Intrepid Metals Drills 6.22% Cu and 8.83g/t Au (10.71% CuEq) at Its Corral Copper Property in Arizona

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce additional results from its initial drill program on the Company's Corral Copper Property ("Corral" or the "Property") in Cochise County, Arizona. A total of 25 holes were completed at the Ringo, Earp and Holiday zones which define a 3-kilometer-long trend of near surface, locally high-grade copper-gold-silver-zinc mineralization (Figure 1).

Highlights from the most recent drill results include:

  • 91.40 meters ("m") of 0.71% Copper ("Cu"), 0.43 grams per ton ("gpt") Gold ("Au") and 5.99 gpt Silver ("Ag") (0.93% Copper Equivalent ("CuEq")1) in Hole CC24_022; including,
    • 20.95m of 1.37% Cu, 1.39 gpt Au and 5.11 gpt Ag (2.11% CuEq1)
    • 1.55m of 6.22% Cu, 8.83 gpt Au and 11.80 gpt Ag (10.71% CuEq1) and
    • 1.15m of 6.08% Cu, 2.16 gpt Au and 16.90 gpt Ag (6.77% CuEq1).
  • 174.85m of 0.32% Cu, 0.27 gpt Au and 1.82 gpt Ag (0.45% CuEq1) in Hole CC24_019 including,
    • 91.35m of 0.41% Cu, 0.36 gpt Au and 2.27 gpt Ag (0.58% CuEq1)
    • 2.25m of 1.76% Cu, 0.47 gpt Au and 12.46 gpt Ag (1.86% CuEq1) and
    • 6.00m of 1.39% Cu, 0.66 gpt Au and 2.27. gpt Ag (1.58% CuEq1).
  • 88.25m of 0.46% Cu, 0.31 gpt Au and 3.16 gpt Ag (0.60% CuEq1) in Hole CC24_018 including,
    • 28.30m of 0.73% Cu, 0.48 gpt Au and 5.03 gpt Ag (0.94% CuEq1) and
    • 7.55m of 1.14% Cu, 0.81 gpt Au and 6.29 gpt Ag (1.48% CuEq1).

"These shallow and impressive initial results from our inaugural drill program within the private lands at Corral continue to reinforce our confidence in the Property's potential," stated Ken Brophy, Chief Executive Officer of the Company. "Our technical team are integrating all our current data with our understanding of the Property and beginning to consider what our planned phase two drill program should involve later this year."

2024 Corral Copper Diamond Drill Program

Intrepid has completed 25 diamond drill holes (~4805.7m) within the private lands at Corral Copper including 2959.55m at Ringo, 736.40m at Earp and 1109.75m at Holliday (Figure 1; Tables 1 - 4). Drill results have been returned for 22 of 25 drill holes. Results from the remaining 3 holes from the Ringo Zone are expected in the weeks ahead.

Intrepid is drill testing a 3.5 by 1.5 km copper-gold-silver-zinc mineralized footprint to demonstrate the potential to host economic CRD, skarn, and related porphyry copper mineralization (Figure 1). Please refer to Intrepid News Releases dated May 1, 2024 and May 14, 2024 for additional drill results, and detailed information on drilling procedures, quality assurance and quality control measures. Please refer to footnotes for information regarding assumptions for metal equivalent calculations and true widths.

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Photo 1. High-grade massive sulphide replacement style mineralization at the Ringo Zone (CC24-022). The reactive Abrigo Formation contains multiple lenses of high-grade copper-gold (with silver and zinc) massive sulphide.

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The Significance of High-Grade Massive Sulphide Replacement Mineralization

To date, the best examples of skarn and CRD related replacement style massive sulphide mineralization occur at Ringo and are concentrated in the Abrigo Formation (Table 1; Photo 1A - C). Hole CC24-022 cut 6 separate massive sulphide lenses that range in thickness (measured down hole) from 1.00m to 12.35m and contain up to 4.62% Cu (ranging from 0.08%-4.62% Cu) and 5.01 gpt Au (ranging from 0.17 to 5.01 gpt Au; Table 1; Photo 1A - C). The Holiday, Earp and Ringo zones have potential to host bulk tonnage copper-gold-silver-zinc mineralization but also comparatively lower tonnage, high grade copper-gold-silver-zinc mineralization in stacked lenses of high-grade massive sulphide replacement style mineralization at Ringo (hole CC24-022). Examples of deposits in the region that contain similar mineralization include the past producing Christmas Mine which had underground production of 4.5 Mt at 2.00% Cu (1905-1966)2 and the past producing Bisbee Mine with underground production of 53 Mt at 6% Cu (1880-1975)3. Past producing mines within the region are referenced to provide geologic context for Intrepid's property, but this is not necessarily indicative that the Property hosts similar grades or tonnages of mineralization.

