Interrra Copper Announces LOI for Rip Copper-Molybdenum Project Earn-In
CSE: IMCX WWW.INTERRACOPPERCORP.COM
INTERRA COPPER ANNOUNCES LETTER OF INTENT FOR RIP COPPER-MOLYBDENUM
PROJECT EARN-IN
Sept 19, 2023, VANCOUVER, British Columbia–Interra Copper Corp. (CSE: IMCX, OTCQB:
IMIMF, FRA: 3MX)(“Interra” or the “Company”)is pleased to announce that it has entered
into a non-binding letter of intent (the “LOI”)with ArcWest Exploration Inc. (TSX-V: AWX)
(“ArcWest”), to negotiate an 80% earn-inand joint venture agreement on ArcWest’sRip Cu-
Mo Project(“RipProject” or the “Project”), in central British Columbia, a prolific mining region
on Canada’s west coast. A technical presentation for Rip is available for download here.
The Rip Project comprises 2,309 ha and is located about 63 km south of Houston and 79 km
southwest of Burns Lake in central British Columbia. The Rip Project is situated in Stikine
Terrane in a prolific belt of Late Cretaceous (Bulkley Plutonic Suite) porphyry copper-
molybdenum (Cu-Mo) deposits, which includes Imperial Metals’ Huckleberry Mine, 33 km to
the southwest and presently on care and maintenance. In addition to the Huckleberry Mine,
the Bulkley porphyry belt includes the Whiting Creek, Poplar, Seel and Ox Cu-Mo (gold-silver)
deposits. The fully permitted Rip Project is road accessible from either Houston or Burns
Lake.
Rip Project Earn-In Agreement with ArcWest
Under the terms of the LOI, Interra obtains a two-stage option to earn up to an 80%
ownership interest in the Rip Project over up to an 8-year period.
In the 1 st stage, Interra has the option to earn, over a 4-year staged work-schedule, a 60%
share ownership in the Rip by issuing 1,050,000 shares of Interra, completing geological and
exploration expenditures of Cdn $2,000,000, and paying Cdn $100,000 cash to ArcWest, over
a period 4 years and 3 months, until December 31, 2027.
The 2nd stage of the earn-in requires Interra to advance the Project to Feasibility Study level
in order to obtain an additional 20% for a total of 80% ownership, within 4 years of
completing the first tier earn-in, or at the latest December 31, 2031. This 2 nd stage of the
option requires Interra funding C$2 million in work and paying ArcWest C$250,000 per year.
Possible extensions are granted to Interra for 3 additional years until 2033 at the latest, by
continuing these same terms plus an additional C$100,000 per year.
A primary target area is defined by a previously outlined high chargeability zone which is
shown in Figure 1.
Figure 1.A large historically delineated IP chargeability high with areas of alteration, as
defined from percussion drilling logs, a diamond drill hole, and outcrop, and the extent of
strong quartz-sericite-pyrite (QSP) alteration, provide for an immediate target area for
exploration and future drilling.
The first work program funding requirement for a minimum of C$300,000 is set to December
31, 2024. Work will commence this year with 3D topography and satellite-aerial survey of
the entire Project for a committed budget of C$25,000. Further Exploitation work will consist
of geophysics to refine targets for the first stage of drilling, planned for the 2024 or 2025
drilling season.
The Rip Project covers the central axis of a 15 by 6 kilometer window of Early Jurassic
Hazelton Group volcano-sedimentary rocks intruded by several small stocks of Late
Cretaceous Bulkley Plutonic Suite porphyritic granodiorite. Faults bounding this block trend
northwesterly and separate the Hazelton Group from surrounding blocks of younger (Late
Cretaceous to Eocene) volcanics.
The Rip target was initially advanced by Kennco Explorations between 1975 and 1981.
Kennco completed an Induced Polarization survey in 1975 which delineated a significant
chargeability high. Although Kennco stated “in the final analysis this area will require an
extensive drilling program to determine whether a zone of economic mineralization exists
within the sulfide system” (Dorval and Stevenson, 1976), it was tested only by a single, 294
meter-long diamond drill hole (at -45 degree inclination) in 1975. The drill hole intersected
intensely quartz-sericite-pyrite (QSP) altered andesite and quartz diorite to a depth of 115
meters where the zone was cut off by a fault. The QSP altered zone above the fault averaged
0.07% Cu and 0.005% Mo over 70.3 meters (35.3-105.6m). The IP survey was extended in
1980, outlining the 0.8-1.5 by 2.2 kilometer chargeability high, and 36 shallow percussion drill
holes totaling 1763 meters were completed (11 of the drill holes failed to reach bedrock).
