Ophir Gold Corp. [TSXV-OPHR; OTCQB-OPHRF; FSE-80M] reported that the TSX Venture Exchange has accepted for filing documentation pertaining to an option agreement dated December 8, 2023, with arm’s-length optionor Azimut Exploration Inc. [TSXV-AZM; OTCQX-AZMTF] to acquire up to an undivided 70% interest in the Pilipas lithium property in the James Bay region of northern Quebec.
Under the terms of the agreement, 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 will form a joint venture that is 70% held by the company and 30% by the optionor.
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 optionor. If, after formation of the joint venture, either party’s interest is diluted below 10%, it will be converted into a 2% net smelter return (NSR) royalty on the property.
Consideration at closing is $20,000 cash and two million common shares; Year 1, $25,000 cash, one million common shares and $400,000 in work expenditures; Year 2, $25,000 cash, one million common shares and $1.6-million in work expenditures; Year 3, $30,000 cash, two million common shares and $2-million in work expenditures; for a total of $100,000 cash, six million common shares and $4-million in work expenditures.
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. The Pilipas Property is a highly prospective environment for lithium-cesium-tantalum (LCT) pegmatites, as well as highly prospective for both gold and copper.
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.
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.
Pilipas is immediately adjacent to the newly discovered 175-metre long by 42-metre wide Ninaaskumuwin spodumene pegmatite immediately to the south.
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. A geophysical (VTEM) survey in 2006 covering most of the Property (630 line-km at a nominal line spacing of 100 metres and 50 line-km at 1,000-metre spacing) and a magnetic survey in 2013 (2,514 line-km with 25-metre spacing and 137 line-km with 500-metre 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).
The Billy-Diamond Highway passes through the center of the property, hydropower flanks the east side of the property which is easily accessible from Radisson and KM 381 Relais Routier.
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