Intrepid Metals Intersects 105.20 meters of 1.17% Copper (1.42% CuEq) and 48.85 meters of 2.24% Copper (2.58% CuEq) Near Surface in Its Initial Drill Program at its Corral Copper Property in Arizona

Rhea-AI Summary

Intrepid Metals Corp. reports successful drilling results at its Corral Copper Property in Arizona, with high-grade intervals of copper-gold-silver-zinc mineralization. The Company plans to continue drilling to expand mineralized zones and add shareholder value.

Positive

• Successful drilling results at Corral Copper Property confirm economic potential.

• Long runs of robust mineralization and high-grade intervals of copper-gold-silver-zinc reported.

• Planned expansion of mineralized zones to increase shareholder value.

Negative

• Historical drilling results used as a guide, not independently verified.

• No independent investigation of historical sampling or analysis of results undertaken.

• 193.15 meters ("m") of 0.68% Copper ("Cu") and 0.33 grams per ton ("gpt") Gold ("Au") (0.83% Copper Equivalent ("CuEq")¹) from 27.00 to 220.15m in Hole CC24_011 including,
  • 105.20m of 1.17% Cu and 0.55 gpt Au (1.42% CuEq¹)
  • 48.85m of 2.24% Cu and 0.97 gpt Au (2.58% CuEq¹) and
  • 3.90m of 6.80% Cu and 1.02 gpt Au (6.54% CuEq¹).
    
    
• 124.00m of 0.52% Cu and 0.35 gpt Au (0.73% CuEq¹) from 10 to 134.00m in Hole CC24_001 including,
  • 100.35m of 0.57% Cu and 0.41 gpt Au (0.81% CuEq¹) and
  • 4.00m of 2.70% Cu and 0.89 gpt Au (3.06% CuEq¹).
    
    
• 159.65m of 0.57% Cu and 0.22 gpt Au (0.64% CuEq¹) from 28.35 to 188.00m in Hole CC24_012 including,
  • 40.45m of 0.97% Cu and 0.40 gpt Au (1.11% CuEq¹) and
  • 3.85m of 3.34% Cu and 1.54 gpt Au (3.86% CuEq¹).

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2024) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce results from the first 12 diamond drill holes from its initial drill program on the Company's Corral Copper Property ("Corral Copper" or the "Property") in Cochise County, Arizona. The favourable results from the first 12 holes confirm the 3-kilometer-long trend of near surface carbonate replacement ("CRD") and related supergene enrichment oxide copper-gold-silver-zinc mineralization in the Holliday, Earp and Ringo zones, which falls within Intrepid's private property consisting of patented mining claims and additional surface rights. The planned 5,000m diamond drill program is ongoing within the three main mineralized zones on the Property. Highlights from the drill program to date are shown in Tables 1 through 3 below.

"The results from the first 12 drill holes returned long runs of robust CRD style mineralization punctuated by highly attractive high-grade intervals of copper-gold-silver-zinc, which confirms our confidence in the economic potential of the Property," stated Ken Brophy, Chief Executive Officer of the Company. "Additional drilling will be completed at Corral Copper to further confirm historical copper-gold-silver-zinc grade and continuity and to lay the foundation for future exploration drilling designed to expand the Holliday, Earp and Ringo zones along strike and at depth and to identify a possible porphyry copper source for this mineralization."

"The results from the first holes of our initial drill program at Corral Copper reaffirms our belief in the full potential of the Property," says Mark Morabito, Founder and Chair of Intrepid. "We remain confident in the remainder of this drill program and look forward to returning more results to the market in the weeks ahead. In addition, we look forward to leveraging the data gained from the current program to propel the project forward and continue to add shareholder value."

Chris Osterman, geological advisor to the Company, commented, "The quantity and tenor of gold in our intersections sets Corral Copper apart from typical Arizona copper deposits. The economic geology of the Ringo Zone is significant because drilling has yielded tens of meters of massive and semi-massive magnetite and hematite below the copper zones that open new possibilities on the origin of the deposit, as well as providing opportunities to guide future geophysical work and drill targeting."

