Interra Copper Announces Completion of Its Phase 1 Drilling Program at the Tres Marias Copper Project in Chile
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 1
FORM 7
MONTHLY PROGRESS REPORT
Name of Listed Issuer: Interra Copper Corp. (the “Issuer”)
Trading Symbol: IMCX
Number of Outstanding Listed Securities: 22,345,600 (as at June 30, 2023)
Date: July 5, 2023
This Monthly Progress Report must be po sted before the opening of trading on the fifth trading day of each month.
This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon
the information becoming known to management or to post the forms required by Exchange Policies. If material
information became known and was report ed during the preceding month to which this report relates, this report
should refer to the material information, the news release date and the posting date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management
activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized
to the point that they are "material information" as defined in the Policies. The discussion in this report must be factual,
balanced and non-promotional.
General Instructions
(a) Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be
altered nor should questions be omitted or left unansw ered. The answers to the items must be in narrative
form. State when the answer to any item is negative or not applicable to the Is suer. The title to each item
must precede the answer.
(b) The term “Issuer” includes the Issuer and any of its subsidiaries.
(c) Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General
Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and
operations over the previous month. Where the Issuer was inactive disclose this fact.
The Issuer is a junior exploration and development company focused on creating shareholder value
through the advancement of its portfolio of explo ration assets that include the Tres Marias and
Zenaida projects in the Antofagasta Region of Chile, Pitbull project in the Tarapaca Region of
Chile, and the Thane and Chuck Creek projects in north-central British Columbia, Canada. The
Issuer’s leadership team is comprised of senior mining industry executives who have a wealth of
technical and capital markets experience and a strong track record of discovering, financing,
developing, and operating mining projects on a global scale. The Issuer is committed to sustainable
and responsible business activities in line with industry best practices, supportive of all
stakeholders, including the local communities in which the company operates.
During the month of June 2023, the Issuer actively continued general and corporate operations. In
late May, exploration activities began at the Tr es Marias Copper project in Chile, beginning with
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 2
the mobilization of the drilling company PerfoChile per the press release dated May 24, 2023, and
drilling activities continued throughout June.
On June 27th, the Annual General Meeting of Shareholders was held. Shareholders were asked to
vote on several items of business as described in the Company’s Management Information Circular
dated May 23, 2023 (the “Circular”), and all proposals put forward to the Company’s shareholders
were approved. A total of 3,748,261 Common shar es representing approximately 16.77% of the
Company’s issued and outstanding shares were voted in person or by proxy at the Meeting.
Shareholders fixed the number of directors to be elected at the Meeting at six and elected incumbent
directors Chris Buncic, Rick Gittleman and Jason Nickel as well as new directors Mike Ciricillo,
Dr. Mark Cruise, and Rich Levielle. At the Meeting, shareholders also supported the re-
appointment of D&H Group LLP, Chartered Professional Accountants, as auditor of the Company
for the ensuing year and authorized the directors of the Company to fix the remuneration to be paid
to the auditor. David McAdam and Scott Young ceased to be Directors of the Company. At a
subsequent meeting of the Board of Directors, Paul Robertson was appointed as the Company’s
Chief Financial Officer, and Oliver Foeste ceased to be Chief Financial Officer of the Company.
2. Provide a general overview and discussion of the activities of management.
During the month of June 2023, management continued to support and control the Issuer’s business
activities, advance the assets of the Issuer, and develop the Issuer’s business. The Phase 1 drilling
program continued in June, with details of the plans provided in the April 17, 2023 news release.
These 2023 exploration plans are focused at its Tres Marias Copper Project (the “Project” or “Tres
Marias”) in the Antofagasta region of Chile. Tres Marias is one of three copper projects that the
Issuer acquired in 2021 from Minera Freeport- McMoRan South America Ltda. The Project is
located within the Paleocene Copper Porphyry Be lt, about 30 km west of the mining centre of
Calama and 30 km north of BHP Chile's Spence Mine.
On April 10th, 2023, the Company first announced its 2023 exploration program consisting of a
planned 10,500 m of Reverse-Circulation ("RC") drilling to test several high priority geological
and geophysical anomalies located on the 16,250 ha Project.
Planning of the Phase 1 drill holes in the Western Central and Eastern target areas is based on the
review of all geophysical surveys and interpretations, as well as the interpreted structures (i.e.,
faults), which were interpreted mainly from the MVI MAG sections (Figure 1).
