Intrepid Metals Highlights Consistent Drill Results While Underscoring District-Scale Porphyry Potential at Corral Copper
NEWS RELEASE
Intrepid Metals Highlights Consistent Drill Results While Underscoring
District-Scale Porphyry Potential at Corral Copper
- 85.50m (from 69.50m to 154.55m) of 0.70% Copper Equivalent1 (“CuEq”) including
56.50m of 0.92 % CuEq1 and 12.85m of 3.16% CuEq1 and an additional
55.55m (from 155.45m to 211.00m) of 0.37% CuEq1 in hole CC25_038
-
September 23, 2025 (TSXV:INTR) (OTCQB:IMTCF)
VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR) (OTCQB:IMTCF) (“Intrepid”
or the “Company”) is pleased to provide assay results from two additional diamond drill holes from the
Ringo Zone, part of the ongoing 2025 drill campaign at the Company’s Flagship Corral Copper Property
(“Corral” or the “ Property”) in Cochise County, Arizona (see Figure 1 below) . To date, Intrepid has
competed nineteen drill holes (5344.20 meters (“m”)) across the Ringo, Earp and Holliday zones, with a
twentieth hole currently underway.
“These new results highlight the momentum we’re building at Corral and continue to provide compelling
evidence for a significant porphyry system underlying the near -surface mineralization, further enhancing
the potential scale of the pro perty,” said Mark Morabito, Chairman and CEO of Intrepid Metals. “ The
continuity and strength of mineralization we are encountering underscores the potential for a large,
scalable deposit in one of the most attractive copper jurisdictions in the U.S. Each round of drilling not
only increases our confidence in the geological model but also positions Int repid to unlock substantial
value for shareholders. With the industry interest in the Property increasing, we believe that Corral is
rapidly emerging as a district -scale opportunity capable of attracting strategic attention while cementing
our role as a leading player in the Southwest copper space.”
Highlights from Holes CC25_038 and CC25_039:
CC25_0382:
- 85.05 m of 0.48% Copper (“Cu”), 0.28 grams per ton (“gpt”) Gold (“Au”) and 4.33 gpt Silver
(“Ag”) (0.70% Copper Equivalent (“CuEq”)1) including,
o 56.50m of 0.63% Cu, 0.36 gpt Au and 4.98 gpt Ag (0.92% CuEq1) including
o 12.85m of 2.33 % Cu, 1.02 gpt Au and 11.89 gpt Ag (3.16% CuEq1).
- 55.55 m of 0.23% Cu, 0.15 gpt Au and 5.44 gpt Ag (0.37% CuEq1) including,
o 4.95m of 1.32% Cu, 0.36 gpt Au and 6.64 gpt Ag (1.42% CuEq1).
CC25_0393:
- 147.50 m of 0.23% Cu, 0.15 gpt Au and 3.01 gpt Ag (0.32% CuEq1) including,
o 21.70m of 0.41% Cu, 0.15 gpt Au and 2.16 gpt Ag (0.45% CuEq1) and
o 32.60m of 0.45 % Cu, 0.26 gpt Au and 6.45 gpt Ag (0.59% CuEq1) including,
o 20.50m of 0.61% Cu, 0.32 gpt Au and 7.42 gpt Ag (0.77% CuEq1).
Confirmed Porphyry Copper-Gold Potential at Corral Copper
Carbonate replacement (“CRD”) style copper -gold-silver-zinc mineralization is the dominant form of
mineralization across the Ringo, Earp and Hol liday zones at Corral . The Intrepid technical team has
Page 2 of 7
recognized porphyry-style alteration and mineralization features internal to this broad CRD footprint
including porphyry veins (quartz-magnetite veins, porphyry D-Veins, A-Veins and B-Veins; Figure 2) and
high-temperature potassic alteration (potassium feldspar vein selvages and secondary biotite) and
hydrothermal breccias. These higher temperature domains indicate that CRD mineralization is locally
transitional to porphyry copper styles, demonstrating that the Corral Copper Property has potential for
previously unrecognized bulk-tonnage porphyry copper-gold discoveries. This is significant because the
directly analogous Bisbee Mining Camp contains similar host rocks, alteration styles as well as genetically
and spatially linked CRD ( historic production from Copper Queen; 53Mt @ 6% Copper 4) and porphyry
(historic production from Lavender Pit; 223Mt at 0.63% Cu 4) deposits. Ongoing exploration at Corral,
including diamond drilling, surface mapping, sampling, and prospecting coupled with various (new ground
gravity) and historical geophysics (airborne ZTEM, VTEM and magnetic surveys) has identified several
magmatic-hydrothermal centers on the Property. All of these new targets have previously unrecognized
potential to host porphyry copper-gold mineralization and represent significant upside exploration potential
for the project.
