Intrepid Metals Closes MAN Property Acquisition Completing Its Consolidation Work of an Established Copper and Gold Mineralized Trend in Arizona
NEWS RELEASE
Intrepid Metals Closes MAN Property Acquisition Completing Its Consolidation Work
of an Established Copper and Gold Mineralized Trend in Arizona
MAN Property hosts 80 previous drill holes and 19,449 meters of assay data, within
622 acres of patented mining claims and BLM lode claims
Several high-grade copper and gold intercepts from historic drilling including:
53.03 meters of 1.63% Cu and 1.45 g/t Au in Hole 28_08
72.03 meters of 0.75% Cu, 0.34 g/t Au and 14.47 g/t Ag in Hole 28_01
With the addition of the MAN Property, the Corral Copper Project now contains a 3km
long mineralized trend and totals over 9,600 acres (15 Square miles), including 1,800
acres of patented mining claims and surface rights
December 12, 2023 (TSXV:INTR) (OTCQB:IMTCF)
VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR) (OTCQB:IMTCF)
(“Intrepid” or the “Company” ) is pleased to announce that it has closed the previously announced
option to acquire a 100% interest in the MAN Property (the “Property”) from Mining and Mineral
Opportunity Ltd. (“MMO”) within its Corral Copper Project, in Cochise County, Arizona. The Corral
Copper Project area incudes 50,000 metres (“m”) of historical drilling data, with shallow mineralization
of copper (“Cu”), and gold (“Au”).
The terms of the Agreement give Intrepid the option to acquire a 100% interest in the Property in return
for certain cash and common share (“Share”) payments to MMO. The consideration is as follows and
all dollar values are United States dollars:
Time Period Cash Payments Share Consideration
Closing $200,000 3,500,000 Shares
12 Months $100,000 2,500,000 Shares
24 Months $1,000,000 2,500,000 Shares
36 Months $960,000 3,500,000 Shares
Totals $2,260,000 12,000,000 Shares
In connection with closing, Intrepid has made the initial $200,000 cash payment and issued 3,500,000
Shares to MMO. Intrepid will take over as operator of the Property and will be responsible for future
exploration work and maintaining the Properties in good standing. The common shares issued to MMO
are subject to a four month hold period that expires on April 9, 2024.
“We are very pleased to close this integral acquisition as it completes the consolidation of a 3 km trend
of impressive copper and gold mineralization within our larger Corral Copper Project area,” said Ken
Brophy, CEO of Intrepid. “We are excited to begin to unlock the value within the district as the previous
fragmented land ownership has acted as a barrier to a district scale approach to exploration and
development. We now control over 9,500 acres, with 1,800 acres made up of patented mining claims
and additional surface rights that host the mineralized trend.”
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Figure 1: Plan Map Showing Historical Copper
Values within the 3km Trend
Figure 2: Cross Section through the MAN
Property Highlighting Historical Results
Historical Drilling Highlights from MAN
Copper highlights, as well as corresponding gold
and silver grades from historical drilling include:
- 53.03m of 1.63% Cu and 1.45 grams per
tonne (“g/t”) Au (117.35m to 170.38m) in
Hole 28_08
- 72.03m of 0.75% Cu, 0.34 g/t Au and 14.47
g/t Ag (57.91m to 129.94m) in Hole 28_01
- 74.98m of 0.73% Cu (74.98m to 149. 96m)
in Hole M_35
- 38.70m of 2.14% Cu (98.76m to 137.46m)
in Hole M_01
- 106.68m of 0.65% Cu and 0.34% Au
(109.73m to 216.41m) in Hole 28_09
Note: *Drill intercepts reported from historical drilling. Composite drill intervals where reported were
calculated using 3-meter composites, 3 meters of internal dilution with minimum grades of 0.2% copper.
All intervals are core lengths, and true thicknesses are yet to be determined. No core remains, therefore
Intrepid has been unable to independently verify the results or carry out any independent investigation
of the sampling of the historical exploration work. Intrepid considers these historical drill results relevant,
as the Company will use this data as a guide to plan future drill programs. Intrepid also considers the
data to be reliable for these purposes; however, the Company's future exploration work will include
verification of the data through drilling.
Additional maps and cross-sections for Corral Copper can be found on our website at: Intrepid Metals
Corp - Corral Copper
About Corral Copper
The Corral Copper Project 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 with grades of up to 23%. Production from the Bisbee mining camp is not
necessarily indicative of the mineral potential at the Corral Copper Project.
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 with grades up to 9.2% copper ore.
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
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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.
Intrepid is confident that by combining modern exploration techniques with historical data and with a
clear focus on responsible development, the Corral Copper Project can quickly become an advanced
exploration stage project and move towards feasibility level studies. More details about the Corral
Copper Property and the plans for 2023 will be released soon.
Dr. Chris Osterman, P. Geo, a consultant of the Company, is a Qualified Person ("QP") as defined by
National Instrument 43-101. Dr. Osterman has reviewed and is responsible for the technical information
disclosed in this news release, including the statements with respect to data verification.
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) 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 (TSX-V) 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
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: (i) future exploration plans; (ii) details about potential mineralization; (iii) the exploration potential of
the Corral Copper Property; and (iv) 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, expectations and anticipated impact of the COVID-19 outbreak, 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,
risks related to current global financial conditions, risks related to current global financial conditions and the impact of COVID-19 on the
Company’s business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including
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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.