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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Ophir Gold Corp.    OPHR   CA68374D1069

OPHIR GOLD CORP.

(OPHR)
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Ophir Gold : Discovers New Mineralized Vein System and Samples 69 g/t Au and 27.5 g/t Ag at the Breccia Gold Property, Idaho, USA

11/18/2020 | 09:01am EST

Ophir Gold Corp. Discovers New Mineralized Vein System and Samples 69 g/t Au and 27.5 g/t Ag at the Breccia Gold Property, Idaho, USA

Toronto, Ontario, November 18, 2020 - Ophir Gold Corp. ("Ophir" or the "Company") (TSX.V: OPHR) is pleased to announce results of the recently completed surface exploration program at the Breccia Gold property (the "Property" or the "Breccia Gold Property"), located in Lemhi County, Idaho, USA. The Property is approximately 40 km southwest of Salmon, and is accessible via paved highway and a network of well-maintainedgravel roads.

The 2020 field work is the first exploration work completed by the Company on the Property following the completion of the acquisition in September 2020 (see news releases dated July 6, 2020 and September 15, 2020). The exploration program focused on regional targets as well as areas proximal to the main high- grade Breccia Zone and included rock and soil sampling as well as a ground magnetic survey. Rock and soil sampling successfully highlighted the potential of the Breccia Zone and was also successful in locating two new anomalous areas east (the "East Breccia Zone") and north (the "North Meadows Fault Zone") (Table 1) (Figure 1) of the Breccia Zone.

Highlights of the exploration program include:

  • Discovery of a strongly mineralized vein system (East Breccia Zone) proximal to the main Breccia Zone
  1. Outcrop sample assays of 57.6 g/t Au and 19.6 g/t Ag; and 30.2 g/t Au and 7.4 g/t Ag
    1. Boulder sample assay of 69 g/t Au and 27.5 g/t Ag
  • Strong and extensive (600 x 400 m) gold in soil anomaly identified (North Meadows Fault Zone), situated north of and along strike of the high-grade Breccia Zone
  • Outcrop assay of 25.2 g/t Au and 8.9 g/t Au collected approximately 800 m north and on trend of the Breccia Zone, coincident with the gold in soil anomaly

Shawn Westcott, CEO and Director of Ophir Gold Corp., commented: "Our inaugural exploration of the Breccia Gold Property has gone exceptionally well, with the discovery of two new high-prioritytargets. The two discoveries further enhance the potential of the Property as they appear to be associated with the main high-gradeBreccia Zone. We look forward to aggressively advancing the exploration of the Breccia Gold Property with the drill bit once final permits have been received."

The newly discovered East Breccia Zone is located approximately 100 m east of, and parallel to, the Breccia Zone and is characterized by multiple mineralized quartz veins in outcrop, which range from approximately 1 to 2 m in width. Precious metal assays from this zone include 69 g/t Au and 27.5 g/t Ag (boulder); 57.6 g/t Au and 19.6 g/t Ag (outcrop); and 30.2 g/t Au and 7.4 g/t Ag (outcrop). The veins are commonly brecciated, strongly oxidized, and host bladed quartz textures. The vein set trends parallel to the main Breccia Zone and is open along strike in both directions. In addition, approximately 60 m further to the northeast, a sample of a quartz rich breccia (boulder) was collected, assaying 7.49 g/t Au and 8.6 g/t Ag, indicating the potential for further discovery of parallel trending veins in the area (Figure 1).

The discovery is significant and highlights the potential of the area to host a series of closely spaced (i.e. stacked), mineralized vein breccia occurrences associated with the Meadows Fault Trend, which is estimated to continue for more than 1,800 m across the Property. Select sample results are presented in Table 1 below.