The Ringo Zone is located at the southern end of a 3 .5km long trend of copper-gold-silver-zinc bearing
carbonate replacement bodies. The Ringo Zone measures approximately 900m (northwest to southeast)
by 800m (southwest to northe ast) and contains favorable Abrigo and Escabrosa carbonate units, pre-
mineral intrusions, alteration and high-grade copper-gold-silver-zinc replacement style mineralization and
secondary enriched copper oxide zones.
Technical Information
All scientific and technical information in this news release has been reviewed and 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 (including previously released Intrepid data 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 t he 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.
As it relates to adjacent properties disclosed in this news release, Mr. MacNeil has been unable to verify
the information and that the information is not necessarily indicative to the mineralization on the Corral
Copper Property.
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Figure 1: Drill plan map from the Ringo Zone at Corral Copper
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Figure 2. Examples of porphyry alteration style and veins at Corral Copper including A) quartz vein
stockwork, B) porphyry style B-vein containing banded grey domains, C) quartz-magnetite veins in Bolsa
quartzite, D) porphyry style D-Vein stockwork in quartz-sericite altered intrusive and E) silicified-clast
heterolithic hydrothermal cement breccia.
Table 1: Drill Intercepts for the Ringo Zone1
CC25_038 & CC25_039 COMPOSITE INTERCEPTS
DRILL HOLE DETAILS ANALYZED GRADE
DILUTED METAL
EQUIVALENT1
DRILL HOLE FROM TO LENGTH COPPER GOLD SILVER ZINC CUEQ AUEQ
ID (m) (m) (m) (%) (ppm) (ppm) (%) (%) (ppm)
CC25_0384 22.10 28.50 6.40 0.03 0.10 1.15 0.01 0.10 0.13
40.00 66.50 26.50 0.15 0.04 0.48 0.00 0.16 0.20
69.50 154.55 85.05 0.48 0.28 4.33 0.33 0.70 0.90
Incl. 72.50 129.00 56.50 0.63 0.36 4.98 0.47 0.92 1.18
And 106.00 118.85 12.85 2.33 1.02 11.89 1.81 3.16 4.08
Incl. 139.20 139.90 0.70 4.42 0.64 68.30 1.10 4.39 6.36
CC25_0384 155.45 211.00 55.55 0.23 0.15 5.44 0.17 0.37 0.48
Incl. 157.85 176.45 18.60 0.55 0.27 3.77 0.07 0.68 0.88
And 171.50 176.45 4.95 1.32 0.36 6.64 0.11 1.42 1.83
226.60 228.00 1.40 0.04 0.06 2.30 0.04 0.10 0.13
233.45 237.00 3.55 0.18 0.09 3.47 0.14 0.27 0.35
250.00 251.50 1.50 0.01 0.03 1.50 0.30 0.12 0.15
254.50 257.80 3.30 0.03 0.09 3.74 0.05 0.12 0.16
CC25_0395 14.50 16.00 1.50 0.02 0.08 2.40 0.00 0.08 0.11
22.00 23.10 1.10 0.04 0.08 2.70 0.00 0.10 0.14
26.65 70.60 43.95 0.14 0.04 1.21 0.01 0.15 0.21
Incl. 32.40 50.60 18.20 0.23 0.06 1.56 0.02 0.24 0.33
73.00 220.50 147.50 0.23 0.15 3.01 0.06 0.32 0.43
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Incl. 78.70 100.40 21.70 0.41 0.15 2.16 0.01 0.45 0.61
Incl. 124.05 203.30 79.25 0.26 0.21 4.59 0.10 0.40 0.55
And 124.05 161.50 37.45 0.16 0.21 3.48 0.11 0.31 0.42
And 170.70 203.30 32.60 0.45 0.26 6.45 0.04 0.59 0.81
And 179.50 200.00 20.50 0.61 0.32 7.42 0.03 0.77 1.05
226.55 241.00 14.45 0.12 0.05 3.22 0.07 0.17 0.24
Table 2: Drill Hole Location Information for Holes CC25-026 through CC25_045
DRILL START END EASTING NORTHING ELEVATION AZIMUTH INCLINATION DEPTH
HOLE DATE DATE (m) (m) (m) (°) (°) (m)
CC25_026 2025-04-28 2025-05-03 613245 3514003 1424 0 -90 234.4
CC25_027 2025-05-04 2025-05-08 613265 3514017 1423 0 -90 224.65
CC25_028 2025-05-09 2025-05-16 613267 3513936 1420 0 -90 240.8
CC25_029 2025-05-17 2025-05-23 613353 3513985 1415 225 -60 305.1
CC25_030 2025-05-24 2025-05-30 613219 3513900 1423 0 -90 270.7
CC25_031 2025-05-31 2025-06-06 611891 3515918 1501 235 -40 320.65
CC25_032 2025-06-07 2025-06-12 612028 3515934 1472 0 -90 313.05
CC25_033 2025-06-12 2025-06-17 612135 3515757 1485 235 -80 230.1
CC25_034 2025-06-18 2025-06-22 612169 3514840 1495 250 -45 204.2
CC25_035 2025-06-22 2025-06-29 612258 3514776 1494 245 -50 249.95
CC25_036 2025-06-30 2025-07-06 612177 3514898 1497 250 -50 219.6
CC25_037 2025-07-07 2025-07-18 613050 3514029 1435 0 -90 334.65
CC25_038 2025-07-19 2025-07-29 613337 3513870 1422 0 -90 282.55
CC25_039 2025-07-30 2025-08-09 613276 3513906 1420 0 -90 255.75
CC25_040 2025-08-10 2025-08-22 613341 3513664 1438 0 -90 331.30
CC25_041 2025-08-23 2025-08-27 613099 3513981 1428 0 -90 310.00
CC25_042 2025-08-28 2025-09-02 613188 3513970 1425 0 -90 274.90
CC25_043 2025-09-03 2025-09-10 613305 3514040 1420 0 -90 212.15
CC25_044 2025-09-11 2025-09-15 613156 3513936 1425 0 -90 290.15
