Drilling At The Breccia Gold Property In Idaho

VANCOUVER - Ophir Gold Corp. reported on the first four (4) holes of the 2021 drill program at the Company's flagship Breccia Gold Property. The property is located approximately 40 km southwest of Salmon, Idaho, and is accessible directly by road. A total of 2,063.2 m (~6,769 ft) over ten (10) holes were completed as part of the program, which is now complete; crews have demobilized from site. The drill program targeted the Breccia Gold Zone, which is situated within the larger Meadows Fault Zone. Core sample assays for the first series of drill holes have been received and are reported herein for drill holes BG21-001, 002, 003A, and 004. Highlights: 13.02 g/t Au and 46.6 g/t Ag over 7.4 m (BG21-004); 3.23 g/t Au over 8.0 m, including 40 g/t Au over 0.57 m (BG21-001); and 1.39 g/t Au over 14.1 m, including 5.48 g/t Au over 1.5 m (BG21-003A); 1.56 g/t Au over 3.1 m (BG21-002).

CEO, Shawn Wescott, said, "We are very excited by sample assays from our initial series of drill holes from our maiden drill program at Breccia, as well as the textures and alteration we observed downhole. The drill results provide further support that we are in upper regions of a large low-sulphidation epithermal system, indicating considerable potential at depth and along strike. The high-grade hit in BG21-004 is precisely what we are chasing. We are very excited for follow-up drilling of this area in 2022."

Gold mineralization was encountered in all four (4) drill holes sampled for assay (BG21-001, 002, 003A, and 004), highlighted by BG21-004 where 13.02 g/t Au and 46.6 g/t Ag over 7.4 m was returned from a metasedimentary clast breccia, with localized vugs and bladed quartz, and pervasive iron-manganese oxide alteration. BG21-004 was the northernmost drill hole of the program; it returned the most well-mineralized intercept of the initial set of drill holes. The Breccia has been mapped over significant distance to the north where it is also coincident with a large Au-Sb in soil anomaly, as well as numerous surface rock gold occurrences. The results of BG21-004 (13.02 g/t Au and 46.6 g/t Ag over 7.4 m) suggest considerable potential to the north along the Meadows Fault Zone. This area of the Property is included in the drill plan submitted to the United States Forestry Service (USFS) for the Company's five (5) year Plan of Operations which is anticipated to be approved for late spring / early summer 2022.

The gold mineralized intercept in BG21-001 - 3.23 g/t Au and 7.1 g/t Ag over 8.0 m - consists of a medium grey, variable clast sized breccia unit with fracture-controlled iron oxides. Narrow and vuggy quartz veins, ranging in size from 1 to 3 cm, along with bladed/drusy quartz iron and hematite infilling are also present. The interval also included a 57 cm vuggy quartz vein with hematite and manganese oxide infill that returned 40 g/t Au and 88.2 g/t Ag. This vein interval highlights the potential for high-grade at depth, and is similar to that found at surface.

Drill hole BG21-003A returned 1.39 g/t Au over 14.1 m, including 5.48 g/t Au over 1.5 m, with a clast supported breccia characterized as gray to brown with vuggy scattered quartz clasts and is strongly silicified with patchy iron oxide flooding, frequent hematite stringers, as well as pervasive quartz veining to 0.75 m wide.

This first series of drill holes all collared in the targeted breccia unit, which had initially been interpreted to reside further to the east. Further, the drilling to date has confirmed that the target breccia unit which crosses the Property is considerably wider than previously reported and extends a significant distance to the west of where it has been historically mapped. Although comparable mineralization was intersected in BG21-001 to that historically documented, the extent of the breccia suggests that the locations of the historically reported drill holes and mineralized intersections may be situated further west compared to the collared locations of BG21-001 to 004.

The drill holes completed to date by the Company at the Breccia Gold Zone have encountered significant clay alteration and occurrences of bladed and vuggy quartz, as well as wide zones of intense and heavily altered breccia with common quartz veining and negligible base metals. In addition, quartz veining and silicification are observed to increase with depth of the breccia zone intercepted in drill core as well as localized zones of propylitic alteration observed. Collectively these are characteristics consistent with the uppermost regions of a low-sulphidation epithermal system, and/or potentially related to an explosive diatreme breccia complex. The Company interprets the roots of the system have yet to be drill tested and are further encouraged by the magnitude of the brecciation, which is significantly larger than initially mapped, coupled with an increase of quartz veining at depth. In addition, results from drill holes BG21-001 through BG21-004 suggest significant potential to the north along the Meadows Fault Zone, which hosts numerous surface gold occurrences.

The Company has recently completed its final drill hole (BG21-009) of the program and, in accordance with its permit obligations upon the commencement of re-occurring snowfall, has completed the required program reclamation and demobilization of the drill equipment and crews from site. All drill core samples have been received by the analytical lab. The Controlled Source Audio-frequency Magnetotelluric (CSAMT) survey over the Property has also recently been completed and a final interpretation of the dataset and report are expected to be received in the next couple of weeks.