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Ophir Metals Signs LOI for BlackFyre Magmatic Copper Nickel-Cobalt Project in Quebec

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Ophir Metals (OPHR.V) signed a non-binding letter of intent (LOI) with Robin Day and DG Resource Management to enter into an option agreement to buy 100% interest in the BlackFyre magmatic copper-nickel-cobalt property located in Quebec, it said in a statement on Monday.

The mineral exploration company said the BlackFyre property consists of 366 claims, which include 108 claims under the LOI and 258 claims staked directly by Ophir. The company will be able to buy a 100% interest in the property by making certain cash and share payments upon closing and on anniversaries set under the terms of the LOI, totaling C$125,000 in cash and six-million in shares.

Ophir will also pay for 108 claim costs totaling C$15,768.00, the company said in a statement.

Shares of the company were last seen unchanged at C$0.04 on the TSX Venture Exchange.

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