INTREPID METALS HIGHLIGHTS ADDITIONAL HIGH-GRADE SHALLOW MINERALIZATION AT ITS 100% CONTROLLED CORRAL COPPER PROJECT IN ARIZONA

Mining
Wednesday, October 11th, 2023 2:22 pm EDT

Intrepid Metals Corp. is continuing its compilation work and drill planning on its 100-per-cent-controlled Corral copper project, in Cochise county, Arizona, following its recent option agreement to acquire the Man property. The Corral copper project area includes 50,000 metres of historical drilling data, with shallow high-grade mineralization of copper, gold and silver.

“We continue to be impressed with the near-surface, high-grade mineralization within the three-kilometre trend of our 100-per-cent-controlled Corral copper project,” said Ken Brophy, chief executive officer of Intrepid. “Following the recent option agreement to acquire the Man property, we are planning a drill program and intend to use the 22,000 historical assays and corresponding drill logs to guide our drill targeting, which includes the validation of the historical drill results. Most of the three-kilometre mineralized trend occurs within our patented mining claims, which minimizes permit approvals. The Man portion of our property is within Bureau of Land Management (BLM) lands, where Intrepid also controls the surface rights, which is advantageous for permitting. None of the historical drill core is available for the property and new drilling must be completed to confirm the historical records can be relied upon. Intrepid intends to conduct phase I exploration drilling to confirm historical drill intercepts, establish oxidation depths, and test copper, gold and silver grades as well as continuity.”

Additional historical results* from the recently acquired Man property include:

• 53.03m at 1.63 per cent Cu, 1.45g/t Au and 2.38g/t Ag (117.35m to 170.38m) including 7.33 per cent Cu, 10.6 g/t Au over 0.36m (132.62m to 132.98m) in Hole 28_08;
• 72.03m at 0.75 per cent Cu, 0.34 per cent Au and 14.47 g/t Ag (57.91m to 129.94m) including 7.9 per cent Cu, 0.65 g/t Au and 7.39 g/t Ag over 1.53m (88.39m to 89.92m) in Hole 28_01;
• 74.98m at 0.73 per cent Cu (74.98m to 149.96m) including 13 per cent Cu over 1.22m (99.36m to 100.58m) in Hole M_35;
• 106.68m at 0.65 per cent Cu, 0.34 g/t Au and 0.55 g/t Ag (109.73m to 216.41m) including 9.6 per cent Cu, 2.91 g/t Au and 12.67 g/t Ag over 0.34m (121.95m to 122.29m) in Hole 28_09;
• 85.04m at 0.61 per cent Cu, 0.34 g/t Au and 0.34 g/t Ag (119m to 204.83m) including 9.15 per cent Cu, 0.54 g/t Au and 0.68 g/t Ag over 1.52m (162.46m to 163.98m) in Hole 28_13;
• 158.49m at 0.49 per cent Cu, 0.07 g/t Au, 0.96 g/t Ag (64.01m to 222.5m) including 6.25 per cent Cu over 0.61m (101.96m to 102.57m) in Hole 28_20;
• 117.04m at 0.42 per cent Cu, 0.42 g/t Au and 1.4 g/t Ag (79.25m to 196.29m) including 3.42 per cent Cu, 2.39 g/t Au and 28.08 g/t Ag over 1.15m (120.4m to 121.55m) in Hole 28_15;
• 38.7m at 2.14 per cent Cu (98.76m to 137.46m) including 8.33 per cent Cu over 1.22m (125.58m to 126.8m) in Hole M_01;
• 9.45m at 2.81 per cent Cu (36.88m to 46.33m) including 12.7 per cent Cu over 1.07 meters (37.49m to 38.40m) in Hole M_0;
• 80.47m at 0.37 per cent Cu (0.00m to 80.47m) including 19 per cent Cu over 0.46 meters (36.12m to 36.58m) in Hole 28_11.

Note: *Drill intercepts reported from historical drilling. Composite drill intervals where reported were calculated using 3-meter composites, 3 meters of internal dilution with minimum grades of 0.2 per cent copper. All intervals are core lengths, and true thicknesses are yet to be determined. No core remains, therefore Intrepid has been unable to independently verify the results or carry out any independent investigation of the sampling of the historical exploration work. Intrepid considers these historical drill results relevant, as the Company will use this data as a guide to plan future drill programs. Intrepid also considers the data to be reliable for these purposes; however, the Company’s future exploration work will include verification of the data through drilling.

About Corral Copper

The Corral Copper Project is a district scale advanced exploration and development opportunity in Cochise County, Arizona. Corral Copper 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 copper with grades of up to 23 per cent. Production from the Bisbee mining camp is not necessarily indicative of the mineral potential at the Corral Copper Project. The Corral Copper Project is made up of the Cave Creek Property, Man Property, Excelsior Property, and certain other mineral claims which Intrepid either owns, or has the right to acquire under the terms of option agreements.

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 with grades up to 9.2 per cent copper ore. 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.

Intrepid is confident that by combining modern exploration techniques with the historical data it has consolidated, and implementing a clear focus on responsible development, the Corral Copper Project can quickly advance towards feasibility level studies. The drill program and exploration plans disclosed in this press release are subject to Intrepid raising additional financing.

Dr. Chris OsterMan, P. Geo, a consultant of the Company, is a Qualified Person (“QP”) as defined by National Instrument 43-101. Dr. OsterMan has reviewed and is responsible for the technical information disclosed in this news release, including the statements with respect to data verification.

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) 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 (TSX-V) under the symbol “INTR” and on the OTCQB Venture Market under the symbol “IMTCF”.

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