Ophir Metals Signs LOI for the BlackFyre Magmatic Copper Nickel-Cobalt Project in Quebec
Rhea-AI Summary
Ophir Metals (OTCQB: OPHRF) signed a non-binding LOI on July 15, 2026 to enter an option agreement to acquire a 100% interest in the BlackFyre magmatic Cu-Ni-Co project in Quebec, about 20 km from Glencore’s Raglan Mine and near tidewater access.
The BlackFyre Property totals 366 claims, including 108 under the LOI and 258 staked by Ophir, and is prospective for copper, nickel, cobalt and PGEs within the Watts Group mafic‑ultramafic intrusions. Historical Quebec Geological Survey samples at the Ouiche showing returned up to 2.21% Cu, 1,980 ppm Ni, 407 ppm Co, and at Kangillialuk up to 1,400 ppm Cu and 402 ppm Ni. The area overlaps one of Quebec’s largest coincident 99th percentile lake‑sediment Cu‑Ni‑As‑Co anomalies.
Option terms contemplate total consideration of C$125,000 in cash and 6,000,000 shares over five years plus reimbursement of C$15,768 in claim costs and a 2.0% NSR on certain claims. Completion remains subject to due diligence, a definitive agreement, TSX Venture Exchange approval, and other customary conditions.
Positive
- C$125,000 cash and 6,000,000 shares to earn 100% over 5 years
- 366 mineral claims in Cape Smith Belt, including 108 under LOI
- Historical Ouiche samples up to 2.21% Cu and 1,980 ppm Ni
- Property within large coincident 99th percentile Cu-Ni-As-Co lake-sediment anomaly
- Ophir may accelerate option by prepaying cash and share commitments
Negative
- LOI is non-binding with no certainty a definitive agreement will be completed
- Option payments include issuance of 6,000,000 shares, creating potential dilution
- Ophir must reimburse claim costs of C$15,768 for 108 claims
- Granting a 2.0% NSR adds future royalty burden on certain claims
- Potential one-time 2,000,000-share bonus if drill results meet specified threshold
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2026) - Ophir Metals Corp. (TSXV: OPHR) (OTCQB: OPHRF) (FSE: W0J) ("Ophir" or the "Company") is pleased to announce that it has signed a non-binding letter of intent ("LOI") to enter into an option agreement to acquire
Project Highlights:
Prospective for semi-massive and massive sulfide mineralization
Numerous prospective zones have been documented indicating strong potential for copper, nickel, cobalt, and platinum group elements ("PGEs")1 including the Manniit Cu Zone2 which includes the Ouiche Cu-Ni semi-massive sulphide showing (See Figure 2)
Situated in one of the largest documented coincident 99th percentile leveled lake sediment copper, nickel, and cobalt anomalies in Quebec (See Exploration Model Figures 7-10)
Documented fertility, with layered mafic-ultramafic intrusions of the correct age relationships, overlying a large gravity anomaly, which suggests a Proterozoic mantle plume may be present
"We are excited to expand our portfolio of projects in Quebec with a magmatic copper, nickel, cobalt, PGE sulphide Property that has the potential for major discovery and upside," stated Shawn Westcott, President and CEO of Ophir Metals.
The BlackFyre Property consists of 366 claims, which include 108 claims under the LOI and 258 claims staked directly by the Company. The Property covers portions of the Watts Group and represents a highly prospective exploration opportunity for magmatic (Ni-Cu-Co-PGE) sulphide mineralization. The Company intends to rapidly assess the Property using airborne geophysical techniques as an initial exploration phase (See Figure 1).
Figure 1 - The BlackFyre Project location in relation to Glencore's Raglan Mine and the deep-sea shipping port at Deception Bay
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1BG 2019-04 – Watts Lake - Géologie Québec
2Géologie Québec - Manniit
In 2018, the Quebec Geological Survey mapped and highlighted numerous prospective zones3 on the BlackFyre Property that returned anomalous to high-grade values, including:
- Ouiche Showing - Magmatic Cu-Ni (±Co) in mafic-ultramafic intrusions, hosted in anorthosite-troctolite with rock samples:
2.21% Cu, 1,980 ppm Ni and 407 ppm Co sample 201806768441.72% Cu, 4,690 ppm Ni and 990 ppm Co sample 20180735824 - Kangillialuk showing - Exhalative sulphide mineralization with Cu-Ni-PGE, with rock samples grading up to 1,400 ppm Cu, 402 ppm Ni, and 162 ppb PGE5
3BG 2019-04 – Watts Lake - Géologie Québec
4Géologie Québec - Ouiche
5Géologie Québec - Kangillialuk
Exploration Model
Glencore's nearby Raglan (Ni-Cu-Co-PGE) deposits occur in Kambalda type komatiite flows and sills in the Chukotat Group units. The Watts Group unit has similar mafic-ultramafic compositions, alteration zones and sulphide mineralization that support comparable fertility, however, BlackFyre differs from Raglan in that the geological setting appears to satisfy most of the criteria of a mafic-ultramafic lopolith. Key lopolith criteria being (See Figures 3 and 4):
- Cumulative mafic-ultramafic stratigraphy with chromitite
- Ring-like outcrops and magnetic anomaly
- Central younger cover
- Appropriate scale and age relationships
- Located on the eastern flank of a large gravity anomaly that may represent a Proterozoic mantle plume
- Discontinuous outcrops of the Watts Group, up to 2 km wide, comprised of gabbro, anorthosite, troctolite, peridotite, dunite and minor pyroxenite form a ring like oval about 14 km x 16 km
Known faults coincide with curvilinear magnetic tilt angle lows. Faults may host conduit style massive sulphides or act as feeders for stratiform sulphide bodies hosted with the mafic ultramafic complex (See Figure 6).
