Ophir Gold Corp. provided an update on 2 of its lithium projects in its James Bay, Quebec portfolio - Radis and Leran Projects. The properties cover highly prospective greenstone terrains with the Radis Property strategically located proximal to existing hydroelectric power and all-season road infrastructure.

The exploration field program at Radis was completed over twelve (12) field days between September 1 to September 14, 2023 and followed up on the very successful 1.5 days of prospecting completed in early June 2023 which confirmed lithium mineralization at the Chou Spodumene Pegmatite (2.33% Li2O) and the Navet Spodumene Pegmatite (1.26% Li2O). A total of 87 rock samples were collected during the September program, including 10 channel samples at the Chou Pegmatite. During the September program, two channels were cut across both spodumene pegmatite outcrops that characterize the Chou Showing: a 6.5 m long channel across the northern, original Chou Showing dyke (CH23-01) and a 2.9 m long channel across the newly discovered southern dyke situated 26 m along strike (CH23-02).

Both channels were oriented perpendicular to the approximated strike of the dykes and samples were collected continuously at approximately 1 m intervals. Channel CH23-01 across the sampled pegmatite interval returned an average of 0.71% Li2O and 205 ppm Ta2O5 over 6.0 m including 1.28% Li2O over 3.0 m within the central portion of the dyke. Channel CH23-02 returned a length-weighted average of 0.79% Li2O and 135 ppm Ta2O5 over the entire 2.9 m channel, including 1.43% Li2O over 1.0 m. Both channels displayed a more lithium-enriched central core of the dyke with lithium content decreasing near the margins; however, tantalum mineralization was consistently elevated throughout the pegmatite.

The Chou Pegmatite remains open to the north, south and at depth, and has yet to be drill tested. The 2023 surface exploration resulted in the mapping of over 30 previously unsampled pegmatite dykes, primarily on the western portion of the Property surrounding the Navet and Courgette Showings. A total of thirty-three (33) pegmatite grab samples over an approximate 4.5 km trend returned values greater than 54 ppm to a high of 706 ppm Ta2O5.

The results, primarily concentrated within a >1 km area, suggest that Navet and Courgette are part of a much larger swarm of LCT pegmatite dykes within the overall 4.5 km trend. Elevated indicator elements such as cesium (Cs), rubidium (Rb), and beryllium (Be), and low potassium- rubidium (K/Rb) ratios indicate that pegmatites at Radis are highly fractionated. These indicator elements and K/Rb ratios can be used as a tool to evaluate fertility and vector towards lithium mineralization.

Although nominal lithium content was sampled outside of the main Navet and Chou Showings, the widespread tantalum mineralization and evidence of highly fractionated pegmatites suggests the presence of a potential robust LCT pegmatite system over a 4.5 km trend on the Radis Property. Several samples were also collected for their gold and base metal potential. Three samples collected from quartz veins returned 1.62, 1.78, and 0.77 g/t Au with the latter sample also returning 1.03% Cu.

An additional sample collected for base metal potential returned 8.0% Zn and 5.6% Pb. The results demonstrate the polymetallic potential of the Radis Property. An IP-resistivity geophysical survey was carried out by TMC Geophysique out of Val d'Or, Quebec, from October 21 to November 21, 2023, and focused on the western greenstone belt on the Radis Property, which hosts the Chou, Navet and Courgette showings.

The survey totalled approximately 30.6-line kilometres, with eight (8) lines completed at 100 m spacing and four (4) infill lines of 50 m spacing directly over the Chou Showing. Similar surveys completed on nearby projects such as Alkem Inc.'s James Bay Deposit, have demonstrated that resistive features can correlate to granitic pegmatite dykes and bodies. Interpretation of the IP-Resistivity survey completed by TMC, identified twenty-two (22) resistive axes indicative of pegmatite dykes.

The majority of the anomalous zones fall within the southwestern portion of the Property proximal to the Navet dyke swarm and could indicate more substantial dykes within the subsurface (Figure 3). A total of seventeen (17) high priority targets for follow up evaluation have been outlined by TMC and the dataset will be utilized to help plan future work on the Radis Property. The Company is currently evaluating the recently acquired Property-wide airborne LiDAR and Orthophoto survey flown at Radis in September 2023, and the final deliverables of the IP-Resistivity survey to generate targets ahead of a planned expansive surface exploration program in 2024.

The data from both surveys will be utilized, along with the analytical results from the 2023 prospecting and mapping programs, to outline additional prospecting targets and plan a maiden drill program at the Chou and Navet Spodumene Pegmatites at the Property in 2024. Ophir Gold Corp. is also pleased to announce the analytical results following a one-day prospecting program completed on its fully owned Leran Property.

The primary objective of the one-day site visit was to prospect in the up-ice direction of a historically documented 1 m X 1 m X 1 m spodumene pegmatite boulder, grading 1.21% Li (~2.61% Li2O) and 123 ppm Ta2O5 (CG-2016-08, SIGEOM Sample 16AB1220-A). The source outcrop was not identified during the one-day prospecting program; however, two additional spodumene-bearing boulders were located and sampled, which returned assay values of 2.43% Li2O and 0.43% Li2O (Figure 4). Additionally, three (3) of the six (6) boulder samples collected returned highly anomalous tantalum values, with one sample returning 205 ppm Ta2O5.

This suggests the overall LCT nature of the pegmatite boulders sampled to date on the Leran Property. The pegmatite boulders sampled were up to 1 m³ in size and primarily described as subrounded. There is sparse outcrop exposure on the Leran Property, with significant overburden cover in the up-ice direction to the northeast; further work is required to determine the source location and its potential to fall within the project boundary.