Ophir Metals Samples 3.47% Li2O at the HW1 Showing at Pilipas, James Bay, Quebec

Vancouver, August 7, 2024 - Ophir Metals Corp. (TSXV: OPHR) (OTCQB: OPHRF) (FSE: 80M) ("Ophir" or the "Company") is pleased to report initial results from multiple spodumene bearing pegmatite dykes discovered during the recently completed surface sampling program on the Pilipas Lithium Property (the "Property" or "Project"), located in the Eeyou Istchee James Bay region, Quebec. The Project is located proximal to existing hydroelectric power that flanks the Property to the east, and an all-season road that crosses the western side of the Property.

Highlights

• Validation of the Highway Showing (HW1), with sixteen (16) spodumene pegmatite grab samples averaging 1.98% Li₂O
  • Fifteen (15) samples returned values greater than 1.0% Li₂O, six (6) of which exceeded 2.3% Li₂O, over a 150 m exposed strike length and 30 m width
  • HW1 Showing remains open to the northwest
• Six (6) spodumene pegmatite grab samples from a mineralized trend, the HW2 Showing, ~500 m south of HW1 returned an average of 1.18% Li₂O, with two samples assaying 1.83% and 1.98% Li₂O
• Four outcrop samples between 1.7 to 7.5 km east of the HW1 Showing assayed between 348 ppm to 604 ppm Ta₂O₅
• Analytical results for 138 samples remain to be received
• Drill planning for a 2,000 meter summer program has been finalized with a rig expected to be mobilized soon

Nathan Schmidt, Geologist/Project Manager of Dahrouge Geological comments: "The first batch of analytical results received from the Pilipas Project to date have exceeded expectations. At the HW1 Showing, assays confirmed the visual estimates of spodumene the team observed over the 150 m strike length of exposure. Both the additional spodumene pegmatite outcrops at the HW2 Showing and the highly anomalous tantalum results to the east, show the property wide potential at Pilipas. We are excited to receive the remaining surface sample assays and test these targets at depth, with the inaugural drill program commencing in early August."

"We are incredibly excited to get the drill rig turning at Pilipas to see the extent of mineralization in three dimensions at the HW1 Showing, particularly along strike where it is completely open to the north-west," comments Shawn Westcott, CEO of Ophir Metals.

The 2024 prospecting, mapping and rock sampling program was completed on June 29^th, with a total of 494 grab samples collected (437 outcrop and 57 boulder). Samples were collected from all encountered pegmatite outcrops and select boulders, regardless of visual mineralization, in addition to several samples collected for their gold potential. To date, results for 356 samples have been received from the lab, including several samples collected from the Highway (HW1) Showing. Assay results remain to be received for 138 surface samples. Sample results from HW1 demonstrate the widespread nature of the mineralization throughout the outcropping area, with 15 of the 19 pegmatite samples collected from the showing exceeding 1.0% Li₂O (Figure 2).

Results for spodumene pegmatite samples collected from the HW2 Showing have also been received, highlighted by two samples with assays of 1.83% and 1.98% Li₂O, and a total of six (6) samples assaying >0.5% Li₂O (Figure 2). Additionally, several Lithium-Cesium-Tantalum ("LCT") pegmatite outcrops have been identified up to 7.5 km east of HW1, with four samples returning >348 ppm up to 604 ppm Ta₂O₅ - the highest tantalum assay received to date on the Property. Tantalum is an excellent pathfinder element for lithium in pegmatites. Collectively, these results indicate the Property wide potential of LCT-mineralized pegmatites.

The Company eagerly awaits the start of its inaugural drill program, scheduled to commence in August 2024, to test the extent and mineralization of the HW1 Showing at depth. The program is fully permitted, with crews anticipated to mobilize in early August. 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 - 2024 rock samples assays (received to date) highlighting newly discovered spodumene pegmatite outcrops. The Ninaaskumuwin Spodumene Pegmatite on Quebec Precious Metals' Elmer East Property (bottom right) is located approximately 3.7 km southeast, on trend of the new discovery. Management cautions that discoveries on adjacent properties (i.e., Ninaaskumuwin) may not necessarily be indicative to the presence of mineralization on the Pilipas Property.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6338/219077_f762d772e47789a5_001full.jpg

Figure 2: HW1 and HW2 Showings analytical results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6338/219077_f762d772e47789a5_002full.jpg

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 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 were 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). A Quality Assurance/Quality Control protocol was incorporated into the program and included the insertion of certified reference material at and silica blanks at a rate of approximately 5 % and 5 %, respectively. SGS Canada is independent of the Company.

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.

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., a registered special authorization holder with Ordre des Géologues du Québec (AS-10512) and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects.

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 verified the data disclosed (or underlying the information disclosed) in this news release by reviewing the assay data; and checking the performance of blank samples and certified reference materials. Mr. Schmidt detected no significant QA/QC issues during review of the data and noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling 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.

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, the details of the planned exploration and drill program on the Property, the strong lithium pegmatite exploration potential on the Property, the strong potential of the Pilipas Property, potential targets on the Property, the interpretation of exploration results, 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 sampling and 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219077