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 3
Figure 1. General view of the Tres Marias Project (blue boundary) showing the three target
areas, planned drill hole collar locations, 3D-IP/GSDAS survey lines (green), and the UAV MAG
survey lines (purple).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/164817_622e594324767a91_002full.jpg
Target Areas
Three target areas (Eastern, Central, and Western targets) were identified using a series of
geophysical surveys, which included the reprocessing of 110 km² of ZTEM airborne survey
completed by Freeport-McMoRan Inc. ("Freeport") in 2013. The results of this geophysical
reprocessing and 3D-inversion were processed using Machine Learning algorithms, with the new
results supporting magnetic and resistivity anomalies in the three target areas.
As follow-up work, detailed magnetic surveys (UAV MAG) on E-W flight lines were completed
over the three target areas: East Target (36 lines, each 6 km long, 100 m spacing, totalling 216
line-km); Central Target (21 lines, each 6 km long, 150 m spacing, totalling 126 line-km; and
West Target (21 lines, each 8 km long, totalling 168 line-km) (Figure 1).
Results of the UAV MAG inversion supported the ZTEM magnetic anomalies located in the three
target areas and based on these results, six 3D-Induced Polarization (3D-IP GSDAS) profiles
were completed: East Target (2 lines, each 4.95 km long, totalling 9.9 line-km); Central Target (1
line, 6 km long, totalling 6 km); and West Target (3 lines, totalling 13.05 line-km) (Figure 1). The
results of the 3D-IP geophysical survey outlined encouraging chargeability and resistivity results
in all three target areas.
Historical Exploration Results
Historical exploration results from the Eastern Target area, which include surface rock samples
and drill holes completed by Freeport (Figure 2), outline anomalies indicative of porphyry copper
deposit ("PCD") mineralization. Intersections from the Freeport drill holes are interpreted as
representing the upper part of a hydrothermally altered system containing Zn-Ag-Pb-Cu
polymetallic mineralization which correspond to the periphery of a possible PCD system. Notable
historical diamond (TMD) and RC (TMRC) drill hole intercepts include TMD-15-02: 2.40 m @
3.1% Cu and 19 ppm Ag (Manto-style mineralization); TMD-15-05: 386.50 m @ 1,162 ppm Zn
and 363 ppm Pb; TMRC-18-01: 4.00 m @ 4.5% Cu and 121.5 ppm Ag (Manto-style
mineralization); TMRC-18-02: 476.00 m @ 662 ppm Zn and 355 ppm Pb, including 34 m (238-
272 m) @ 0.31% Zn and 0.26% Pb. More information can be found from the Company's
Technical Report entitled, "Independent NI 43-101 Technical Report on the Tres Marías Copper
Project," effective February 28, 2023, and can be found on the Company's website HERE.
This drill hole evidence, combined with geophysical and geological interpretations, suggest a
distal base metal front associated with a potential PCD system to the west-southwest of historical
Freeport drilling, with structures such as the Guacate East and Guacate West faults allowing for
the transfer of mineralizing fluids from a deeper intrusive target and into the sedimentary
Quehuita Formation. Additionally, on the surface and west of the alteration zone (close to
historical drill hole TMD-15-01), Type-D veinlets and traces of green copper oxide are observed,
supporting a deeper exploration target to the west.
Phase 1 Exploration Program
The Phase 1 exploration program, comprising 3 RC drill holes, will focus on the Eastern Target
area of the Project, immediately to the west of a previously identified alteration zone and in the
area where Freeport completed diamond (core) and RC drilling (Figure 2).
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 4
Figure 2. Plan view of the Eastern Target area with locations of planned first three priority RC
drill hole collars relative to the two Guacate Faults (east and west) and the previously identified
alteration zone (yellow oval).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/164817_622e594324767a91_003full.jpg
Figures 3 through 5 show the three planned drill holes (23R-001, 23R-002, and 23R-003) overlain
on geophysical plan (Residual TMI) and cross-sections (ZTEM Resistivity, MVI (Magnetic
Vector Inversion), UAV MAG SOM (Self Organizing Map), and 3D-IP Chargeability and
Resistivity).