Voisey's Bay (Canada), Thompson Nickel Belt (Canada), Noril'sk (Russia), Jinchuan (China), Eagle's Nest (Canada), Nunavik Nickel Project (Canada) are all examples of magmatic sulphide deposits.
Management cautions that discoveries on adjacent properties (i.e., Raglan (Ni-Cu-Co-PGE) Mine which is noted above and in Figure 1) and other global magmatic sulphide deposits listed may not necessarily be indicative of the presence of the mineralization present on the BlackFyre Property.
Figure 2 - Ouiche Showing Mineralized Zone- stockwork of pyrrhotite-chalcopyrite quartz veinlets, underlying the altered (chlorite, sericite, and carbonate) and sheared anorthosite visible in the upper part of the photo
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Figure 3 - Interpreted Conceptual Model Cross-Section
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Figure 4 - Interpreted Cross Section Plotted on Plan View
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Figure 5 - BlackFyre Tenure Over Geology
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Figure 6 - Magnetic Tilt Angle with tenure. Known faults coincide with curvilinear mag lows
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The BlackFyre claims lay within one of the largest documented coincident 99th percentile leveled lake sediment Cu, Ni, As, Co anomalies in Quebec6. (See Figures 7-10 below):
Figure 7 - Claims over Leveled Lake Sediment Arsenic
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Figure 8 - Claims over Lake Sediment Copper
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Figure 9 - Claims Over Leveled Lake Sediment Nickel
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Figure 10 - Claims Over Leveled Lake Sediment Cobalt
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6SIGÉOM - Leveled Lake Sediment Geochemistry, Ministère des Ressources naturelles et des Forêts du Québec. Samples collected 1973-2022 at variable densities (one sample per 1.5 to 14 km²); analytical suites comparable or identical across surveys
BlackFyre Option Terms
Under the terms of the LOI signed July 15th, 2026, Robin Day and DG Resource Management Ltd. (collectively, the "Optionor") will grant Ophir ("Optionee") the option (the "Option") to acquire a
| Year | Cash Payment (Cdn$) | Share Consideration (the "Payment Shares") |
| Closing | 3,000,000 | |
| 1st Anniversary | 750,000 | |
| 2nd Anniversary | 750,000 | |
| 3rd Anniversary | 750,000 | |
| 4th Anniversary | 750,000 | |
| Total Consideration | 6,000,000 Shares |
The Optionee shall also pay the Optionor for 108 claim costs totaling
The LOI is non-binding and completion of the acquisition of the Property remains subject to completion of satisfactory due diligence, the negotiation and execution of a definitive agreement ("Definitive Agreement") that will include representations, warranties, covenants, indemnities, termination rights, and other provisions customary for a transaction of this nature, approval of the TSX Venture Exchange and other customary conditions. There is no certainty that a Definitive Agreement will be entered into or that the acquisition of the Property will be completed.
Disclosure
The technical content of this news release has been reviewed and approved by Kaylyn Niemetz, P. Geo., Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under National Instrument 43-101 and independent of the Company, who has prepared and reviewed the content of this press release.
The historical sample results referenced in this news release were reported by the Quebec Geological Survey (Ministère des Ressources naturelles et des Forêts du Québec) in 2018 and are sourced from the SIGÉOM public database (see notes 3 to 6). These results are historical in nature, and the rock/grab samples referenced are selective by nature and may not be representative of the mineralization hosted on the Property. The Company's qualified person has not performed sufficient work to independently verify these historical results in accordance with National Instrument 43-101, and the Company is not treating them as current or verified. The Company nevertheless believes that they provide a relevant indication of the Property's exploration potential and support the rationale for the Company's proposed exploration program.
About Ophir
Ophir Metals Corp. is a diversified mineral exploration company focused on the exploration and development of the past-producing Breccia Gold Property located in Lemhi County, Idaho and the Pilipas Lithium Property in James Bay, Quebec.
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
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 and include statements in this press release related to the exploration and discovery potential of the Property, the receipt of TSXV approval for the acquisition of the Property, the potential for semi-massive and massive sulfide mineralization, the potential for major discovery and upside, and the Company's future exploration 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: the interpretation of exploration results; execution of the Definitive Agreement for the LOI; TSX Venture Exchange approval of the acquisition of the Property; risks 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308832