Table 1: Massive Sulphide Lenses with Composite Intercepts Cut in CC24-0221

MASSIVE SULPHIDE INTERCEPTS CC24-022
DRILL HOLE DETAILSANALYZED GRADEANALYZED METAL EQUIVALENT DILUTED METAL EQUIVALENT
HOLEFROMTOLENGTHCOPPERGOLDSILVERZINCCUEQAUEQCUEQAUEQ
ID(m)(m)(m)(%)(ppm)(ppm)(%)(%)(gpt)(%)(gpt)
CC24-022120.20121.201.001.161.692.300.312.503.432.062.82
CC24-022124.05128.154.102.995.0111.740.526.909.475.677.78
CC24-022131.20133.452.254.621.3014.650.785.938.134.976.82
CC24-022150.20151.651.450.080.3212.800.080.450.620.360.50
CC24-022157.30166.509.200.540.173.030.020.690.950.580.80
CC24-022190.50202.8512.352.010.2918.520.032.383.272.012.75

 

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Figure 1: Drill plan map showing drill collar locations at the Earp and Ringo Zones of the Corral Copper Project4

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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), 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.

Table 2: New Drill Intercepts for the Ringo Zone1

COMPOSITE INTERCEPTS RINGO ZONE
 DRILL HOLE DETAILS ANALYZED GRADEANALYZED METAL EQUIVALENT DILUTED METAL EQUIVALENT
HOLEFROMTOLENGTHCOPPERGOLDSILVERZINCCUEQAUEQCUEQAUEQ
ID(m)(m)(m)(%)(ppm)(ppm)(%)(%)(gpt)(%)(gpt)
CC24_018222.00310.2588.250.460.313.160.020.720.980.600.82
Incl.227.35272.0044.650.580.413.590.020.911.250.761.04
And227.35255.6528.300.730.485.030.031.131.550.941.29
Or248.10255.657.551.140.816.290.021.782.451.482.04
CC24_01979.15254.00174.850.320.271.820.030.540.740.450.62
Incl.157.30248.6591.350.410.362.270.020.700.960.580.79
And190.50192.752.251.760.4712.460.012.213.031.862.55
And236.00242.006.001.390.662.270.001.892.591.582.17
CC24-022116.60208.0091.400.710.435.990.151.121.540.931.28
Incl.116.60137.5520.951.371.395.110.432.553.502.112.90
And124.05128.154.102.995.0111.740.526.909.475.677.78
And126.60128.151.556.228.8311.800.7812.9917.8210.7114.68
And131.20133.452.254.621.3014.650.785.938.134.976.82
And132.30133.451.156.082.1616.900.938.0811.086.779.28
Incl.190.50208.0017.501.630.2414.820.031.942.661.642.24
And190.50197.507.002.930.4023.840.043.434.702.893.96

 

As part of the initial 2024 drill program, Intrepid has executed 2959.55m of diamond drilling at Ringo, where near-surface copper-gold-sliver-zinc skarn and replacement style mineralization is spatially associated with magnetite and hematite. The Ringo Zone is located at the southern end of a 3km long string of copper-gold-silver-zinc bearing carbonate replacement bodies (Figure 1). The Ringo Zone measures approximately 900m (northwest to southeast) by 800m (southwest to northeast) and contains 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.

