Ophir Provides Update on the Breccia Gold Project in Idaho
Ophir Provides Update on the Breccia Gold
Project in Idaho
Vancouver, British Columbia--(Newsfile Corp. - September 18, 2023) -
Ophir Gold Corp.
(TSXV:
OPHR) (OTCQB: KPZIF) (FSE: 80M)
("
Ophir
" or the "
Company
")
provides an update on the Breccia
Gold Property (the "Property"), located approximately 40 km southwest of Salmon, Idaho.
"With the recent success at the Radis Lithium Property in James Bay Quebec discovering the Chou
and Navet spodumene pegmatites, the future of the Company is rapidly shifting towards lithium in
Quebec. Today's Breccia news reinforces that shift,"
states Shawn Westcott, CEO of Ophir.
Permitting the 5-Year Plan of Operation (5-Year POO) with the US Forestry Service (USFS) has taken
considerably longer than first anticipated and by guidance provided by the USFS. The 5-Year POO has
advanced over the last few months and has been approved by NEPA. The Company expects that the 5-
Year POO may be issued in Q4, 2023.
With the longer than expected permitting process, the Breccia claims optionor DG Resource
Management ltd. ("Vendor") and the Company have restructured the agreement by terminating the
September 2020 agreement (the "2020 Agreement") and replacing it with a new agreement that
removes the remaining work commitments, the 43-101 resource estimate requirement and extends the
agreement by 3 years.
As consideration, the Company shall (in addition to the previous cash and share payments made by the
Company to Vendor under the terms of the 2020 Agreement) pay to Vendor the final purchase price as
follows:
a
.
total cash consideration of $75,000 payable by the Company to the Vendor as follows:
i
.
$50,000 payable in cash on or before September 15, 2023 (same as under the previous
September 2020 agreement)
ii
.
$25,000 on or before May 31, 2027
iii
.
The grant of a 2.5% net smelter returns royalty subject to the buyback option of 1% (such that
the remaining ROYALTY will be reduced to 1.5%) for the sum of $1,000,000 (same as under
the previous September 2020 agreement)
The termination of the 2020 Agreement, which also included Canagold Resources as a party (previously
Canarc Resources), means that the Company's acquisition of the four Lightning Tree property claims
has been terminated. The net result is the Company's land position in the area has been reduced from
84 mineral claims to 80 mineral claims.
About the Company
Ophir Gold Corp. is a diversified mineral exploration company focused on the exploration and
development of the Radis Lithium Property in the James Bay, Quebec, and the past producing Breccia
Gold Property located in Lemhi County, Idaho. The Company holds an option to earn a 100% interest in
the Radis Property over a three-year period from Eastmain Resources Inc., a wholly owned subsidiary of
Fury Gold Mines Limited, and an option to earn a 100% interest in the Breccia Property from 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 and include
statements in this press release related to permitting timelines for mineral properties, future exploration
plans and the satisfaction of the terms of the property agreement. 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/180913