Logging of drill cuttings from these percussion holes delineated a zone of QSP alteration
approximately corresponding to the chargeability high. A multi-element analysis of the core
cuttings from 26 of the percussion holes in 1981 outlined a central 0.5 by 1.5 kilometer Cu-
Mo anomaly coring a broad peripheral lead-zinc-arsenic-manganese anomaly, a geochemical
zonation typical of porphyry copper systems. Although most of the Rip property is covered
by glacial deposits, near the core of the Kennco chargeability anomaly a small (50 by 100
meter) area of outcrop and shallow trenches exposes strong multistage porphyry-style
stockwork veining within altered Hazelton volcanics and feldspar-quartz porphyry. Early
magnetite-chalcopyrite-pyrite 'A' veins with white K-feldspar (or albite) halos are cut by later
quartz-chalcopyite-pyrite-molybdenite 'B' veins. Veining accompanies pervasive magnetite-
biotite (potassic) alteration which is variably overprinted by quartz-sericite-pyrite (QSP).
Multistage porphyry-style veining locally reaches strong stockwork density. Limited rock
sampling of these outcrops in 2017-2018 (8 samples), returned 258-1490 parts per million
(ppm) copper, 3-238 ppm molybdenum, 7-69 parts per billion gold, and 0.2-1.5 ppm silver.
Deleterious elements occur at very low levels (e.g., zinc <77 ppm, lead <4 ppm, and arsenic
<5 ppm). Further details of the Rip Cu-Mo Project can be found here:
https://arcwestexploration.com/wp-content/uploads/2023/09/Rip-Sept-2023-TR-
JB2.pdf
Interra Director and COO Jason Nickel commented, “The Rip Project fits nicely into our portfolio
of BC Copper properties, located in a high profile jurisdiction, and with nearby infrastructure and
past producing mines. Partnering with ArcWest on the Initial work programs and our Phase 1
Earn-in, we look forward to uncovering what the present anomalies may discover.”
Tyler Ruks, President and CEO of ArcWest commented, "ArcWest views the Rip Project as
containing a highly underexplored porphyry copper system and is looking forward to working with
Interra to advance the project.”
The Proposed Transaction is subject to receipt of all necessary regulatory approvals including
approval of the TSX Venture Exchange.
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.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and
development of its portfolio of highly prospective/early-stage exploration copper assets
located in Chile S.A. and British Columbia, Canada.
The Company’s portfolioincludes three copper projects located the Central Volcanic Zone,
within a prolific Chilean Copper belt: Tres Marias and Zenaida in Antofagasta Region, and
Pitbull in Tarapaca Region. The Company now holds a significant land package covering an
area of 20,050 hawith the projects situated amongst several of the world’s largest mines
owned by the largest global mining companies including Glencore, Anglo American, Teck
Resources and BHP among others. The Company also owns two exploration projects in
Northern British Columbia: Thane and Chuck Creek. The Thane Project is located in the
Quesnel Terrane of Northern BC and spans over 20,658 ha with 6 high-priority targets
identified demonstrating significant copper and precious metal mineralization.
Interra Copper’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. Interra
Copper is committed to sustainable and responsible business activities in line with industry
best practices, supportive of all stakeholders, including the local communities in which we
operate. The Company's common shares are principally listed on the Canadian Stock
Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our
website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
Forward Looking Information
Forward-Looking Statements: This news release contains certain “forward-looking
statements” within the meaning of Canadian securities legislation, relating to exploration on
the Company’sTres 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 expectations will prove to be correct. Forward-looking statements
are statements that are not historical facts; they are generally, but not always, identified by
the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,”
“aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events
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
statements 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, there can be no assurances that such statements will prove to be accurate
and actual results and future events could differ materially from those anticipated in such
statements. Except to the extent required by applicable 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 unanticipated 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 risk
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.