Interra Copper Announces Letter of Intent for Rip Copper-Molybdenum Project Earn-In
- Interra obtains a two-stage option to earn up to an 80% ownership interest in the Rip Project over up to an 8-year period.
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 19, 2023) - Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to announce that it has entered into a non-binding letter of intent (the "LOI") with ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest"), to negotiate an
The Rip Project comprises 2,309 ha and is located about 63 km south of Houston and 79 km southwest of Burns Lake in central British Columbia. The Rip Project is situated in Stikine Terrane in a prolific belt of Late Cretaceous (Bulkley Plutonic Suite) porphyry copper-molybdenum (Cu-Mo) deposits, which includes Imperial Metals' Huckleberry Mine, 33 km to the southwest and presently on care and maintenance. In addition to the Huckleberry Mine, the Bulkley porphyry belt includes the Whiting Creek, Poplar, Seel and Ox Cu-Mo (gold-silver) deposits. The fully permitted Rip Project is road accessible from either Houston or Burns Lake.
Rip Project Earn-In Agreement with ArcWest
Under the terms of the LOI, Interra obtains a two-stage option to earn up to an
In the 1st stage, Interra has the option to earn, over a 4-year staged work-schedule, a
The 2nd stage of the earn-in requires Interra to advance the Project to Feasibility Study level in order to obtain an additional
A primary target area is defined by a previously outlined high chargeability zone which is shown in Figure 1.
Figure 1. A large historically delineated IP chargeability high with areas of alteration, as defined from percussion drilling logs, a diamond drill hole, and outcrop, and the extent of strong quartz-sericite-pyrite (QSP) alteration, provide for an immediate target area for exploration and future drilling.
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The first work program funding requirement for a minimum of C
The Rip Project covers the central axis of a 15 by 6 kilometer window of Early Jurassic Hazelton Group volcano-sedimentary rocks intruded by several small stocks of Late Cretaceous Bulkley Plutonic Suite porphyritic granodiorite. Faults bounding this block trend northwesterly and separate the Hazelton Group from surrounding blocks of younger (Late Cretaceous to Eocene) volcanics.
The Rip target was initially advanced by Kennco Explorations between 1975 and 1981. Kennco completed an Induced Polarization survey in 1975 which delineated a significant chargeability high. Although Kennco stated "in the final analysis this area will require an extensive drilling program to determine whether a zone of economic mineralization exists within the sulfide system" (Dorval and Stevenson, 1976), it was tested only by a single, 294 meter-long diamond drill hole (at -45 degree inclination) in 1975. The drill hole intersected intensely quartz-sericite-pyrite (QSP) altered andesite and quartz diorite to a depth of 115 meters where the zone was cut off by a fault. The QSP altered zone above the fault averaged
https://arcwestexploration.com/wp-content/uploads/2023/09/Rip-Sept-2023-TR-JB2.pdf
Interra Director and COO Jason Nickel commented, "The Rip Project fits nicely into our portfolio of BC Copper properties, located in a high profile jurisdiction, and with nearby infrastructure and past producing mines. Partnering with ArcWest on the Initial work programs and our Phase 1 Earn-in, we look forward to uncovering what the present anomalies may discover."
Tyler Ruks, President and CEO of ArcWest commented, "ArcWest views the Rip Project as containing a highly underexplored porphyry copper system and is looking forward to working with Interra to advance the project."
The Proposed Transaction is subject to receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange.
Technical Disclosure/Qualified Person
The scientific and technical information in this press release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PhD, PMP), Principal Geoscientist and Managing Director at Caracle Creek Chile SpA and an independent consultant and Qualified Person as defined in National Instrument 43-101.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its portfolio of highly prospective/early-stage exploration copper assets located in Chile S.A. and British Columbia, Canada.
The Company's portfolio includes three copper projects located the Central Volcanic Zone, within a prolific Chilean Copper belt: Tres Marias and Zenaida in Antofagasta Region, and Pitbull in Tarapaca Region. The Company now holds a significant land package covering an area of 20,050 ha with the projects situated amongst several of the world's largest mines owned by the largest global mining companies including Glencore, Anglo American, Teck Resources and BHP among others. The Company also owns two exploration projects in Northern British Columbia: Thane and Chuck Creek. The Thane Project is located in the Quesnel Terrane of Northern BC and spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
investors@interracoppercorp.com
Forward Looking Information
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration on the Company's Tres Marias Copper Project, and the potential results of exploration work on the project. 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 at www.sedarplus.ca and the Company's website. We seek safe harbor.
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