Interra Copper announces Encouraging initial results from 12-hole, 2,783 metre diamond drilling program

Rhea-AI Summary

Interra Copper Corp. (CSE: IMCX; OTCQB: IMIMF) reports initial drilling results from the Cathedral Area of its Thane Property in British Columbia. Drill holes TH21-1, TH21-2, and TH21-5 intersected low-grade copper-gold and moderate molybdenum mineralization at various depths. Significant findings include 5.07 meters of 0.14% Copper in TH21-1 and 14.90 meters of 0.17% Copper in TH21-2. The drill program aims to expand mineralization knowledge and confirm geological models. Further results from additional drill holes are forthcoming, indicating promising exploration potential in the area.

Positive

• Initial drilling confirms the presence of low-grade copper-gold and moderate molybdenum mineralization.
• Drill hole TH21-02 revealed up to 14.90 meters of 0.17% Copper.
• Results support the company's ongoing exploration strategy and geological models.

Negative

• Mineralization grades are lower than surface sample grades, indicating potential challenges in expected recoveries.

VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FRA: 3MX) (“Interra” or the “Company”) is pleased to announce initial Drilling Results from the Cathedral Area at its 20,600 hectare Thane Property, located on traditional territory of the Takla and Tsay Keh Dene First Nations in North-Central B.C.

Results are from drill holes TH21-1, TH21-2 and TH21-5, which tested the northern portion of the Cathedral Zone’s IP chargeability anomaly. All three holes intersected indicator low grade copper-gold and moderate grades of molybdenum mineralization. Mineralization styles intersected within the drill holes consists of disseminated, vein and localized semi-massive copper mineralization at shallow to moderate depths within the Cathedral Zone. Localized quartz-chalcopyrite-molybdenum fractures and vein mineralization has also been intersected within the drilling campaign. Significant mineralized intervals include:

TH21-01

• 5.07 meters¹ of 0.14% Copper, or 0.23% CuEq² ;
• 1.0 meter¹ of 0.64% Copper, 0.03 g/t Gold, 1.2 g/t Silver and 1.7 ppm Molybdenum; and
• 1.0 meter¹ of 0.57% Copper, 0.29 g/t Gold, 3.9 g/t Silver and 4.5 ppm Molybdenum;

TH21-02

• 14.90 meters¹ of 0.17% Copper, 0.05 g/t Gold, 0.6 g/t Silver and 16.9 ppm Molybdenum, or 0.36% CuEq² and containing:
• 0.72 meters of 0.89% Copper, 0.31 g/t Gold, 2.5 g/t Silver and 4.8 ppm Molybdenum, or 1.16% CuEq²; and
• 5.50 meters¹ of 0.14% Copper, 0.08 g/t Gold, 1.0 g/t Silver and 13.1 ppm Molybdenum, or 0.31% CuEq² and containing:
• 0.30 meters of 1.41% Copper, 0.98 g/t Gold, 9.3 g/t Silver and 42.7 ppm Molybdenum, or 2.53% CuEq².

TH21-05

• 18.53 meters¹ of 0.09% Copper, 0.05 g/t Gold, 0.7 g/t Silver and 4.1 ppm Molybdenum, or 0.16% CuEq²;
• 2.80 meters¹ of 0.54% Copper, 0.14 g/t Gold, 2.7 g/t Silver and 20.6 ppm Molybdenum, or 0.82% CuEq² and containing:
• 0.64 meters¹ of 1.84% Copper, 0.45 g/t Gold, 9.5 g/t Silver and 73.7 ppm Molybdenum, or 2.83% CuEq²; and
• 1.26 meters¹ of 187.1 ppm Molybdenum, or 1.68% CuEq², containing 0.74 meters¹ of 308.5 ppm Molybdenum, or 2.8% CuEq².

Drilling within the Cathedral Zone was focused on the following;

• To test a 600 square meter IP chargeability high (up to 45 mV/V with a background of 5) within a highly K-spar and albite altered and resistive diorite to monzonite host;
• coincident surface copper-gold outcrop mineralization (ranging from 0.5 to 1.20% copper) within magnetic high and low areas and
• localized increased copper (<900ppm) -gold (<500ppm) -arsenic (<30ppm) soil analysis on four east-west trending and 2 north south trending IP/soil lines.
  

A plan map and cross section of these holes with drill results are included below. See figure 3 for plan view of relevant drill holes, and figures 4 and 5 for section view of the drill holes illustrating the mineralized intercepts.

Interra’s goals at the Cathedral Area in 2021 included;

• confirming and expanding copper and gold mineralization at depth from previous surface exploration programs;
• testing sub-surface chargeability and resistive high targeted areas observed within the 2019 and 2020 IP programs; and
• drilling angled holes across interpreted porphyry related alteration and associated mineralization and structural zones.
  