The Corral Copper 2024 Drill Campaign

Intrepid has completed 18 diamond drill holes totaling approximately 3,300m as part of a planned 5,000m program within its private lands at Corral Copper. Intrepid is drill testing a 3.5 by 1.5 kilometer ("km") copper-gold-silver-zinc mineralized footprint to demonstrate its potential to host economic CRD, skarn, and related porphyry copper mineralization.

Precious and base metal mineralization at Corral Copper is concentrated in structurally controlled northeast dipping siliciclastic and carbonate sedimentary rocks including (oldest to youngest) Cambrian Bolsa Quartzite, upper-Cambrian Abrigo Limestone, Devonian Martín limestone and Mississippian Escabrosa limestone (Figure 1). The most intense mineralization occurs in the Abrigo Limestone (main host) and Bolsa Quartzite, which are intruded locally by a series of Jurassic (and possibly younger) mineralized intrusions including the Star Hill, Copper Bell and Sniveler porphyries, quartz latite sills, and cross-cutting mineralized breccia bodies.

The Corral Copper Property includes the Holliday, Earp and Ringo zones (northwest to southeast; Figure 1), which are related zones of discontinuously outcropping, locally high grade CRD and skarn related mineralization and associated supergene enrichment mineralization that are interpreted to have formed in the distal porphyry copper geological environment. Please refer to footnotes for details regarding assumptions for metal equivalent calculations and true widths.

The Holliday Zone

The Holliday Zone has a near surface mineralized footprint that is defined by historical drilling, favorable Abrigo Limestone (and Bolsa Formation), pre-mineral intrusions, alteration and copper-gold-silver-zinc replacement style mineralization and skarns (and secondary enrichment zones) that are locally high-grade (Figure 1; Tables 1 and 4). The Holliday Zone measures 860m (northwest to southeast) by 260m (southwest to northeast). To date, Intrepid has completed 7 holes in the Holiday Zone for a total of 1,148.59m. Highlight intercepts are included in Table 1 below and all results within Table 4.

Table 1. Highlight composite drill intercepts for the Holliday Zone¹

DRILL HOLE DETAILS				ANALYZED GRADE				ANALYZED METAL EQUIVALENT		DILUTED METAL EQUIVALENT
HOLE	FROM	TO	LENGTH	COPPER	GOLD	SILVER	ZINC	CUEQ	AUEQ	CUEQ	AUEQ
ID	(m)	(m)	(m)	(%)	(ppm)	(ppm)	(%)	(%)	(g/t)	(%)	(g/t)
CC24_001	10.00	134.00	124.00	0.52	0.35	7.58	0.12	0.88	1.20	0.73	1.00
Incl.	10.00	110.35	100.35	0.57	0.41	7.33	0.13	0.98	1.34	0.81	1.11
Incl.	75.00	79.00	4.00	2.70	0.89	33.80	0.07	3.66	5.02	3.06	4.20
CC24_002	5.45	18.65	13.20	0.54	0.02	4.01	0.13	0.62	0.86	0.53	0.72
CC24_003	26.00	114.65	88.65	0.22	0.09	4.44	0.14	0.37	0.51	0.31	0.42
Incl.	26.00	66.00	40.00	0.40	0.09	4.51	0.11	0.53	0.73	0.45	0.61
CC24_004	3.45	65.00	61.55	0.28	0.10	3.42	0.22	0.45	0.61	0.37	0.51
Incl.	16.70	46.30	29.60	0.44	0.15	3.84	0.05	0.59	0.81	0.49	0.68
And	31.95	46.30	14.35	0.53	0.26	6.12	0.03	0.78	1.07	0.65	0.89
CC24_004	82.00	129.90	47.90	0.21	0.28	3.06	0.07	0.45	0.62	0.37	0.51
Incl.	94.50	100.00	5.50	0.76	0.22	5.46	0.18	1.02	1.40	0.86	1.17
CC24_005	42.75	77.55	34.80	0.56	0.14	8.79	0.03	0.75	1.02	0.62	0.86
Incl.	50.25	77.55	27.30	0.71	0.12	8.97	0.04	0.88	1.21	0.74	1.01
CC24_006	10.00	108.00	98.00	0.40	0.22	4.91	0.14	0.65	0.89	0.54	0.74
Incl.	90.00	108.00	18.00	1.34	0.96	11.83	0.32	2.24	3.07	1.86	2.55
CC24_007	98.00	143.80	45.80	0.50	0.37	6.26	0.07	0.85	1.16	0.70	0.96
Incl.	108.95	143.80	34.85	0.62	0.47	7.20	0.07	1.04	1.42	0.86	1.18

