Intrepid Metals Completes First 4 Drill Holes at Corral Copper Property in Arizona
NEWS RELEASE
Intrepid Metals Completes First 4 Drill Holes at Corral Copper Property in Arizona
• A total of 670 metres from 4 holes has been drilled to date within the ~1km long
Holliday Zone
• Drill core from the first 2 holes has been delivered to the lab for analysis
• Initial results are expected in late March or early April
February 28, 2024 (TSXV:INTR) (OTCQB:IMTCF)
VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR) (OTCQB:IMTCF)
(“Intrepid” or the “Company”) is pleased to announce that 4 drill holes have been completed to date
at the Holliday Zone which cover approximately one kilometer of the company’s three kilometer trend of
its Corral Copper Property (“Corral” or the “Property”) in Cochise County, Arizona. The 5,000 metre
(“m”) diamond drill program is still ongoing and is expected to consist of 23 holes within the 3 main
zones of the Property. The Company is also pleased to announce that core from the first 2 holes has
been sent to ALS Limited (“ ALS”) in Tucson, Arizona and results are expected in late March or early
April. Core photos from the first hole can be found below, as well as a map showing drill hole locations.
“We are very pleased that our first drill program is going so well at our Corral Copper Property,” said
Ken Brophy, CEO of Intrepid. “The entire team are doing tremendous work a s 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.”
The fifth drill hole is currently underway, and it is expected that two more holes will be drilled at the
Holliday Zone (for a total of 7 holes) before heading south to the Earp Zone, where an additional 5 holes
are planned. The remaining 11 holes are planned at the Ringo Zone, which is at the southernmost
portion of the Property. All three zones form part of a 3 -kilometer-long trend of impressive copper and
gold mineralization within patented mining claims and additional surface rights. The drill program i s
expected to verify the fragmented historical results from various previous drill campaigns and extend
certain holes that ended in mineralization.
Please refer to the leapfrog model below to see drill hole locations and which holes have been
completed. The leapfrog model is derived from drill results that are historical in nature and based on
assay information from Skyline Assayers & Laboratories. Intrepid has not yet 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 drill results relevant,
as the Company will use this data as a guide to plan future exploration 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.
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.
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Image 1: Photo of split core from drill hole
CC24_001 (77.00m to 79.90m) showing
chloritic magnetite skarn with chalcopyrite
observed throughout
Image 2: Photo of split core from drill hole
CC24_001 (189.40m to 192.15m) showing
intensely sulfidized and silicic epidote skarn
with probable potassium feldspar alteration
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Image 3: Leapfrog Model Showing 2024 Drill Program
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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 copper. 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.
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, 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 , 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
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 and drilling plans including the estimated number of drill holes, meterage
and expected commencement date ; (ii) the confirmation of historical results; (iii) the Company’s confidence in the drill program (iv) details
about potential mineralization; (v) the exploration potential of the Corral Copper Property; and (v) 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 cert ain 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
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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 resu lts,
performance or achievements of the Company to be materially different from any future results, performance or achievements ex pressed 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
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 n ot 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.