CSAMT Survey Identifies Gold-Silver Zone Projects To North And To Depth At Breccia Gold Property

VANCOUVER - Ophir Gold Corp. reported results of a Controlled Source Audio Magneto-Telluric (CSAMT) geophysical survey completed at the Breccia Gold-Silver Property, located about 40 km southwest of Salmon, Idaho. The survey, which was completed during October and November 2021 by TMC Geophysics, consisted of 15 lines at 200 m spacing, with 50 m station spacings along lines, for a total of 533 stations.

The CSAMT survey identified a prominent northwest-southeast trending resistive feature to the east, in contrast to a very low resistive unit which dominates the western portion of the Property. The data highlighted a zone of resistivity anomalies that extend across much of the Property, and which are associated with extensive faulting and/or geologic contacts. This extensive zone of resistivity anomalies corresponds to the high-grade gold and silver mineralization identified in drill core, surface rocks, and soil samples.

CEO, Shawn Wescott, said, ”We are very excited to report results from our CSAMT survey completed in late fall 2021 at the Breccia Gold Property. These results, coupled with those of our maiden drill program, provide strong evidence of an extensive hydrothermal breccia system. Surface and initial drill exploration confirms strong precious metal mineralization exists from surface to a couple hundred meters depth. The mineralization thus far observed appears restricted to a specific range of resistivities, which suggests a very robust mineralized system, and provides the basis for continued exploration. I look forward to the commencement of our follow-up drill program this summer, as we look to expand upon the known mineralization."

The modeled CSAMT data, suggest two sub-parallel, north-northwest trending zones of precious metal mineralization are present - a "West Zone" and an "East Zone". The West Zone appears strongly correlated with mineralization that corresponds to the 100 - 200 ohm-m range, including significant gold and silver mineralization within drill holes BG21-003A, 004, 005, and 006. The East Zone appears to correspond to the 300-500 ohm-m range and is associated with the gold mineralization in drill holes BG21-001 and 002.

Those drill holes which tested the West Zone mineralization during the 2021 drill program represent an almost 200-m strike length and 200-m vertical extent. The mineralization remains open to the north, south, and at depth, and represents a prime target for both infill and expansion drilling. The East Zone of mineralization appears to have been tested at shallow depths by drill holes BG21-001 and BG21-002; although BG21-002 did not continue deep enough to adequately test the high-grade mineralization observed in the lower portions of BG21-001. This zone of mineralization remains virtually untested by drill holes, though significant surface samples attest to its potential. Collectively, the 100 to 500 ohm-m zone outlined by the CSAMT survey, which correlates to the precious metal mineralization encountered by the 2021 drill holes - consisting of both the West and East zones - is modeled to extend to at least 500 m vertical depth.

The lower 25-75 ohm-m zone (higher conductivity), which extends across the western portion of the Property, correlates well with the extensive clay alteration encountered in multiple drill holes, including the upper portions of BG21-005. The higher 1,000-1,500 ohm-m zones (lower conductivity), which dominate the eastern portion of the Property, are interpreted to represent a strongly resistive regional structure or a buried intrusive system that extends to significant depth. These higher resistivity (1,000-1,500 ohm-m) areas of the Property have not yet been drill tested; they represent a valid exploration target.

The CSAMT data, coupled with 2021 drill data and surface data collected to date, will help refine drill targets for the planned 2022 program. Further, these results point to significant untested drill targets where gold mineralization is interpreted to continue along strike to the north, to depth, and in areas east of the main Breccia Gold Zone.

The main Breccia Gold Zone is still thought to represent the uppermost regions of a low-sulphidation epithermal system. Given the spatial relationship between high-grade gold veins and near vertical, north to northwest orientated structures that occur directly above or proximal to the observed high-resistivity, and possible intrusive system in the east-central part of the Breccia Property, an easterly vein-type or intrusion related gold system is considered.

Within this eastern zone, during 2020, the Company mapped a number of precious metal veins, "the East Breccia Zone" which returned 57.6 g/t Au and 19.6 g/t Ag (outcrop), 30.2 g/t Au and 7.4 g/t Ag (outcrop), and 69 g/t Au and 27.5 g/t Ag (boulder). The Company’s understanding of precious metal mineralization at Breccia is evolving with the addition of further geological and geophysical data, suggesting enhanced potential for high grades of gold/silver mineralization at the Breccia Gold Zone, to the north along the Meadows Fault Zone, and to the east of the immediate Breccia Gold Zone Trend. It has submitted a five-year Plan of Operations to the United States Forestry Service for extended exploration of the Breccia Gold Property. The permit, once received, will allow exploration of the Property for five consecutive years, under the same authorization, providing significant advantages and flexibility for follow-up diamond drilling on the Property in 2022. The Company intends to continue delineating the near-surface mineralized breccia unit with significantly more flexibility on pad locations, as well as guidance from the results of the 2021 drill program and the recently completed CSAMT survey.