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Intrepid Metals Identifies Several New Drill Targets Following Completion of Exploration Program at Corral Copper Project

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Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) has completed its initial 25 diamond drill hole program (~4805.7m) at the Corral Copper Property in Arizona. The company successfully tested a 3.5 by 1.5 km mineralized footprint, encountering substantial shallow and high-grade mineralization. Following the drill program, Intrepid conducted additional exploration activities, including:

1. Machine learning from a World View III alteration study
2. A ground-based gravity survey
3. 3D inversion of historical VTEM magnetic data
4. Detailed surface mapping

These activities have led to the identification of several new high-priority drill targets. Highlights from recent drilling include intersections of up to 112.95m of 1.50% copper, 0.53 g/t gold, and 8.22 g/t silver. The company is now planning its phase two drill program based on the new data and targets identified.

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ha completato il suo programma iniziale di 25 pozzi di perforazione a diamante (~4805.7m) presso il Corral Copper Property in Arizona. L'azienda ha testato con successo un'area mineralizzata di 3.5 per 1.5 km, riscontrando sostanziali mineralizzazioni superficiali e ad alta grade. Dopo il programma di perforazione, Intrepid ha condotto ulteriori attività di esplorazione, tra cui:

1. Apprendimento automatico da uno studio di alterazione World View III
2. Un'indagine gravitazionale a terra
3. Inversione 3D dei dati magnetici storici VTEM
4. Mappatura dettagliata della superficie

Queste attività hanno portato all'identificazione di diversi nuovi obiettivi di perforazione di alta priorità. I risultati delle recenti perforazioni includono intersezioni di fino a 112,95 m di 1,50% rame, 0,53 g/t oro e 8,22 g/t argento. L'azienda sta ora pianificando il suo programma di perforazione di fase due basato sui nuovi dati e sugli obiettivi identificati.

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ha completado su programa inicial de 25 agujeros de perforación con diamante (~4805.7m) en la Propiedad de Cobre Corral en Arizona. La compañía probó con éxito una huella mineralizada de 3.5 por 1.5 km, encontrando mineralización superficial significativa y de alta ley. Tras el programa de perforación, Intrepid llevó a cabo actividades adicionales de exploración, incluyendo:

1. Aprendizaje automático de un estudio de alteración World View III
2. Un estudio de gravedad terrestre
3. Inversión 3D de datos magnéticos históricos de VTEM
4. Mapeo detallado de la superficie

Estas actividades han llevado a la identificación de varios nuevos objetivos de perforación de alta prioridad. Los aspectos destacados de las perforaciones recientes incluyen intersecciones de hasta 112,95 m de 1,50% de cobre, 0,53 g/t de oro y 8,22 g/t de plata. La compañía ahora está planeando su programa de perforación de fase dos basado en los nuevos datos y objetivos identificados.

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF)가 아리조나의 코럴 구리 자산에서 25개의 다이아몬드 시추 공정 (~4805.7m)를 완료하였습니다. 회사는 3.5 x 1.5km의 광물화된 지역을 성공적으로 테스트하여, 상당한 얕고 고급의 광물을 발견했습니다. 시추 프로그램 이후, Intrepid는 추가적인 탐사 활동을 수행하였으며, 다음과 같은 내용을 포함합니다:

1. World View III 변형 연구를 통한 기계 학습
2. 지상 중력 조사
3. 역사적인 VTEM 자기 데이터의 3D 역전환
4. 상세한 표면 매핑

이러한 활동은 여러 새로운 고우선도 시추 목표의 식별로 이어졌습니다. 최근 시추의 주요 내용으로는 최대 112.95m에서 1.50% 구리, 0.53 g/t 금, 8.22 g/t 은의 교차점이 포함됩니다. 회사는 이제 발견된 새로운 데이터와 목표를 기반으로 2단계 시추 프로그램을 계획하고 있습니다.

