Ophir Metals Corp. Announces Discovery of Spodumene Pegmatites at Pilipas, Quebec

Highlights

• Newly discovered spodumene pegmatite occurrence, the Highway (HW1) showing, with the approximate dimensions of > 150 m along strike and up to 30 m wide

  • The pegmatite is open in multiple directions

  • Outcrop is situated approximately 200 m east of the Billy Diamond Highway

• Spodumene was also identified in a separate trend 500m south of the HW1 showing, with seven (7) additional discontinuous spodumene bearing pegmatite outcrops over an approximate strike length of 450 m

• Select samples have been sent for rush analysis to SGS Canada

• Drill program planned for late summer/fall 2024

"We are extremely excited on the success of our initial exploration program at Pilipas. The discovery of multiple spodumene bearing outcrops within 200 m of the main highway so far has exceeded expectations. The main spodumene bearing outcrop is visible along strike length of over 150 m, is up to 30 m wide, and open in multiple directions. The spodumene outcrop size is equal or larger to that of major lithium discoveries elsewhere in James Bay made by other companies," comments Shawn Westcott, CEO of Ophir.

He continues: "We look forward to following up the discovery with a fully funded inaugural drill program in late summer/fall 2024. The ground exploration program is ongoing, and crews will focus remaining efforts on the prospective trend between the new discovery and Quebec Precious Metals Ninaaskuwumin pegmatite situated ~3.7 km to the southeast."

The 2024 exploration program began on May 20^th following completion of the annual goose harvesting season in James Bay. Crews prioritized targets selected from a detailed data compilation and to date over 460 grab samples have been collected Property wide (Figure 1). The main discovery outcrop, the HW1 showing, is located approximately 200 m east of the all-season Billy Diamond Highway. The dyke is visible at surface over an approximately 150 m strike length and is up to 30 m wide. The dyke remains open to north and west (Figure 2 and Figure 3).

Spodumene crystals up to 50 cm in size were identified at the HW1 discovery (Figure 4). Approximately 500 m to the south of HW1, spodumene was also identified in seven (7) additional discontinuous pegmatite outcrops ranging from 1 to 5 m wide over an approximate strike length of 450 m (Figure 2). A select number of samples collected from the HW1 showing have been sent for rush analysis at SGS Canada.

A significant amount of pegmatite outcrop has been confirmed on the Property over the course of the program, with several containing tourmaline, beryl, and one outcrop in the northwestern portion of the Property containing lepidolite. These indicator minerals for lithium pegmatite demonstrate the potential for additional spodumene pegmatite discovery at the Property. Overall, the mineralogy displays a general zonation pattern from the Property boundaries to the central portion of the Property. Once the analytical results have been received, the Company will use the geochemical markers of the dataset to vector towards favorable zones for LCT mineralization.

The Company is planning an inaugural drill program in late summer/fall 2024. The program is fully permitted and financed with the Company currently engaging drilling contractors. The proximity of the HW1 showing to the Billy Diamond highway provides a logistical advantage for future exploration and development work.

Figure 1: Pilipas Property - Samples collected during 2024 exploration program highlighting newly discovered spodumene bearing outcrops. The Ninaaskuwumin spodumene pegmatite on Quebec Precious Metals' Elmer East Property (bottom right) is located approximately 3.7 km southeast, on trend of the new discovery.

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Figure 2: HW1 Showing with several spodumene bearing outcrops approximately 500 m south.

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Figure 3: Aerial view of HW1 showing looking northwest

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Figure 4: Spodumene crystals from the HW1 showing

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Quality Assurance / Quality Control

All samples were collected in the field using a hammer, chisel and/or a battery operated diamond bladed angle grinder. Locations were obtained using a handheld GPS or tablet with samples placed in pre-labelled sample bags. Metal tags with the sample numbers and flagging tape were left at each sample location. Samples were securely transported by field staff to SGS Canada's laboratory in in Radisson, QC for standard sample preparation (code PRP90) which includes drying at 105°C, crush to 90% passing 2mm, riffle split 250 g, and pulverize 85% passing 75 microns. The pulps will then shipped to SGS Canada's laboratory in Burnaby, BC where they were subsequently analyzed for multi-element (including Li and Ta) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). The Company has relied on the internal lab QAQC for the surface sample analysis.

Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled. In addition, assay results from the exploration program have not yet been received and may change the interpretation of exploration results. Management also cautions that discoveries on adjacent properties (i.e., Ninaaskumuwin) may not necessarily be indicative to the presence of mineralization on the Pilipas Property. The Company considers the Pilipas Property to host significant potential for spodumene pegmatite due to its favorable greenstone geological setting, regional faulting, sheer zones and hinge fold, as well as anomalous geochemistry and numerous documented occurrences of tourmaline in white pegmatites.

Qualified Person

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 NI 43-101 on standards of disclosure for mineral projects, who has prepared and reviewed the content of this press release.

Mr. Schmidt has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the data disclosed in this news release.

About the Pilipas Lithium Project

In December 2023, the Company entered into an option agreement with Azimut Exploration Inc. (TSXV: AZM) (OTCQX: AZMTF) to earn 70% interest in the Pilipas Property consisting of 135 claims totaling 7,100 ha 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.

About the Company

Ophir Metals is a diversified mineral exploration company focused on the exploration and development of the Pilipas and Radis Lithium Properties in James Bay, Quebec, and the past-producing Breccia gold property located in Lemhi County, Idaho.

Ophir holds an option to earn a 100-per-cent interest in the Radis property over a three-year period from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Ltd., an option to earn a 70% interest in the Pilipas property over a three-year period from Azimut Exploration Inc. and an option to earn a 100-per-cent interest in the Breccia property.

On behalf of the Board of Directors

"Shawn Westcott"
Ophir Metals Corp.

For further information, please contact:

Shawn Westcott, CEO
Phone 1 (604) 365 6681
swestcott@ophirmetals.com
www.OphirMetals.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" and "forward-looking information" (collectively referred to as "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, that the Property is highly prospective for lithium pegmatite, that the outcrop is open in multiple directions, comparison of the size of the discovery to other discoveries in James Bay, details of the inaugural drill program, the focus on prospective trends, the funding of the drill program, the details of additional analysis of results from the Property, and the details of the planned exploration program on the Property including timeline and planned activities. 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 technical reports, 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.