Table 3: New Drill Intercepts in the Earp Zone1

COMPOSITE INTERCEPTS RINGO ZONE
DRILL HOLE DETAILSANALYZED GRADEANALYZED METAL EQUIVALENT DILUTED METAL EQUIVALENT
HOLEFROMTOLENGTHCOPPERGOLDSILVERZINCCUEQAUEQCUEQAUEQ
ID(m)(m)(m)(%)(ppm)(ppm)(%)(%)(gpt)(%)(gpt)
CC24_02010.3064.0053.700.460.242.860.240.741.010.610.84
Incl.10.3052.5042.200.550.293.480.250.871.190.720.99
And10.3030.2019.900.820.574.560.481.431.961.181.62
CC24_0214.9076.5071.600.310.102.580.290.490.680.410.56
And4.9040.8535.950.510.152.460.460.791.080.650.90
And17.3540.8523.500.620.233.410.460.951.310.791.09

 

Intrepid has executed 736.4m of diamond drilling at Earp where near-surface copper-gold-sliver-zinc skarn and replacement style oxide and sulphide mineralization is associated with magnetite and hematite. The Earp Zone is situated in the center of a 3km long trend of copper-gold-silver-zinc bearing skarn and replacement bodies (Figure 1). The Earp Zone has been traced for approximately 1000m (northwest to southeast) and contains 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.

Technical Information

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

Table 4: Composite Drill Intercepts CC24-018 to CC24-0221

CC24-018-022 COMPOSITE DRILL INTERCEPTS
DRILL HOLE DETAILSANALYZED GRADEANALYZED METAL EQUIVALENT DILUTED METAL EQUIVALENT
HOLEFROMTOLENGTHCOPPERGOLDSILVERZINCCUEQAUEQCUEQAUEQ
ID(m)(m)(m)(%)(ppm)(ppm)(%)(%)(gpt)(%)(gpt)
HOLLIDAY ZONE







CC24 01829.5551.5021.950.190.020.260.000.210.290.180.25
Incl.45.6048.502.900.540.010.250.000.550.760.470.64
CC24_018222.00310.2588.250.460.313.160.020.720.980.600.82
Incl.227.35272.0044.650.580.413.590.020.911.250.761.04
And227.35255.6528.300.730.485.030.031.131.550.941.29
Or248.10255.657.551.140.816.290.021.782.451.482.04
CC24_01979.15254.00174.850.320.271.820.030.540.740.450.62
Incl.157.30248.6591.350.410.362.270.020.700.960.580.79
And157.30164.206.900.610.721.110.041.161.590.961.32
And161.00164.203.200.911.271.000.031.862.551.532.10
And190.50192.752.251.760.4712.460.012.213.031.862.55
And236.00242.006.001.390.662.270.001.892.591.582.17
CC24-022116.60208.0091.400.710.435.990.151.121.540.931.28
Incl.116.60137.5520.951.371.395.110.432.553.502.112.90
And120.20134.8014.601.801.886.800.383.354.592.773.79
And120.20121.201.001.161.692.300.312.503.432.062.82
And124.05128.154.102.995.0111.740.526.909.475.677.78
And126.60128.151.556.228.8311.800.7812.9917.8210.7114.68
And131.20133.452.254.621.3014.650.785.938.134.976.82
And132.30133.451.156.082.1616.900.938.0811.086.779.28
CC24-022179.20185.356.150.230.155.080.020.390.540.330.45
Incl.190.50208.0017.501.630.2414.820.031.942.661.642.24
And190.50197.507.002.930.4023.840.043.434.702.893.96
And194.70195.751.054.520.6340.600.015.337.304.496.15
EARP ZONE







CC24_02010.3064.0053.700.460.242.860.240.741.010.610.84
Incl.10.3052.5042.200.550.293.480.250.871.190.720.99
And25.0027.152.150.734.4713.800.094.135.673.344.59
And10.3030.2019.900.820.574.560.481.431.961.181.62
CC24-020104.00111.157.150.560.000.250.010.570.780.480.66
And109.65111.151.501.210.010.250.001.221.671.041.42
CC24-0214.90121.00116.100.240.071.760.190.360.490.300.41
Incl.4.9076.5071.600.310.102.580.290.490.680.410.56
And4.9040.8535.950.510.152.460.460.791.080.650.90
And17.3540.8523.500.620.233.410.460.951.310.791.09
CC24-021148.00164.8516.850.310.010.360.000.320.440.270.37

 

Table 5: Drill Hole Location Information for Holes CC24-018 to CC24-0221

HOLEEASTINGNORTHINGELEVATIONAZIMUTHINCLINATIONDEPTHZONE
ID(m)(m)(m)(°)(°)(m)NAME
CC24-019613134351399714290-90267.3RINGO
CC24-02061223335148161489250-45152.1EARP
CC24-02161219935148491492250-45200.55EARP
CC24-022613228351399014260-90249.95RINGO
CC24-0236132383513909142550-65200.25RINGO
CC24-02461330635139681422320-75203.6RINGO
CC24-02561330635139681422140-80200.25RINGO