CC25_045* 2025-09-15 614067 3513972 1411 215 -70
*Hole in progress at time of news release
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 Standar ds 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 High Grade Cu (Cu-OG62), High Grade Zn (Zn-OG62) and High 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), High Grade (OG62) results were reported in percent (%).
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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, located near historical mining areas, is an advanced exploration and
development opportunity in Cochise County, Arizona. Corral is located 15 miles east of the famous mining
town of Tombstone and 22 miles north of the historic Bisbee mining camp which has produced more than
8 billion pounds of copper4. 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. There is over 50,000m of
historical drilling at Corral mainly centered on the Ringo, Earp and Holliday Zones and although this core
has been destroyed, Intrepid has a historical digital drill hole archive database which the Company uses
for the purposes of exploration targeting and drill hole planning. Intrepid, through ongoing exploration
drilling and surface geological mapping, sampling and prospecting is increasing confidence in the validity
of this data.
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 histori cal
Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B
in 20185, 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
“Mark Morabito”
Chairman & CEO
For further information regarding this news release, please contact:
Mark Morabito, Chairman & CEO
604-681-8030
Page 7 of 7
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 according to a 0.10% CuEq (see below) cutoff and include a maximum of 10 meters of internal
dilution. All intervals reported are down hole core lengths, and true thicknesses have yet to be determined. Mineral resourc e
modeling is required before true thicknesses can be estimated. Analyzed Grade corresponds composite weighted (“composites”)
averages of laboratory analyses. Metal Equivalent assumes estimated recovery factors including 85% recovery for copper, and
80% recovery for gold, silver and zinc for reported composite intervals. Metal prices used for the CuEq and AuEq calculation s
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 Drill hole CC25_038 contained two intervals where samples could not be obtained due to loss of recovery during drilling. These
intervals occur from 1 67.50-169.75m (2.25m) and 269.75-270.35m (0.60m). The interval 167.50-169.75 occurs internal to a
mineralized core run and has been included in composite calculations but assigned zero assay values for copper, gold, silver and
zinc for purposes of weighted average composite intercept calculations.
3 Drill hole CC25_039 contained two intervals where samples could not be obtained due to loss of recovery during drilling. These
intervals occur from 121.00-121.6m (0.6m) and 175.10-177.1m (2.00m). These intervales occur internal to mineralized core runs
and have been included in composite calculations but assigned zero assay values for copper, gold, silver and zinc for purposes
of weighted average composite intercept calculations.
4 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website,
on the City of Bisbee website ( www.bisbeeaz.gov/2174/Bisbee-History) and from Briggs, D.F., 2015, History of the Warren
(Bisbee) Mining District, Arizona Geological Survey Contributed Report CR-15-b, 8 p.
5 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; potential of Corral as an emerging copper asset
in a highly prospective district ;; the potential for a large, scalable deposit ; evidence for a significant porphyry system underlying the near -surface
mineralization; the potential to unlock substantial value for shareholders ; that Corral is rapidly emerging as a district -scale opportunity; that new targets
have previously unrecognized potential to host porphyry copper -gold mineralization and represent significant upside exploration potential for the project ;
the completion of additional drillholes; 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 resu lts, 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 fina ncing, 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 future global pandemic 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 titl es 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.