Ophir Gold Corp. Options Highly Prospective Lithium Project in the James Bay Region, Quebec

Vancouver, British Columbia--(Newsfile Corp. - December 11, 2023) - Ophir Gold Corp. (TSXV: OPHR) (OTCQB: OPHRF) (FSE: 80M) ("Ophir" or the "Company") is pleased to announce it has entered into an Option (the "Agreement") with Azimut Exploration Inc. (TSXV: AZM) (OTCQX: AZMTF) (the "Optionor") to acquire up to an undivided 70% interest in the Pilipas Lithium Property (the "Property"), located approximately 50 km south of the Company's Radis Lithium Project in the James Bay Region of Quebec.

The Pilipas Property consists of 135 claims totaling 7,100 ha and is situated within the La Grande Subprovince (Archean Superior Province). It is primarily underlain by volcano-sedimentary rocks (Greenstone) of the Lower Eastmain Greenstone Belt: conglomerate, sandstone, basalts and felsic to intermediate tuffs. Two regional NW-SE dextral faults transect the southwestern and northeastern parts of the Property. The Property is immediately adjacent to the newly discovered Ninaaskumuwin spodumene pegmatite made by Quebec Precious Metals on their Elmer East project (Figure 1 and 3). The Pilipas Property is a highly prospective environment for lithium-cesium-tantalum (LCT) pegmatites, as well as highly prospective for both gold and copper.

Lithium Potential

• Two district scale shears, and secondary structures with multiple large-scale folds with dilation along fold axis and in folds, have potential to host potential LCT pegmatites (Figure 2).

• The SIGEOM database contains records of several pegmatite outcrops (SIGEOM code I1G), while hyperspectral and high-resolution satellite imagery suggests numerous large white pegmatite dykes that straddle the greenstone contact, and major fault zones (Figure 3).

• Pilipas is immediately adjacent to the newly discovered 175-meter long by 42-meter wide Ninaaskumuwin spodumene pegmatite immediately to the south (Figure 1 and 3).

Gold and Copper Potential

• The Pilipas Property is in structural continuity with the InSight prospect on the adjacent Munischiwan Property (up to 100.5 g/t Au, 435.0 g/t Ag, 156.0 g/t Te and 1.67% Cu from grab samples).

• A 2019 IP survey at Munischiwan suggests that the prospect may extend onto Pilipas (Figure 2).

Historical Work

• A geophysical (VTEM) survey in 2006 covering most of the Property (630 line-km at a nominal line spacing of 100 m and 50 line-km at 1000-m spacing) and a magnetic survey in 2013 (2,514 line-km with 25-m spacing and 137 line-km with 500-m spacing).

• A regional lake-bottom sediment survey (13 samples) and limited rock sampling (32 grab samples).

• A soil sampling survey in 2005 covering most of the property (former Eastmain Resources Inc., now Fury Gold Mines Ltd.: 1,045 samples analyzed for 35 elements).

Infrastructure

• The Billy-Diamond Highway passes through the center of the Property.

• Hydropower flanks the east side of the Property.

• Easily accessible from Radisson and KM 381 Relais Routier.

"For over a year now, we have been diligently evaluating numerous projects to compliment our Radis Lithium Project," comments Ophir CEO Shawn Westcott. "We ae eager to get crews on site, to rapidly advance any new LCT Pegmatite discoveries."

 
Figure 1: Pilipas Property location
 
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Figure 2 - Regional geology and historical grab samples displaying gold, silver and copper values proximal to the Pilipas Property
 
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Figure 3: Satellite imagery and Sentinel-2 hyperspectral analysis displaying potential pegmatite outcrops
 
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Management cautions that discoveries on adjacent properties (i.e. Spodumene on the Ninaaskumuwin discovery at Elmer East and gold on the InSight Prospect on the Munischiwan Property) may not necessarily be indicative to the presence of mineralization on the Pilipas Property. Grab samples are selective by nature and unlikely to represent average grades. The Company considers the Pilipas Property to host potential for spodumene pegmatites (LCT) due to its favorable greenstone geological setting, regional faulting, sheer zones and hinge fold.

Acquisition Agreement

The terms of the Agreement provide the Company the option acquire a 70% direct interest in the Property by making the following cash and share payments and incurring exploration expenditures:

After satisfying the Year 2 commitments, the Company shall earn a 50% interest in the Property. After satisfying the Year 3 commitments, the Company shall earn a 70% interest in the Property. If the Company earns a 70% interest in the Property, the parties shall form a joint venture that is 70% held by the Company and 30% by the vendor. If the Company earns a 50% interest in the Property but fails to earn a 70% interest, the parties shall form a joint venture that is 50% held by the Company and 50% by the vendor. If after formation of the joint venture either party's interest is diluted below 10%, it shall be converted into a 2% Net Smelter Royalty (NSR) on the Property.

The parties are dealing at arm's length and no finder's fee are payable in connection with the transaction. The Agreement remains subject to the approval of the TSX Venture Exchange ("TSXV").

Disclosure

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under National Instrument 43-101, who has prepared and reviewed the content of this press release.

The results discussed in this document are historical. An Ophir Gold Corp. qualified person has not performed sufficient work or data verification to validate these results in accordance with National Instrument 43-101. The Company nevertheless believes that they provide an indication of the property's potential and are relevant for any future exploration program.

About Ophir

Ophir Gold Corp. is a diversified mineral exploration company focused on the exploration and development of the Radis Lithium Property in James Bay, Quebec, and the past producing Breccia Gold Property located in Lemhi County, Idaho. The Company holds an option to earn a 100% interest in the Radis Property over a three-year period from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Limited, and an option to earn a 100% interest in the Breccia Property from DG Resource Management Ltd.

About Azimut

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. Azimut holds the largest mineral exploration portfolio in Quebec (Canada). Its wholly owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside. Azimut also controls a strategic land position for copper-gold, nickel and lithium (see the document: Azimut in Numbers).

Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.2 million shares issued and outstanding.

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 and include statements in this press release related to the exploration and discovery potential of the Property, the receipt of TSXV approval for the acquisition of the Property and the Company's future plans with respect to the Property. 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.

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