Mike Fagan,
Editor
March 19, 2024
Intrepid Metals Corp. (TSX-V: INTR)(OTCQB: IMTCF) — currently trading around C$0.74 per share in a rising copper market — has announced the completion of the first four holes from its inaugural drill program at the flagship Corral Copper project in Cochise County, Arizona, with initial results from the first two holes due next month.
The Corral Copper property is located 15 miles east of the historical mining town of Tombstone (hence, the target names of Holliday, Earp, and Ringo) and 22 miles north of the historical Bisbee mining camp, which boasts past production of over 8 billion pounds of copper.
Prior to the start of drilling, Intrepid Metals diligently undertook the task of assembling a comprehensive land package at Corral Copper, successfully bringing together a sprawling expanse that encompasses a 3-km-long trend boasting notable copper and gold mineralization (see below).
The ongoing 5,000-meter drill program at Corral Copper, which is being directed in part by ~50,000 meters of historical drill results, is currently slated for 23 holes across the three main zones of the property with the fifth hole of the program currently in progress.
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The first set of holes are focused on the Holliday Zone, which covers approximately 1 km of the 3-km-long trend stretching across the property.
Intrepid Metals CEO Ken Brophy — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the ongoing drill program at Corral Copper via press release:
“We are very pleased that our first drill program is going so well at our Corral Copper Property. The entire team is 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.”
One thing that really jumps out in that statement is that, based on visual inspection of the drill core, the company has extended the target depth of two of the first four holes. You can take a peek at some of that impressive-looking drill core below and in the company’s 28 February 2024 press release.
As noted, the fifth hole of the planned 23-hole program is underway; the company anticipates completing two more holes (for a total of 7) at the Holliday Zone before mobilizing the drill southward to the Earp Zone where 5 holes are planned. Drilling will then shift to the Ringo Zone where the remaining 11 holes are planned.
Throughout the Phase-1 drilling, the Intrepid Metals team will seek to verify historical results from previous drill campaigns and extend a select number of holes that ended in mineralization.
Additionally, Intrepid Metals is advancing two other high-potential Arizona-based exploration projects: The Tombstone South copper project and the Mesa Well copper project.
Tombstone South
The Tombstone South project is strategically situated just south of the historical Tombstone Mining District in Cochise County. Notably, this location places it a mere 75 km from the Taylor deposit, a site that garnered significant attention when South32 acquired it for US$1.3 billion in 2018.
Historical drilling at the site has unearthed high-grade intersections, adding an extra layer of promise to the project’s potential. Following the successful completion of a large dipole induced polarization (“IP”) ground-based geophysical survey, Intrepid is planning a 3,000-meter drill program at the property.
With drill permits in hand, the primary objective of the forthcoming drill program will be to confirm historic drilling to NI 43-101 standards and to test a newly identified target area.
Mesa Well
The Mesa Well project is situated within Arizona’s prolific Laramide Copper Porphyry Belt. The drill-ready project represents an exciting opportunity within a geological setting known for its copper-rich potential.
Intrepid’s near-term plan for the permitted Mesa Well project will be to conduct an IP survey with the aim of delineating priority drill targets around previously permitted drill pads and, as well, to identify new targets across the drill-ready property.
Intrepid’s multi-pronged approach encompassing Corral Copper, Tombstone South, and Mesa Well signifies a comprehensive exploration strategy designed to tap into the diverse opportunities presented by southeastern Arizona's copper-rich landscape in a climate of rising copper prices.
In fact, copper is now trading above the psychologically important US$4/lb mark for the first time since June of last year and appears poised to move even higher in the coming quarters as demand for the “metal-of-electrification” intensifies in the energy transition.
As promised, our own Gerardo Del Real of Junior Resource Monthly caught up with Interepid Metals CEO Ken Brophy for a closer look at the plans and process for advancing Intrepid’s robust project portfolio through boots-on-the-ground exploration and drilling. Please enjoy!
For more on Vancouver-based Intrepid Metals Corp., please contact the company’s IR department at 702-990-3512 or via email at info@intrepidmetals.com.
Visit the Intrepid Metals corporate website and sign up to receive updates directly from the company here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest