Ophir Metals Corp. has signed a non-binding letter of intent to acquire a 100% interest in the BlackFyre magmatic copper-nickel-cobalt property in Quebec, located approximately 20 km north-west of Glencore's Raglan Mine complex in the Cape Smith Belt region.

The property spans 366 total claims, comprising 108 claims under the letter of intent and 258 claims staked directly by the company. Under the proposed transaction terms, acquiring the property requires total cash consideration of $125,000, the issuance of 6,000,000 shares over a four-year period, and the reimbursement of $15,768 in claim costs for 108 claims. The payment structure starts with $25,000 in cash and 3,000,000 shares at closing, followed by annual payments of $25,000 in cash and 750,000 shares across the first through fourth anniversaries. The agreement also includes a 2.0% Net Smelter Royalty on any mineral claims staked and held by the optionors within an agreed area of mutual interest, alongside a one-time bonus payment of 2 million shares if any future drill hole intercepts 2% copper equivalent over 40 metres on the claims.

Historical mapping by the Quebec Geological Survey in 2018 documented anomalous to high-grade values across the property, including the Ouiche showing, which returned rock samples up to 2.21% copper, 4,690 ppm nickel, and 990 ppm cobalt. The claims also lie within one of the largest documented coincident 99th percentile leveled lake sediment copper, nickel, and cobalt anomalies in Quebec.

“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.

Completion of the acquisition remains conditional upon satisfactory due diligence, the negotiation and execution of a definitive agreement containing customary provisions, and approval from the TSX Venture Exchange. There is no certainty that a definitive agreement will be finalized or that the transaction will be completed.

Ophir Metals plans to execute a definitive agreement and secure TSX Venture Exchange approval for the acquisition of the BlackFyre Property. As an initial exploration phase, the company intends to conduct an initial exploration phase using airborne geophysical techniques on the BlackFyre Property.

Read the full announcement: Ophir Metals Signs LOI for the BlackFyre Magmatic Copper Nickel-Cobalt Project in Quebec