Intrepid Metals Completes Initial Drill Program at Its Corral Copper Property in Arizona

Mining
Tuesday, May 28th, 2024 2:13 pm EDT

Vancouver, British Columbia–(Newsfile Corp. – May 28, 2024) – Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) (“Intrepid” or the “Company”) is pleased to announce its initial drill program on the Company’s Corral Copper Property (“Corral” or the “Property“) in Cochise County, Arizona has been completed on time and on budget. A total of 25 holes were drilled within a 3-kilometer-long trend of near surface carbonate replacement (“CRD“) and related supergene enrichment oxide copper-gold-silver-zinc mineralization.

“Our inaugural drill program at Corral successfully validated our belief in the potential of the property with robust grades of copper and gold, which will guide us for additional drilling,” stated Ken Brophy, Chief Executive Officer of the Company. “We have intersected long intervals of near-surface, high-grade mineralization, reinforcing our confidence in the Property’s potential.”

Intrepid completed 25 diamond drill holes totaling 4,844 meters (“m“) within its private lands at Corral Copper. The drilling successfully tested the Holliday, Earp and Ringo Zones, which together define 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.

Drill results have been received for the first 17 holes to date, with highlights shown below. Results from the remaining 8 holes are expected in the weeks ahead.

• 193.15 meters (“m”) of 0.68% Copper (“Cu”), 0.33 grams per ton (“gpt”) Gold (“Au”) and 4.22 gpt Silver (“Ag”) (0.83% Copper Equivalent (“CuEq”)¹) from 27.00 to 220.15m in Hole CC24_011 including,
  • 105.20m of 1.17% Cu, 0.55 gpt Au and 6.55 gpt Ag (1.42% CuEq¹)
  • 48.85m of 2.24% Cu, 0.97 gpt Au and 11.39 gpt Ag (2.58% CuEq¹) and
  • 3.90m of 6.80% Cu, 1.02 gpt Au and 22.11 gpt Ag (6.54% CuEq¹).
• 198.00m of 0.56% Cu, 0.12 gpt Au and 4.35 gpt Ag (0.68% CuEq¹) from 10.00 to 208.00m in Hole CC24_016 including,
  • 72.20m of 1.28% Cu, 0.08 gpt Au and 3.16 gpt Ag (1.26% CuEq¹)
  • 1.60m of 5.30% Cu, 1.95 gpt Au and 11.20 gpt Ag (5.72% CuEq¹).
• 124.00m of 0.52% Cu, 0.35 gpt Au and 7.58 gpt Ag (0.73% CuEq¹) from 10.00 to 134.00m in Hole CC24_001 including,
  • 100.35m of 0.57% Cu, 0.41 gpt Au and 7.33 gpt Ag (0.81% CuEq¹) and
  • 4.00m of 2.70% Cu, 0.89 gpt Au and 33.80 gpt Ag (3.06% CuEq¹).
• 159.65m of 0.57% Cu, 0.22 gpt Au and 3.21 gpt Ag (0.64% CuEq¹) from 28.35 to 188.00m in Hole CC24_012 including,
  • 40.45m of 0.97% Cu, 0.40 gpt Au and 6.99 gpt Ag (1.11% CuEq¹) and
  • 3.85m of 3.34% Cu, 1.54 gpt Au and 18.19 gpt Ag (3.86% CuEq¹).
• 133.20m of 0.42 Cu, 0.46 gpt Au and 2.22 gpt Ag (0.64% CuEq¹) from 45.85 to 179.05m in Hole CC24_14 including
  • 79.00m of 0.33% Cu, 0.65 gpt Au and 2.70 gpt Ag (0.68% CuEq¹) and
  • 2.35m of 4.71% Cu, 15.84 gpt Au and 39.26 gpt Ag (13.52% CuEq¹).
• 99.45m of 0.54% Cu, 0.27 gpt Au and 3.11 gpt Ag (0.68% CuEq¹) from 60.00 to 159.45m in Hole CC24_013 including,
  • 44.40m of 1.08% Cu, 0.53 gpt Au and 3.57 gpt Ag (1.28% CuEq¹) and
  • 3.30m of 5.08% Cu, 1.86 gpt Au and 19.75 gpt Ag (5.56% CuEq¹).

Hole CC24_16 was prematurely shut down due to drill rods breaking down and ended in robust mineralization. Please refer to Intrepid News Releases dated May 1, 2024 and May 14, 2024 for complete results, along with detailed information on drilling procedures, quality assurance and quality control measures. Please refer to footnotes for details regarding assumptions for metal equivalent calculations and true widths.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, PGeo. 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 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.

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.

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, 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