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) a achevé son programme initial de 25 trous de forage à diamant (~4805.7m) sur la propriété de cuivre Corral en Arizona. L'entreprise a testé avec succès une empreinte minéralisée de 3,5 km par 1,5 km, rencontrant d'importantes minéralisations superficielles et de haute qualité. Suite au programme de forage, Intrepid a mené des activités d'exploration supplémentaires, notamment :

1. Apprentissage automatique à partir d'une étude de modification World View III
2. Une enquête géologique par gravité
3. Inversion 3D des données magnétiques historiques VTEM
4. Cartographie détaillée de la surface

Ces activités ont conduit à l'identification de plusieurs nouveaux objectifs de forage de haute priorité. Les points saillants des forages récents incluent des intersections allant jusqu'à 112,95 m de 1,50 % de cuivre, 0,53 g/t d'or et 8,22 g/t d'argent. L'entreprise prévoit maintenant son programme de forage de phase deux basé sur les nouvelles données et cibles identifiées.

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) hat sein ursprüngliches Programm von 25 Diamantbohrlöchern (~4805.7m) im Corral Copper Property in Arizona abgeschlossen. Das Unternehmen hat erfolgreich eine mineralisierte Fläche von 3,5 km x 1,5 km getestet und dabei erhebliche flache und hochgradige Mineralisierungen entdeckt. Nach dem Bohrprogramm führte Intrepid zusätzliche Erkundungsmaßnahmen durch, einschließlich:

1. Maschinelles Lernen aus einer World View III-Veränderungsstudie
2. Eine bodengestützte Gravimetrie-Umfrage
3. 3D-Inversion historischer VTEM-Magnetdaten
4. Detaillierte Oberflächenkartierung

Diese Aktivitäten führten zur Identifizierung von mehreren neuen hochpriorisierten Bohrzielen. Die Highlights der jüngsten Bohrungen umfassen Querschnitte von bis zu 112,95 m mit 1,50 % Kupfer, 0,53 g/t Gold und 8,22 g/t Silber. Das Unternehmen plant nun sein Bohrprogramm der Phase zwei auf Grundlage der identifizierten neuen Daten und Ziele.

Positive
  • Successful completion of 25 diamond drill hole program (~4805.7m)
  • Substantial shallow and high-grade mineralization encountered in every hole
  • Identification of several new high-priority drill targets
  • High-grade intersections, including 112.95m of 1.50% Cu, 0.53 g/t Au, and 8.22 g/t Ag
  • Utilization of advanced exploration techniques for target identification
Negative
  • None.

Vancouver, British Columbia--(Newsfile Corp. - October 2, 2024) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to provide an exploration update following the successful completion of its initial drill program at Corral Copper Property ("Corral" or the "Property") in Cochise County, Arizona, including the identification of several new high priority drill targets. Intrepid recently completed a 25 diamond drill hole program (~4805.7m) within the private lands at Corral (see July 9, 2024 News Release). Intrepid successfully tested a 3.5 by 1.5 km copper-gold-silver-zinc mineralized footprint aimed at assessing the potential to host economic carbonate replacement deposits ("CRD"), skarn, and related porphyry copper mineralization and encountered substantial shallow and high-grade mineralization (highlighted below). Please refer to Intrepid News Releases dated May 1, 2024, May 14, 2024, June 19, 2024, and July 9, 2024 for drill results.

Following the completion of the 2024 drill program, the Company has executed several exploration related activities, including utilizing machine learning from a World View III alteration study, a ground-based gravity survey designed to detect copper bearing CRD/Skarn related massive sulphides, and 3D inversion of historical VTEM magnetic data across the Property. During the 2024 drill program, the Company also competed the first detailed surface mapping within the Company's private ground, to further understand the geological architecture and define new drill target areas.

"It has been a busy summer for the Intrepid team on the heels of our successful phase one drill program, whereby we encountered mineralization in every hole we drilled," stated Ken Brophy, President and Chief Operating Officer of Intrepid. "As we advance our understanding of the geological potential within Corral, we are now utilizing modern exploration techniques to guide our planning for our phase two drill program which we anticipate commencing in the months ahead."

