Ophir Metals has executed a non-binding letter of intent (LoI) to negotiate an option agreement aimed at acquiring full ownership of the BlackFyre magmatic copper‑nickel‑cobalt property in Quebec’s Cape Smith Belt in Canada.

The site sits roughly 20km north-west of Glencore’s Raglan Mine and 20km south of tidewater.

It comprises 366 claims, including 108 claims covered by the LoI and 258 claims directly staked by Ophir Metals.

The area is regarded as having potential for the presence of copper, nickel, cobalt and platinum group elements, with documented zones indicating possible semi-massive and massive sulphide mineralisation.

Ophir Metals plans to begin evaluating the property with airborne geophysical methods.

The site lies within a zone identified by the Quebec Geological Survey with high-level copper, nickel and cobalt anomalies.

Rock samples collected in 2018 from the Ouiche showing included readings of 2.21% copper, 1,980 ppm nickel and 407 ppm cobalt, as well as a second sample at 1.72% copper, 4,690 ppm nickel and 990 ppm cobalt.

The Kangillialuk area provided samples grading up to 1,400 ppm copper, 402 ppm nickel and 162 ppb platinum group elements.

Ophir Metals president and CEO Shawn Westcott said: “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.”

The local geological formations at BlackFyre, such as layered mafic-ultramafic intrusions, have been described as supporting fertile conditions for magmatic sulphide mineralisation.

The property is near known deposits but differs in geological setting, with features indicating a potential mafic-ultramafic lopolith.

Ophir Metals noted that similar deposits have been identified globally though cautioned that mineralisation on adjacent or comparable properties does not necessarily indicate the presence of similar resources at BlackFyre.

The proposed acquisition remains subject to due diligence, negotiation of a definitive agreement, regulatory approval and other customary conditions, and there can be no certainty that the transaction will be completed.