Ophir Gold Corp. Announces Approval of Drilling Permit on the Breccia Gold Project in Idaho, USA

Toronto, Ontario--(Newsfile Corp. - December 2, 2020) - Ophir Gold Corp.  (TSXV: OPHR(FSE: 80M) ("Ophir" or the "Company") is pleased to announce that it has received all necessary approvals from the United States Forest Service ("USFS") on the final National Environmental Policy Act ("NEPA") report on the Breccia Gold Property ("Breccia Gold Property"). Receipt of USFS approval represents the final item required for the NEPA statement compilation under the scope of originally proposed plan of operations. The Company will now provide the project reclamation bond and final permitting will be completed once the reclamation bond has been confirmed as received from the USFS prior to commencement of drilling.

Ophir is now fully permitted by the USFS to perform drilling operations at the Company's Breccia Gold Property in Lemhi County, Idaho, USA. The approved permit grants permission to drill up to a total of 51 diamond drill holes from a total of 15 drill pads including twelve (12) ground-based pads and three (3) helicopter-supported pads. With exploration drilling approved, the Company anticipates that drilling will utilize two 12-hour drilling shifts per day in order to maximize daily drilling footage, reduce associated costs, and minimize the total period of land use.

The Company plans to commence approximately 3,500-ft of permitted diamond drilling at the Breccia Gold Property in early 2021 once winter weather conditions subside for optimal program performance.

"Acquiring the drilling permit for our Breccia Gold Property is a huge win for all our stakeholders. With the recent success of the Company's surface exploration program and drill permitting issued, we can move forward with our exploration drill program once the snow clears this spring", stated Shawn Westcott, Chief Executive Officer of the Company. "Much of the recently completed work leading to the permit, such as archeological and cultural studies, are anticipated to save the Company valuable time when permitting exploration within other areas of the Breccia Gold Project."

Ophir also announces that, pursuant to its stock option plan, it has granted an aggregate of 2,150,000 options to purchase common shares in the capital of the Company to certain directors, officers and consultants of the Company, exercisable at a price of $0.19 per share for a period of five (5) years from the date of grant.

About the Breccia Gold Property

The Breccia Gold Property consists of 80 claims covering approximately 1,650 acres within the Blackbird Mining District, in Lemhi County, approximately 40 kilometres southwest of Salmon, Idaho, USA. 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 remapping 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 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 Ltd.

On behalf of the Board of Directors

"Shawn Westcott"
Ophir Gold Corp.

For further information, please contact:

Shawn Westcott, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69341

info