The objective of 23R-001 (Figure 3) is to test a TMI magnetic low associated with a zone of high
magnetization, coinciding with a strong chargeability anomaly. North-south trending faults are
reflected in the 3D-IP data and another well-delineated E-W fault reflected by the magnetic data.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 5
Figure 3. Tres Marías Project - Profile 7 510 500 mN with planned drill hole 23R-001.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/164817_622e594324767a91_004full.jpg
The objective of 23R-002 (Figure 4) is to test a chargeability high and moderate resistivity
anomaly associated with the Guacate Fault (suggests fault dipping east). The anomalous
geophysical response at the edge could reflect phyllic alteration which is commonly associated
with porphyry copper deposits.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 6
Figure 4. Tres Marías Project - Profile 7 510 000 mN with planned drill hole 23R-002.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/164817_622e594324767a91_005full.jpg
The objective of 23R-003 (Figure 5) is to test a moderate ZTEM resistivity anomaly with weak to
moderate magnetism, associated with what is likely structurally-controlled mineralization along
the N-S Guacate Fault.
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 7
Figure 5. Tres Marías Project - Profile 7 511 000 mN with planned drill hole 23R-003.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/164817_622e594324767a91_006full.jpg
Technical Disclosure/Qualified Person
The scientific and technical information in this press release has been reviewed and approved by
Dr. Scott Jobin-Bevans (P.Geo., PhD, PMP), Principal Geoscientist and Managing Director at
Caracle Creek Chile SpA, and an independent consultant and Qualified Person as defined in
National Instrument 43-101.
Forward-Looking Information
Forward-Looking Statements: This news release contains certain "forward-looking statements"
within the meaning of Canadian securities legisl ation, relating to exploration on the Company's
Tres Marias Copper Project, and the potential results of exploration work on the project. Although
the Company believes that such statements are reasonable, it can give no assurance that such
FORM 7 – MONTHLY PROGRESS REPORT
January 2015
Page 8
expectations will prove to be correct. Forward-l ooking statements are statements that are not
historical facts; they are generally, but not al ways, identified by the wo rds "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,"
"prospective," and similar expressions, or that even ts or conditions "will," "would," "may," "can,"
"could" or "should" occur, or are those statements, which, by their nature, refer to future events.
The Company cautions that forward-looking statem ents are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are made, and they involve a
number of risks and uncertainties. Consequently, th ere can be no assurances that such statements
will prove to be accurate and actual results and fu ture events could differ materially from those
anticipated in such statements. Ex cept to the extent required by ap plicable securities laws and the
policies of the Canadian Securities Exchange, the Company undertakes no obligation to update
these forward-looking statements if management's beliefs, estimates or opinions, or other factors,
should change. Factors that could cause future results to differ materially from those anticipated in
these forward-looking statements include risks associated with mineral exploration operations, the
risk that the Company will encounter unanticipat ed geological factors, the possibility that the
Company may not be able to secure permitting and other governmental clearances necessary to
carry out the Company's exploration plans, the ri sk that the Company will not be able to raise
sufficient funds to carry out its business plans, and the risk of regulatory or legal changes that might
interfere with the Company's business and prospects. The reader is urged to refer to the Company's
reports, publicly available on SEDAR at www.sedar.com and the Company's website. We seek safe
harbor.
In addition, during the month of April 2023, management scheduled the 2023 meeting of
shareholders of the Issuer for June 27, 2023, and, in connection therewith, filed a Notice of Meeting
and Record Date (“NOMARD”). The Issuer’s audited annual consolidated financial statements for
the year ended December 31, 2022, and the related management’s discussion and analysis (together,
the “Annual Filings”) were also filed during Ap ril 2023. The news release, NOMARD and the
Annual Filings can be viewed under the Issuer’s profile on SEDAR (www.sedar.com) and on the
Issuer’s disclosure page on the Canadian Securities Exchange’s website
3. Describe and provide details of any new pr oducts or services developed or offered. For
resource companies, provide details of new drilling, exploration or production programs and
acquisitions of any new properties and attach any mineral or oil and gas or other reports
required under Ontario securities law.
As announced in the Issuer’s press releases date d May 4, 2023 and May 24, 2023, exploration
activities have commenced at the Tres Marias Copper project in Chile. These news releases can be
viewed under the Issuer’s profile on SEDAR (www.sedar.com) and on the Issuer’s disclosure page
on the Canadian Securities Exchange’s website.
4. Describe and provide details of any products or services that were discontinued. For resource
companies, provide details of any drilling, ex ploration or production programs that have
been amended or abandoned.
None to report during the month of June 2023.
5. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates
or third parties including contracts to supply products or services, joint venture agreements
and licensing agreements, etc. State whether the relationship is with a Related Person of the
Issuer and provide details of the relationship.
None to report during the month of June 2023.