 

Quality Assurance and Quality Control

Drill core was first reviewed by a geologist, who identified and marked intervals for sampling. The marked sample intervals were then cut in half with a diamond saw; half of the core was left in the core box and the other half was removed, placed in plastic bags, sealed and labeled. Intervals and unique sample numbers are recorded on the drill logs and the samples are sequenced with standards and blanks inserted according to a predefined QA/QC procedure. The samples are maintained under security on site until they are shipped to the analytical lab.

All core samples were sent to ALS Geochemistry (ALS), a division of ALS Global, in Tucson, Arizona, for sample preparation, with pulps sent to the ALS Geochemistry laboratory in Reno, Nevada for analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015 for analytical procedures and is independent of the Company. HQ size core was split and sampled over approximately two metre intervals. Samples were analyzed using: ALS's Fire Assay Fusion method (Au-AA23) with an AA finish for gold and by gravimetric finish (Au-GRA21) for samples assaying greater than 10 ppm (gpt) gold; by a 36-element four acid digest ICP-AES analysis (ME-ICP61) with additional analysis for Ore Grade Cu (Cu-OG62), Ore Grade Zn (Zn-OG62) and Ore Grade Pb (Pb-OG62); and for silver assays above 100 ppm (g/t) by Fire Assay Fusion method with gravimetric finish (Ag-GRA21). ME-ICP61 results were reported in parts per million (ppm), Ore Grade (OG62) results were reported in percent (%). In addition to ALS quality assurance- quality control (QA/QC) protocols, Intrepid implements an internal QA/QC program that includes the insertion of sample blanks, duplicates, and standards, with QA QC control samples comprising approximately 10% of the sample stream

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 copper5. 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, 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 20186, 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

Notes

1 Composite intervals are calculated using length weighted averages based on a combination of lithological breaks and copper, gold, silver and zinc assay values. All intervals reported are core lengths, and true thicknesses are yet to be determined. Mineral resource modeling is required before true thicknesses can be estimated. Analyzed Grade corresponds composite weighted ("composites") averages of laboratory. Metal Equivalent corresponds to undiluted metal equivalent of reported composites and Diluted Metal Equivalent takes into account dilution factors of 85% for copper, and 80% for gold, silver and zinc for reported composites. Metal prices used for the CuEq and AuEQ calculations are in USD based on Ag $22.00/oz, Au $1900/oz, Cu $3.80/lb, Zn $1.15/lb The following equation was used to calculate copper equivalence: CuEq = Copper (%) (85% rec.) + (Gold (g/t) x 0.71)(80% rec.) + (Silver (g/t) x 0.0077)(80% rec.) + (Zinc (%) x 0.28)(80% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (gpt)(80% rec.) + (Copper (%) x 1.4085)(85% rec.) + (Silver (gpt) x 0.0108)(80% rec.) + (Zinc (%) x 0.4188)(80% rec.). Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.
2 Koski, R.A., and Cook, D.S., 1982, Geology of the Christmas porphyry copper deposit, Gila County, Arizona, in Titley, S.R., ed., Advances in geology of the porphyry copper deposits, southwestern North America: Tucson, University of Arizona Press, p. 353-374.
3 Briggs, D.F., 2015, History of the Warren (Bisbee) Mining District. Arizona Geological Survey Contributed Report CR-15-b, 8 p.
4 Data disclosed in this news release includes historical drilling results and information derived from historic drill results, Intrepid Metals has not 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 data relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.
5 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website and on the City of Bisbee website (www.bisbeeaz.gov/2174/Bisbee-History).
6 Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 (South32 completes acquisition of Arizona Mining).

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: the potential of the property; the interpretation of drills results; plans to integrate data; the planned phase two drill program details and timing; the details of 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; details about potential mineralization; expectations for release of additional drill results; the exploration potential of the Corral Copper Property and the Company's other mineral projects; and potential future production.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the Company can raise additional financing to continue operations; the results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices, risk related to unanticipated geological or structural formations and characteristics risks related to current global financial conditions, risks related to current global financial conditions and the impact of any resurgence of COVID-19 on the Company's business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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