Highlights from the recent drilling include:

  • 112.95m of 1.50% copper ("Cu"), 0.53 grams per tonne ("gpt") gold ("Au") and 8.22 gpt Silver ("Ag") (1.66% copper equivalent "CuEq"1) from 68.40 to 181.35m in Hole CC24_023 including,
    63.40m of 2.57% Cu, 0.91 gpt Au and 14.14 gpt Ag (2.83% CuEq
    1) and
    1.40m of 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq
    1)
  • 193.15m of 0.68% Cu and 0.33 gpt Au (0.83% CuEq1) from 27.00 to 220.15m in Hole CC24_011 including,
    105.20m of 1.17% Cu and 0.55 gpt Au (1.42% CuEq
    1)
    48.85m of 2.24% Cu and 0.97 gpt Au (2.58% CuEq
    1) and
    3.90m of 6.80% Cu and 1.02 gpt Au (6.54% CuEq
    1)
  • 124.00m of 0.52% Cu and 0.35 gpt Au (0.73% CuEq1) from 10.00 to 134.00m in Hole CC24_001 including,
    100.35m of 0.57% Cu and 0.41 gpt Au (0.81% CuEq
    1) and
    4.00 m of 2.70% Cu and 0.89 gpt Au (3.06% CuEq
    1)

Exploration Targeting Update

During and after the completion of the 2024 diamond drill program at Corral, Intrepid conducted concurrent geological mapping, 3D geological modeling, ground-based gravity geophysics and a satellite (Worldview3) alteration study. The objective of these initiatives is to utilize the results from these activities to conduct exploration targeting and target ranking of infill and step out drill targets and to identify new (stand alone) exploration drilling targets for future drilling at Corral Copper. The various technical geological and geophysical surveys conducted at Corral will be the subject of upcoming news releases.

Surface Geological Mapping

As part of ongoing copper-gold-silver exploration at Corral, a three-week field mapping campaign was executed designed to 1) validate previous surface geological mapping efforts, 2) determine the structural environment of the zones of known mineralization and the alteration, 3) field review priority geophysical anomalies and 4) identify areas of interest for future exploration outside of the known areas of mined or drill tested mineralization.

3-Dimensional Geological Modeling

A comprehensive 3D lithological, structural and geochemical modeling effort was conducted in Q2/Q3 2024 incorporating new 2024 exploration data, historical drilling data and newly acquired surface mapping data to enhance Intrepid's understanding of the geological architecture of the Holliday, Earp and Ringo zones. This study focused on the 3D distribution of reactive host rocks (Abrigo Formation and felsic intrusions and their contacts), and the relative timing between faults/damage zones and folds which has been leveraged to establish infill and step out drill targets across the three main zones of mineralization at Corral.

Worldview 3 Satellite Alteration Study; Machine Learning

8-Band WorldView3 multispectral imagery (8 VNIR and 8 SWIR bands; 1.24m to 2.70 m GSD resolution) were sourced and processed by ALS Goldspot with the objective of generating exploration targets by highlighting key alteration minerals on the Property and placing them in the context of the Companies existing economic geological framework. ALS Goldspot produced an array of targets including 6 high priority targets and 9 priority 2 targets based on their alteration analysis which leveraged novel machine learning analysis techniques.

Gravity Survey

An orientation gravity survey consisting of 728 gravity stations was completed in Q3 2024 over the Ringo Zone and untested favourable host rocks to the east of Ringo. The survey was conducted to establish the gravity signature of the Ringo Zone and test for base and precious metal enriched semi massive and massive sulphides east of Ringo.2

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, P.Geo. Mr. MacNeil is a Technical Advisor to the Company and is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Mr. MacNeil has verified the 2024 drilling data disclosed in this news release, including the assay and test data underlying the information or opinions contained in this news release. Mr. MacNeil verified the data disclosed (or underlying the information disclosed) in this news release by reviewing imported and sorted assay data; checking the performance of blank samples and certified reference materials; reviewing the variance in field duplicate results; and reviewing grade calculation formulas. Mr. MacNeil detected no significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to in this news release.

Please refer to Intrepid News Releases dated May 1, 2024, May 14, 2024, June 19, 2024, and July 9, 2024 for additional details regarding the QA/QC procedures associated with the drill results and complete tables of the drill results.

About Corral Copper

The Corral Copper Property is a district scale advanced exploration and development opportunity in Cochise County, Arizona. Corral is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historical Bisbee mining camp which has produced more than 8 billion pounds of copper3. Production from the Bisbee mining camp, or within the district as disclosed in the next paragraph, is not necessarily indicative of the mineral potential at Corral.

The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. Intrepid has been able to secure data from various sources which provides a solid foundation in creating geological interpretations and identifying new target areas.

