Vancouver, British Columbia--(Newsfile Corp. - January 12, 2021) - Ophir Gold Corp. (TSXV: OPHR) (FSE: 80M) ("Ophir" or the "Company") is pleased to announce the results of a ground magnetic survey completed as part of the fall 2020 exploration program at its Breccia Gold property (the "Breccia Gold Property" or the "Property"). The Property is located in Lemhi County, Idaho, USA approximately 40 km southwest of Salmon, and is accessible via paved highway and a network of well-maintained gravel roads.
"The magnetic results, as interpreted by Ophir's exploration team are highly encouraging" comments Shawn Westcott, CEO of Ophir. "We have the potential for increasing the known 1500-meter strike length of the Meadows Lake Fault Zone, which hosts the well-mineralized Breccia Gold Zone, as well as the potential signature of a large intrusive body that may be the source of the breccia-epithermal system."
In addition to the prospecting and rock sampling completed this fall (News Release November 18th, 2020), a ground magnetic survey was completed across the Property. A total of ~ 57 line-kilometres of survey data, on 100-m spaced lines, was collected using a Gem Systems GSM-19 Magnetometer in walking mode. The survey data was collected and processed by Dahrouge Geological Consulting Ltd.
The primary objective of the program was to highlight the Meadows Fault Zone/Trend, which is host to the high-grade Breccia Gold Zone (BGZ) and the focus of historical exploration and production circa 1930/40 (Gahsmith Mine). The trend is overlain and obscured to the south by alluvium and to the north by the flat lying Challis Volcanics. The Company is pleased to report that the ground magnetic survey was highly successful defining a magnetic low/contact corridor, which correlates well with the mapped Meadows Fault Zone (Figure 1). Further, the trend clearly continues to the south, past the Breccia Zone, where it is obscured by the alluvium-overburden, as well as continues north towards the Lee Prospect. This is significant as it demonstrates the Meadows Fault Zone, and its potential for gold-silver mineralization, extends across the entirety of the Property. Specifically, to the south of the Breccia Zone, the trend has been subject to only limited exploration due to cover. As such, the magnetic data highlights its potential continuation south of the BGZ.
A preliminary 3D inversion of the data was also completed and outlines a strong magnetic high at approximately 800 m depth (Figure 2). This anomaly may represent a heat source and base "plumbing" of the overlying system and supports the Company's interpretation that the BGZ represents the uppermost levels of a low-sulphidation epithermal gold system.
The Company is permitted for an inaugural diamond drill program at the Breccia Gold Property, targeting the main Breccia Gold Zone, which is expected to commence in spring 2021.
Figure 1: Rock sample results overlain on the first vertical derivative of the magnetic data collected in 2020.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6338/71782_85eadeb8a4e42bd9_001full.jpg
Figure 2: 3D inversion of the 2020 ground magnetic data and preliminary interpretation
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6338/71782_85eadeb8a4e42bd9_002full.jpg
NI 43-101 Disclosure
Garry Clark, PGeo, Vice-President of Exploration and a Director of the Company, a Qualified Person as defined by National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
About the Breccia Gold Property
The Breccia Gold Property consists of 98 claims covering approximately 1,973 acres within the Blackbird Mining District, in Lemhi County, approximately 40 kilometres southwest of Salmon, Idaho. 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 material extracted. The Breccia Gold Property now covers both the Meadows Fault Zone and the lesser explored, parallel Musgrove Mine Trend. Recent exploration carried out in 2018 and 2019 has included the re-mapping and sampling of the Meadows Fault Zone and the results are suggestive of the existence of a significant low-sulfidation, epithermal gold system.
About the Company
The Company is a fully financed 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 Canarc Resource Corp. and DG Resource Management.
On behalf of the Board of Directors
"Shawn Westcott"
Ophir Gold Corporation
For further information, please contact:
Shawn Wescott, CEO
Phone 1 (604) 365 6681
swestcott@ophirgoldcorp.com
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.
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