Our results to date have confirmed;

• porphyry related K-spar and albite alteration and structurally controlled quartz-sulphide vein style mineralization is observed at depth at Cathedral;
• Copper-gold and molybdenum mineralization is coincident with sub-surface high chargeability and K-spar-albite-quartz altered highly resistive areas observed within the 2019 and 2020 IP programs;
• sulphides of pyrite, chalcopyrite and localized chalcocite and bornite occur as quartz-sulphide veins and fractures (See Figure 1) and disseminations (Figure 2), proximal to intrusive contacts, shear structures and within localized magnetite veins and breccias;
• copper and gold mineralization at depth is at reduced grades to samples collected from the surface, which may be due to secondary supergene enrichment of the surface samples;
• mineralization and associated alteration within the reported intervals above are hosted within the Thane Creek diorite (207 and 194Ma) and the Duckling Creek monzonite to syenite (182 and 175Ma) intrusive phases of the Hogem Batholith;
• both sulphides and magnetite are noted to occur within areas of high chargeability and equally within areas of magnetic high and magnetite destructive low areas and
• mineralization within Thane and Duckling Creek suites of rocks may be related to late Mesilinka granitic intrusive phases (135 to 128 Ma).
  

Results from the remaining drill holes within the Cathedral Area are pending and will be released later this month and next.

Chief Executive Officer Jason Nickel states “This drill program represents the first ever drilling at the Cathedral Area and the first significant drilling on the Thane property. We view these as highly encouraging results - targeting the first of five identified highly-prospective bulk-deposit style copper-gold targets on the project, and furthering our thesis that we are in proximity to a potentially larger porphyry system.” 

Figure 1: Quartz-pyrite-chalcopyrite-calcite vein within albite-quartz and fracture selvage K-spar altered Diorite within TH21-02 @ depth of 160.20m, from a 0.90 meter interval grading 0.59%Cu, 0.12g/t Au and 1.99g/t Ag.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9029b7a-0950-4d9a-bf6c-e2be4cce10fc

Figure 2: Vein and disseminated pyrite and chalcopyrite mineralization within K-spar altered monzonite within TH21-02 @ Depth 165.20m, an interval over 0.72m grading 0.89%Cu, 0.31g/t Au and 2.52 g/t Ag.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2933d463-bec2-4d89-a4ee-453a1f901e87

Figure 3: Plan view showing location of Thane Drill holes TH-21-1, TH-21-2 and TH-21-5.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f4e8aa6-882b-4ee7-af0c-ba1a4e2cb8b8

Figure 4: Cross-section view illustrating Cathedral Zone mineralized intercepts hole TH-21-1 and TH-21-2, Thane Project.
https://www.globenewswire.com/NewsRoom/AttachmentNg/82300643-23ac-4db5-a1aa-3db631888514 

Figure 5: Cross-section view illustrating, Cathedral Zone mineralized intercepts hole TH-21-5, Thane.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a19711b-10e3-40fc-954c-73a53860c903

The scientific and technical information disclosed in this news release was reviewed, verified and approved by Christopher O. Naas, P. Geo., COO of Interra Copper Corp, who is a “Qualified Person” as defined in N.I. 43-101 regulations.

ON BEHALF OF INTERRA COPPER CORP.

Jason Nickel, P.Eng.
Chief Executive Officer
Telephone: +1-604-754-7986
Email: CEO@interracopper.com

INVESTOR RELATIONS:

Email: invest@interracopper.com
Telephone: +1-604-588-2110
Website: https://interracopper.com

¹ True widths of the reported mineralized intervals have not been determined.

² Assumptions used in USD for the copper equivalent calculation were metal prices of $3.25/lb. Copper, $1,650/oz Gold, $20/oz Silver, and USD $40/ lb Molybdenum; Recovery is assumed to be 100% / even par given no current metallurgical testing at Thane to date. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.74) + (Silver (g/t) x 0.0090) + (Molybdenum (ppb) x 0.60)

ABOUT INTERRA COPPER CORP.

Interra is a junior exploration and development company focused on creating shareholder value through the advancements of its current assets that include the Thane Property in north-central British Columbia. Utilizing its heavily experienced management team, Interra continues to source and evaluate assets to further generate shareholder value.

The Thane Property covers approximately 206 km² (50,904 acres) and is located in the Quesnel Terrane geological belt of north-central British Columbia, midway between the previously-operated open pit Kemess Mine and the current open pit Mount Milligan mine, both two copper-gold porphyry deposits. The Thane Property includes several highly prospective mineralized areas identified to date, including the ‘Cathedral Area’ on which the Company’s exploration is currently focused.

Forward-Looking Statements: This news release contains certain “forward-looking statements" within the meaning of Canadian securities legislation, relating to further exploration on the Company’s Thane Property, the submission of core samples and receipt of assays thereof. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

 

FAQ

What are the initial drilling results for Interra Copper Corp. (IMIMF) from the Cathedral Area?

The initial drilling results indicate low-grade copper-gold and moderate molybdenum mineralization, with notable intersections such as 5.07 meters of 0.14% Copper.

When will the remaining drill results for Interra Copper Corp. (IMIMF) be released?

The remaining drill hole results from the Cathedral Area are expected to be released later this month and next.

What is the significance of the drilling program at Interra Copper Corp. (IMIMF) Thane Property?

The drilling program is significant as it is the first-ever drilling at the Cathedral Area, aimed at confirming and expanding known mineralization.

How does the drilling program affect the outlook for Interra Copper Corp. (IMIMF)?

The program's positive results may enhance the company's exploration potential, but lower than expected mineralization grades may pose challenges.