The Corral Copper Property is comprised of the Excelsior Property, the CCCI Properties, the Sara Claim Group and the MAN Property. The Company has completed the acquisition of the Excelsior Property and Sara Claim Group through purchase and sale agreements. The Company has the right to acquire the corporate group that holds the CCCI Properties through an option agreement. The Company has the right to acquire the MAN Property through an option agreement. See the "Commitments" section of the Company's most recently filed Management Discussion and Analysis for further details.

Intrepid is confident that by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral Copper Property can quickly become an advanced exploration stage project and move towards development studies.

About Intrepid Metals Corp.

Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, 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 20184, 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 Engquist"
CEO

For further information regarding this news release, please contact:

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

Notes

1 Composite intervals are calculated using length weighted averages based on a combination of lithological breaks and copper, gold, silver and zinc assay values. All intervals reported are core lengths, and true thicknesses are yet to be determined. Mineral resource modeling is required before true thicknesses can be estimated. Analyzed Grade corresponds composite weighted ("composites") averages of laboratory. Metal Equivalent corresponds to undiluted metal equivalent of reported composites and Diluted Metal Equivalent takes into account dilution factors of 85% for copper, and 80% for gold, silver and zinc for reported composites. Metal prices used for the CuEq and AuEQ calculations are in USD based on Ag $22.00/oz, Au $1900/oz, Cu $3.80/lb, Zn $1.15/lb The following equation was used to calculate copper equivalence: CuEq = Copper (%) (85% rec.) + (Gold (g/t) x 0.71)(80% rec.) + (Silver (g/t) x 0.0077)(80% rec.) + (Zinc (%) x 0.28)(80% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (gpt)(80% rec.) + (Copper (%) x 1.4085)(85% rec.) + (Silver (gpt) x 0.0108)(80% rec.) + (Zinc (%) x 0.4188)(80% rec.). Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.

2 Gravity data were acquired at 50-meter intervals along 23 lines. Station locations and elevations were established using post processed Rapid Static GPS. The precision of derived elevations was evaluated by reoccupation of 38 stations and 38 repeat measurements. The average absolute difference between repeated GPS elevation is 0.01 meters. The precision of derived gravity values was evaluated by reoccupation of 38 stations and 42 repeat measurements. The average absolute difference between repeated gravity measurements is 0.02 milligals. Terrain corrections were computed using a combination of USGS Lidar 1 meter (2020) and SRTM 1 arc-second (30m) terrain data. The Lidar data were re-gridded to 10 meter cells.

3 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website and on the City of Bisbee website (www.bisbeeaz.gov/2174/Bisbee-History).

4 Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 (South32 completes acquisition of Arizona Mining).

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: the potential of the property; the interpretation of drills results; plans to integrate data; the planned phase two drill program details and timing; the details of a 3.5 by 1.5 km copper-gold-silver-zinc mineralized footprint that demonstrates the potential to host economic CRD, skarn, and related porphyry copper mineralization; details about potential mineralization; the exploration potential of the Corral Copper Property and the Company's other mineral projects; and 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, 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, risk related to unanticipated geological or structural formations and characteristics risks related to current global financial conditions, risks related to current global financial conditions and the impact of any resurgence 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/225295

FAQ

What were the results of Intrepid Metals' (IMTCF) recent drill program at Corral Copper?

Intrepid Metals encountered substantial shallow and high-grade mineralization in all 25 drill holes. Highlights include 112.95m of 1.50% copper, 0.53 g/t gold, and 8.22 g/t silver, demonstrating significant mineralization potential at the Corral Copper Property.

How many new drill targets has Intrepid Metals (IMTCF) identified at Corral Copper?

Intrepid Metals has identified several new high-priority drill targets at Corral Copper following the completion of their initial drill program and subsequent exploration activities, including machine learning studies and geophysical surveys.

What exploration techniques is Intrepid Metals (IMTCF) using at Corral Copper?

Intrepid Metals is using advanced exploration techniques at Corral Copper, including machine learning from a World View III alteration study, ground-based gravity surveys, 3D inversion of historical VTEM magnetic data, and detailed surface mapping to guide their future drilling plans.

When does Intrepid Metals (IMTCF) plan to start its phase two drill program at Corral Copper?

Intrepid Metals anticipates commencing its phase two drill program at Corral Copper in the months ahead, based on the new data and targets identified from their recent exploration activities.

INTREPID METALS CORP

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