Intrepid Metals Amends Mesa Well Option Agreement

Rhea-AI Summary

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) has amended its option agreement for the Mesa Well Project in Arizona. The amendment extends the deadline for completing a US$250,000 work commitment from August 24, 2024, to August 24, 2026. In exchange, Intrepid will issue an additional 50,000 common shares to the vendor, Bronco Creek Exploration Inc.

CEO Ken Brophy stated that Mesa Well remains an intriguing project, but the company has recently focused more resources on the Corral Copper project following a successful initial drill program. The Mesa Well Property, covering approximately 6,550 acres, is located in the Laramide Copper Porphyry Belt, about 100 kilometers northeast of Tucson. It is drill-ready and permitted, situated near major copper deposits owned by BHP, Freeport McMoRan, and Asarco.

Positive

• Extension of work commitment deadline provides more flexibility for project development
• Mesa Well project is drill-ready and permitted, reducing potential delays
• Strategic location in the Laramide Copper Porphyry Belt near major copper deposits

Negative

• Delay in completing the required US$250,000 work commitment at Mesa Well
• Issuance of additional shares may lead to dilution for existing shareholders
• Shift in resource allocation away from Mesa Well to Corral Copper project

Vancouver, British Columbia--(Newsfile Corp. - August 23, 2024) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces that it has entered into an agreement to amend the option to purchase agreement dated August 24, 2022 with Bronco Creek Exploration Inc. (the "Vendor") to acquire a 100% interest in the Mesa Wells Project ("Mesa Well" or the "Property") located in Arizona, USA. The amendment provides for an extension to complete the required US$250,000 work commitment that is due August 24, 2024 to August 24, 2026, in exchange for the issuance of an additional 50,000 common shares of Intrepid to the Vendor.

"Mesa Well remains a very intriguing project for the Company and we continue to evaluate our next steps to create shareholder value from this project," said Ken Brophy, CEO of Intrepid. "While we have recently allocated more of our resources to the success from the initial drill program at Corral Copper (see Intrepid News Release dated July 9, 2024), we remain committed to additional work to further refine the approved drill program at Mesa Well."

Mesa Well is located approximately 100 kilometres northeast of the City of Tucson, Arizona, USA, and is road accessible year-round. The Property is situated within the heart of the Laramide Copper Porphyry Belt and is drill-ready and permitted. The Property covers approximately 6,550 acres and is located between BHP's San Manual-Kalamazoo Deposit (50 kilometres to the west), Freeport McMoRan's Safford Deposit (55 kilometres to the east), and Asarco's Ray Deposit (85 kilometres to the northwest).

About Intrepid Metals Corp.

Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, lead, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects, including the Corral Copper Project (a district scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 2018, though mineralization at the Taylor Deposit is not necessarily indicative of the mineral potential at the Tombstone South Project) both of which are located in Cochise County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing, and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit www.intrepidmetals.com.

INTREPID METALS CORP.
On behalf of the Company
"Ken Brophy"
CEO

For further information regarding this news release, please contact:

Ken Brophy, CEO
604-681-8030
info@intrepidmetals.com

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: (i) future exploration plans for the Mesa Wells Project; (ii) timelines to complete exploration expenditures; (iii) details about potential mineralization and exploration targets; (iv) the exploration potential of the Company's mineral properties; and (v) potential future production.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the Company can raise additional financing to continue operations; the results of exploration activities, expectations and anticipated impact of the COVID-19 outbreak, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices, risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the Company's business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220839

FAQ

What changes were made to Intrepid Metals' Mesa Well option agreement?

Intrepid Metals extended the deadline to complete a US$250,000 work commitment from August 24, 2024, to August 24, 2026, in exchange for issuing an additional 50,000 common shares to the vendor.

Where is the Mesa Well project located and what is its significance?

The Mesa Well project is located 100 km northeast of Tucson, Arizona, in the Laramide Copper Porphyry Belt. It covers 6,550 acres and is situated near major copper deposits owned by BHP, Freeport McMoRan, and Asarco.

How has Intrepid Metals (IMTCF) shifted its focus recently?

Intrepid Metals has recently allocated more resources to its Corral Copper project following a successful initial drill program, while maintaining its commitment to further work at Mesa Well.

What is the current status of the Mesa Well project for Intrepid Metals (IMTCF)?

The Mesa Well project is drill-ready and permitted, with Intrepid Metals evaluating next steps to create shareholder value from the project while balancing resources with other projects like Corral Copper.