MinKap Announces Completion of Ground Exploration Program at Breccia Gold Property, Idaho and Corporate Update

Toronto, Ontario--(Newsfile Corp. - October 15, 2020) - MinKap Resources Inc. (TSXV: KAP) ("MinKap" or the "Company") is pleased to announce that further to its press release of September 28, 2020, the phase 1 ground exploration program has been completed at the Breccia Gold property, located in Lemhi County, Idaho, USA (the "Breccia Gold Property"). A total of 185 rock samples and 430 soil samples were taken and submitted for analyses to Activation Laboratories in Kamloops, British Columbia. The results of the analyses will be provided by the Company in a subsequent press release upon receipt thereof.

In preparation for fall drilling (which remains subject to the receipt of necessary permitting and drill availability), field crews carried out a property-wide ground magnetic survey and prospected and mapped the northern and eastern portions of the Breccia Gold Property. In addition, a soil sampling grid was expanded across the Breccia Gold Zone and continued eastwards across the Musgrove Mine Trend ("MMT"). The MMT runs parallel and approximately 700 m to the east of the Breccia Gold Zone. The MMT was mapped by Noranda (1981) while exploring for cobalt mineralization within the district and several zones of argillic alteration were identified. The most extensive zone of argillic alteration was reported to exceed 500 m in length and is situated within the MinKap Breccia Gold Property. Mineralization was noted in several of the samples taken across the MMT and an expanded soil sampling and prospecting program is being planned to take place this fall if weather conditions allow. The information provides an indication of the exploration potential of the Breccia Gold Property but may not be representative of expected results.

Rock and soil samples were collected on site, bagged, sealed and transported by courier to Activation Laboratories (ISO/IEC 17025 Certified) in Kamloops, BC. Rock samples are to be analyzed using Activation Laboratories methods 1A2B-30 Fire Assay-AA 30g (Au); 1E3 Aqua Regia "Partial" Digestion ICP-OES. For soil samples analysis will be by 1A2B-30 Fire Assay-AA 30g (Au); Ultratrace 1 Aqua Regia "Partial" Digestion ICP-MS.

Corporate Update

The Company is pleased to announce the appointment of Mr. Jon Bey, a current director of the Company, to the role of non-executive Chairman. The Company also announces the resignation of Mr. Jonathan Armes as Chief Executive Officer of the Company. Mr. Armes will remain in his current capacity as President and a director of the Company. The Company is pleased to announce the appointment of Mr. Shawn Westcott, a current director of the Company, to the role of Chief Executive Officer. In addition, Mr. Garry Clark has been appointed to Vice President of Exploration and will remain as a director of the Company.

Name Change

The Company also announces that it is in the process of changing its name to "Ophir Gold Corp." in accordance with the Business Corporations Act (British Columbia). The Company will provide additional details relating to the effective date of the name change, new CUSIP number and trading symbol in a subsequent press release.

Mr. Garry Clark P.Geo, (VP Exploration and a director of the Company), a Qualified Person ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.

On behalf of the Board of Directors

"Jonathan Armes"
MinKap Resources Inc.

For further information, please contact:

Jonathan Armes, President
Phone 1 (416) 708-0243
jarmes@bell.net

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65982

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