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Ophir Gold Corp. Announces 2022 Exploration Program – Emphasis on Newly Discovered High-Grade Gold and Silver Mineralization

Vancouver, British Columbia–(Newsfile Corp. – April 25, 2022) – Ophir Gold Corp. (TSX.V: OPHR) (OTCQB: KPZIF) (FSE: 80M) ("Ophir" or the "Company")…

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Vancouver, British Columbia–(Newsfile Corp. – April 25, 2022) – Ophir Gold Corp. (TSX.V: OPHR) (OTCQB: KPZIF) (FSE: 80M) (“Ophir” or the “Company“) is pleased to announce plans for a diamond drill program at the Company’s Breccia Gold-Silver Property (the “Property”), located approximately 40 km southwest of Salmon, Idaho. The 2022 drill program will follow on the heels of the fall 2021 drill program, which returned significant intervals of precious metal mineralization associated with the Breccia Gold Zone on the Property (Figure 1).

This drill program, planned for the second half of 2022, will include 1,000 metres over four (4) to five (5) holes, and prioritize following-up on the high-grade silver intersection returned at the bottom of drill hole BG21-005 (6,940 g/t Ag over 9.5 m(1)), and the high-grade gold-silver intersection returned in drill hole BG21-004 (13.02 g/t Au and 46.6 g/t Ag over 7.4 m) – see news releases dated December 1st, 2021, and February 9th, 2022.

Drill hole BG21-005, the western most drill hole competed in 2021, encountered a significantly clay altered breccia over most of its length and was abandoned at 185.3 m due to difficult drilling conditions, just short of the intended target depth. The last two sampled intervals from BG21-005 returned highly anomalous silver of 8.6 g/t Ag and 6,940 g/t Ag, respectively; although, core recoveries were poor in the final sample (<10%), they do represent a 9.5 m interval (175.9 m to 185.3 m). These end-of-hole result remain very significant and corelate with a ‘western zone’ of precious metal mineralization identified in multiples drill holes (BG21-003A, 004, 005, and 006). These results are supported by the recently released Controlled Source Audio Magneto-Telluric (“CSAMT”) survey data, indicating drill hole BG21-005 ended at the very top of the mineralized zone (see news release dated March 15th, 2022).

The northernmost drill hole from 2021, BG21-004, returned the most well-mineralized gold-silver intercept of the program. 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. The Breccia unit, which largely defines the fault zone, 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. In addition, BG21-004 forms part of the western zone of precious metal mineralization identified in multiple drill holes, including BG21-005, and also correlates to a distinct band of resistivity as defined by the CSAMT survey data.

“We had tremendous success with our 2021 program, confirming the existence of the high-grade precious metal mineralized breccia reported by Groves in 1983. We are also excited to see that the high-grade mineralization appears to correlate with a 100-500 ohm-m resistivity corridor that stretches over 1,000 metres along strike and more than 500 metres depth. Drilling encountered what could be a major high-grade silver zone at the bottom of Hole 005, which is why we have set this newly discovered zone as our highest priority for follow up in 2022,” comments Shawn Westcott, CEO of Ophir Gold Corp.

The area surrounding drill holes BG21-005 and 004 are 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 early summer 2022. The permit, once received, will allow the Company to explore the Property for five consecutive years, under the same authorization, providing significant advantages and flexibility for follow-up diamond drilling on the Property. Subject to securing a qualified drill contractor, as well as receiving the Plan of Operations, the Company expects to begin the drill program in summer, 2022.

Exploration Model

The main Breccia Gold Zone is 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 observed high-resistivity, and the possible intrusive system in the east-central part of the Breccia Property, a vein-type or intrusion related gold system is also considered.

Our 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.

A summary of the 2021 drill results is presented in Table 1 and Figure 1 below.

Table 2: Summary of 2021 mineralized drill core intersections at the Breccia Gold Zone

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Figure 1: Assay summary of 2021 drill holes completed at the Breccia Property

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Disclosure

Darren L. Smith, M.Sc., P. Geo., Director and Vice President of Exploration for the Company, and Qualified Person as defined by NI 43-101, supervised the preparation of the technical information in this news release.

(1) Sample recovery over this interval was very low (<10%), and therefore, the grade calculated over the interval may not be representative

About the Breccia Gold Property

The Breccia Gold Property consists of 102 claims covering approximately 1,836 acres (743 ha) 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 quartz veined material extracted. In the 1980s, a bulk sample of 4,621 tons was completed with an average grade of 0.335 oz/t Au reported. The current Property includes the Meadows Fault Zone and the lesser explored, parallel Musgrove Mine Trend. Recent exploration carried out in 2018, 2019, and 2020 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. Surface results include 57.6 g/t Au and 19.6 g/t Ag in outcrop, and 69 g/t Au and 27.5 g/t Ag in float.

About the Company

Ophir Gold Corp. 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 Canagold Resources Ltd. (formerly 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
[email protected]

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.

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