Mining
Wednesday, February 28th, 2024 4:43 pm EDT
Key Points
• A total of 670 metres from 4 holes has been drilled to date within the ~1km long Holliday Zone
• Drill core from the first 2 holes has been delivered to the lab for analysis
• Initial results are expected in late March or early April
Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) (“Intrepid” or the “Company”) is pleased to announce that 4 drill holes have been completed to date at the Holliday Zone which cover approximately one kilometer of the company’s three kilometer trend of its Corral Copper Property (“Corral” or the “Property“) in Cochise County, Arizona. The 5,000 metre (“m“) diamond drill program is still ongoing and is expected to consist of 23 holes within the 3 main zones of the Property. The Company is also pleased to announce that core from the first 2 holes has been sent to ALS Limited (“ALS“) in Tucson, Arizona and results are expected in late March or early April. Core photos from the first hole can be found below, as well as a map showing drill hole locations.
“We are very pleased that our first drill program is going so well at our Corral Copper Property,” said Ken Brophy, CEO of Intrepid. “The entire team are doing tremendous work as we continue to further understand the geological model and generate new target ideas based on what we see in the field. We are getting great recovery and we have extended two of our holes beyond the planned depth based on visual inspection of the core. I look forward to the initial results in the weeks ahead and remain excited at the prospect of creating lasting value for our shareholders.”
The fifth drill hole is currently underway, and it is expected that two more holes will be drilled at the Holliday Zone (for a total of 7 holes) before heading south to the Earp Zone, where an additional 5 holes are planned. The remaining 11 holes are planned at the Ringo Zone, which is at the southernmost portion of the Property. All three zones form part of a 3-kilometer-long trend of impressive copper and gold mineralization within patented mining claims and additional surface rights. The drill program is expected to verify the fragmented historical results from various previous drill campaigns and extend certain holes that ended in mineralization.
Please refer to the leapfrog model below to see drill hole locations and which holes have been completed. The leapfrog model is derived from drill results that are historical in nature and based on assay information from Skyline Assayers & Laboratories. Intrepid has not yet undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Intrepid considers these historical drill results relevant, as the Company will use this data as a guide to plan future exploration 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.
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.
Image 1: Photo of split core from drill hole CC24_001 (77.00m to 79.90m) showing chloritic magnetite skarn with chalcopyrite observed throughout
To view an enhanced version of Image 1, please visit:
https://images.newsfilecorp.com/files/6187/199572_e2ab3332f4818947_001full.jpg
Image 2: Photo of split core from drill hole CC24_001 (189.40m to 192.15m) showing intensely sulfidized and silicic epidote skarn with probable potassium feldspar alteration
To view an enhanced version of Image 2, please visit:
https://images.newsfilecorp.com/files/6187/199572_e2ab3332f4818947_002full.jpg
Image 3: Leapfrog Model Showing 2024 Drill Program
To view an enhanced version of Image 3, please visit:
https://images.newsfilecorp.com/files/6187/199572_e2ab3332f4818947_003full.jpg
About Corral Copper
The Corral Copper Property 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. 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.
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, 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
