Ophir Gold to explore Pilipas lithium property, Quebec

Ophir Gold Corp. [TSXV-OPHR; OTCQB-OPHRF; FSE-80M] announced plans for its inaugural exploration campaign on the Pilipas lithium property located in the Eeyou Istchee James Bay, northern Quebec. The project is located proximal to existing hydroelectric power that flanks the property to the east, an all-season road that crosses the western side of the Property, and is situated in greenstone terrain that is highly prospective for lithium pegmatite.

Shawn Wescott, CEO, commented: “We are extremely excited for the commencement of the inaugural field exploration at Pilipas, which will see the first focused lithium exploration program on the Property to date. Having one of the best geological teams in Quebec and a strong balance sheet, which fully funds both the surface exploration and drill programs in 2024, puts Ophir in an enviable position.”

The 2024 surface exploration program at Pilipas is planned to commence on May 20, following completion of the annual goose harvesting season in James Bay. The program is planned to include three to four weeks of geological prospecting, rock sampling, and mapping, as well as a property-wide LiDAR and orthophoto survey and interpretation. The total budget for the program is approximatively $500,000. Results from the initial phase of work will be used to prioritize drill targets for subsequent testing later in the field season.

The primary objective of the surface program is to evaluate the numerous high priority targets identified during a historical data compilation and satellite imagery analysis of the property. Several large (up to 330 m wide) interpreted outcrops, historically described on the SIGEOM database as pegmatite dykes, as well as numerous satellite image derived pegmatite targets were identified.

Several of the confirmed or probable pegmatite outcrops are proximal to the newly discovered 175-metre long by 42-metre wide Ninaaskumuwin spodumene pegmatite immediately to the south of the property.

The documented pegmatite dykes at Pilipas lie within a favorable geological setting for Li-Cs-Ta (LCT) type mineralization, proximal to greenstone contacts and major structural corridors. Additionally, several historically documented samples contain pathfinder elements that indicate potential for a fertile LCT geological setting. From historical literature, rock samples with anomalous concentrations of Ta (tantalum), Ce (cesium), Nb (niobium) and Sn (tin) geochemistry have been reported on the property.

Additionally, numerous white pegmatite dykes with tourmaline have been historically documented but not sampled. Collectively, the information is strongly suggestive of a fertile LCT environment that has yet to be fully evaluated for its lithium potential.

In addition to the surface program, the company has retained PHB Inc. to complete a LiDAR and orthophoto survey over the entire Property in early June. The LiDAR data, coupled with results from 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. Permitting is underway for anticipated drill program later in the summer following completion of surface work.

The company considers the Pilipas property to host significant potential for spodumene pegmatite due to its favorable greenstone geological setting, regional faulting, sheer zones and hinge fold, as well as anomalous geochemistry and numerous documented occurrences of tourmaline in white pegmatites.

Ophir also announced that, underits stock option plan, it granted 200,000 options to purchase common shares in the capital of the company to certain consultants of the company, exercisable at a price of $0.15 per share for a period of 5 years from the date of grant.

In December 2023, the company entered into an option agreement with Azimut Exploration Inc. [TSXV-AZM; OTCQX-AZMTF] to earn 70% interest in the Pilipas property consisting of 135 claims totaling 7,100 ha situated within the La Grande Subprovince (Archean Superior Province).

Ophir is a diversified mineral exploration company focused on the exploration and development of the Radis and Pilipas Lithium Properties in James Bay, Quebec, and the past-producing Breccia gold property located in Lemhi County, Idaho.

Ophir 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 Ltd. [TSX-FURY], an option to earn a 70% interest in the Pilipas property over a three-year period from Azimut Exploration and an option to earn a 100% interest in the Breccia property from DG Resource Management Ltd.