior 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 a 100% interest in the Radis
Property. The Radis Property consists of 152 claims totalling 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 an exploration company focused on the exploration and development of 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" and "forward-looking
information" (collectively referred to as "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, the
details of the planned exploration program on the Property, the strong lithium pegmatite exploration
potential on the Property, the strong potential of the Radis Property, potential targets on 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 technical reports, 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/168110