 

The Earp Zone

The Earp Zone is located 250m southeast of the Holliday Zone and has a near surface mineralized footprint that is defined by historical drilling, favorable Abrigo Limestone (and Bolsa Formation), pre-mineral intrusions, alteration and copper-gold-silver-zinc replacement style mineralization, skarn, and secondary enriched copper oxide zones that are locally high-grade (Figure 1; Tables 2 and 4). The Earp Zone measures approximately 1,000m (northwest to southeast) by 320m (southwest to northeast). To date, Intrepid has completed 3 holes in the Earp Zone for a total of 383.75m. Highlight intercepts are included in Table 2 below and all results within Table 4.

Table 2. Highlight composite drill intercepts for the Earp Zone¹

DRILL HOLE DETAILS				ANALYZED GRADE				ANALYZED METAL EQUIVALENT		DILUTED METAL EQUIVALENT
HOLE	FROM	TO	LENGTH	COPPER	GOLD	SILVER	ZINC	CUEQ	AUEQ	CUEQ	AUEQ
ID	(m)	(m)	(m)	(%)	(ppm)	(ppm)	(%)	(%)	(g/t)	(%)	(g/t)
CC24_008	36.00	66.00	30.00	0.31	0.05	0.47	0.07	0.38	0.52	0.32	0.43
Incl.	37.30	42.00	4.70	1.08	0.09	0.73	0.08	1.17	1.61	0.99	1.36
CC24_008	124.20	182.00	57.80	0.21	0.01	0.49	0.01	0.22	0.31	0.19	0.26
Incl.	132.00	152.00	20.00	0.33	0.02	0.74	0.02	0.35	0.49	0.30	0.41
CC24_009	3.75	32.50	28.75	0.41	0.04	1.94	0.07	0.48	0.65	0.40	0.55
CC24_010	10.00	112.00	102.00	0.28	0.08	2.13	0.55	0.52	0.72	0.43	0.60
and	12.00	46.65	34.65	0.56	0.14	3.05	0.83	0.94	1.29	0.78	1.07

 

The Ringo Zone

The Ringo Zone is located approximately 350m southeast of the Earp Zone and has a shallow mineralized footprint that is defined by historical drilling, favorable Abrigo Limestone (and Bolsa Formation), pre-mineral intrusions, alteration and copper-gold-silver-zinc replacement style mineralization and secondary enriched copper oxide zones that are locally high-grade (Figure 1; Tables 3 and 4). The Ringo Zone measures approximately 900m (northwest to southeast) by 800m (southwest to northeast). To date, Intrepid has completed 8 holes in the Ringo Zone for a total of 1837.88m. Highlights from the first two holes are included in Table 3 below and full results are within Table 4.

Table 3. Highlight composite drill intercepts for the Ringo Zone¹

DRILL HOLE DETAILS				ANALYZED GRADE				ANALYZED METAL EQUIVALENT		DILUTED METAL EQUIVALENT
HOLE	FROM	TO	LENGTH	COPPER	GOLD	SILVER	ZINC	CUEQ	AUEQ	CUEQ	AUEQ
ID	(m)	(m)	(m)	(%)	(ppm)	(ppm)	(%)	(%)	(g/t)	(%)	(g/t)
CC24_011	27.00	220.15	193.15	0.68	0.33	4.22	0.13	1.00	1.37	0.83	1.14
Incl.	54.00	159.20	105.20	1.17	0.55	6.55	0.23	1.70	2.33

FAQ

What are the highlights of the initial drill program at Corral Copper Property?

The initial drill program reported long runs of robust mineralization and high-grade intervals of copper-gold-silver-zinc.

Where is the Corral Copper Property located?

The Corral Copper Property is located in Cochise County, Arizona.

Who is the Chief Executive Officer of Intrepid Metals Corp.?

The Chief Executive Officer of Intrepid Metals Corp. is Ken Brophy.

What is the stock symbol for Intrepid Metals Corp.?

The stock symbol for Intrepid Metals Corp. is OTCQB: IMTCF.