September 21, 2021
Ophir Gold Corp. (TSXV:OPHR, Not Rated, David A. Talbot) provided an exploration update on its flagship Breccia Au property in Idaho, where it holds an option to earn a 100% interest the project. Firstly, Ophir announced that it is starting a CSAMT geophysical survey over the property, consisting of 15 lines at 200m spacing, totaling ~472 stations and ~26 line-km. The objective of the survey is to help identify silicification and buried structures to help refine drill targets. The company also provided an update on its ongoing maiden drilling campaign (read more), which has been off to a slower start than anticipated due to challenging drilling conditions and regional forest fires. Ophir has completed seven holes (1,295.7m) to date, all targeting the Meadows fault zone breccia unit. Assays are expected in the coming weeks, however, visual results appear encouraging; clay alteration and bladed quartz in core is consistent with what has been observed on surface and is indicative of an uppermost portion of a low-sulphidation epithermal system, with veining and silicification increasing with depth. Further, because of drilling delays, Ophir spent more time prospecting at surface and discovered a new breccia outcrop located ~800m N-NW of the drill area and several hundred metres west of the Au-in-soil anomaly along the northern portion of the Meadows fault zone. The company collected 16 samples over a ~200m length from breccia material, with analytical results expected shortly. The company believes this new outcrop discovery represents a potential splay of the Meadows fault zone. While this new outcrop discovery further highlights the vast exploration potential that is present throughout the property, we expect the pending drill results to be the key catalyst in re-rating the stock. Read more