Table 1: Select Rock Sample Assays from 2020 Surface Exploration at the Breccia Gold Property

Sample ID

Area

Source

Au

Ag

g/t

g/t

147184

East Breccia Zone

Boulder

69.0

27.5

147180

East Breccia Zone

Outcrop

57.6

19.6

147183

East Breccia Zone

Outcrop

30.2

7.4

147182

East Breccia Zone

Outcrop

26.5

16.0

148394

East Breccia Zone

Boulder

7.49

8.6

147179

East Breccia Zone

Boulder

5.0

6.0

147185

East Breccia Zone

Outcrop

3.68

1.3

148185

North Meadows Fault Zone

Outcrop

25.2

8.9

148391

Breccia Zone

Outcrop

4.4

1.6

147189

Breccia Zone

Boulder

3.38

1.5

A total of 141 rock samples and 381 soil samples were collected during the program and reported grade ranges outlined in Table 2. Soil samples were collected of the B horizon material at a typical depth of 30 cm. Rock samples collected were of grab or composite type and typically comprised of strongly oxidized quartz rich lithologies with trace to minor sulphides.

Table 2: Distribution of Grade Ranges for 2020 Rock and Soil Samples Collected on the Breccia Gold

Property

Rocks (Au)

No.

g/t

Samples

10.0 to 69.0

5

5.0 to 10.0

2

2.0 to 5.0

4

1.0 to 2.0

5

0.5 to 1.0

5

0.2 to 0.5

8

<0.2

112

Soils (Au)

No.

ppb

Samples

400 to 577

3

300 to 400

5

200 to 300

4

100 to 200

18

50 to 100

20

20 to 50

50

<20

281

The soil survey was successful in defining a strong and extensive gold anomaly of approximately 600 m x 400 m is size (North Meadows Fault Zone) over the area north of the main Breccia Zone, and south of the historical Lee Prospect (Figure 1). A total of 19 soil samples returned >100 ppb Au over this area, to a peak value of 577 ppb Au, and are coincident with anomalies of As and Sb. An outcrop grab sample of quartz breccia in this area returned 25.2 g/t Au and 8.9 g/t Au, further highlighting the potential of the northern

Meadows Fault Trend. This area has seen only limited prospecting and is a high priority for further exploration.

In addition, the Company is currently integrating the ground magnetic survey data into the larger Property dataset and will report results and interpretations in a future news release. The ground magnetic survey was comprised of approximately 57 line-kilometres on 100 m spaced lines.

The presence of coincident anomalous Au, As, and Sb in soils, when considered in conjunction with observed rock textures such as bladed quartz after calcite and sheeted veins, is consistent with the Company's belief that the Breccia Zone and immediate area represents the uppermost parts of a low sulfidation epithermal gold system. These features suggest a very low level of erosion and strong potential for significant gold mineralization at depth. Some notable examples of this deposit type include Hishikari Japan, Round Mountain Mine Nevada, and Fruta del Norte, Mexcio.

Ophir is in the late stages of permitting a maiden diamond drill program at the Property, targeting the main Breccia Zone. Once final authorizations have been received and the bond payment has been completed, the Company intends to carry-out a 5-6 hole Phase I drill program totalling approximately 1,000 m.

QA/QC

All rock (grab/composite) and soil samples collected were sealed individually in the field and bulk shipped by ground to Activation Laboratories Ltd. in Kamloops, BC. Rock samples were analyzed for multi-element (including Ag) by aqua regia digestion with ICP-OES finish (code 1E3) and Au analysis by fire assay with AA finish (package 1A2B-30). Over limits for Au and Ag were determined by the relevant analytical package. Soil samples were analyzed for multi-element (including Ag) by aqua regia digestion with ICP-MS finish (code Ultratrace 1) and Au analysis by fire assay with AA finish (package 1A2B-30)

Management cautions that prospecting surface rock sample assays, as presented herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.

Figure 1: 2020 rock and soil sample result summary

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ophir Gold Corp. published this content on 18 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2020 14:00:01 UTC


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NameTitle
Jonathan Armes President, Chief Executive Officer & Director
Marco Guidi Chief Financial Officer
James Garnet Clark Director & Exploration Manager
Shawn Westcott Director
Errin Kimball Director
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