Intrepid Metals Intersects Shallow Mineralization of 72.20 meters of 1.28% Copper within 198.00 meters of 0.68% CuEq1 during its Initial Drill Program at its Corral Copper Property in Arizona Additional highlights include:
NEWS RELEASE
Intrepid Metals Intersects Shallow Mineralization of 72.20 meters of 1.28% Copper within 198.00
meters of 0.68% CuEq1 during its Initial Drill Program at its Corral Copper Property in Arizona
Additional highlights include:
➢ 198.00 meters (“m”) of 0.68% Copper Equivalent (“CuEq”)1 (0.56% Copper
(“Cu”), 0.12 grams per ton (“gpt”) Gold (“Au”) and 4.35 gpt Silver (“Ag”)) from
10.00 to 208.00m in Hole CC24_016 including,
o 72.20m of 1.26% CuEq1 (1.28% Cu, 0.08 gpt Au and 3.16 gpt Ag)
o 1.60m of 5.72% CuEq1 (5.30% Cu, 1.95 gpt Au and 11.20 gpt Ag).
➢ 133.20m of 0.64% CuEq1 (0.42 Cu, 0.46 gpt Au, 2.22 gpt Ag) from 45.85 to
179.05m in Hole CC24_14 including
o 79.00m of 0.68% CuEq1 (0.33% Cu, 0.65 gpt Au, 2.70 gpt Ag) and
o 2.35m of 13.52% CuEq1 (4.71% Cu, 15.84 gpt Au, 39.26 gpt Ag).
➢ 99.45m of 0.68% CuEq1 (0.54% Cu, 0.27 gpt Au and 3.11 gpt Ag) from 60.00 to
159.45m in Hole CC24_013 including,
o 44.40m of 1.28% CuEq1 (1.08% Cu, 0.53 gpt Au and 3.57 gpt Ag) and
o 3.30m of 5.56% CuEq1 (5.08% Cu, 1.86 gpt Au and 19.75 gpt Ag).
May 14, 2024 (TSXV:INTR) (OTCQB:IMTCF)
VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR) (OTCQB:IMTCF)
(“Intrepid” or the “Company”) provides results for 5 additional diamond drill holes from the Company’s
Corral Copper Property (“Corral Copper” or the “Property”) located in Cochise County, Arizona. All 5
holes were drilled in the Ringo Zone which is located along the southern margin of a 3-kilometer-long
trend of near surface carbonate replacement (“CRD”) and related supergene enrichment oxide copper-
gold-silver-zinc mineralization. Highlights from these 5 holes are shown in Table 1.
“The Corral Copper Project has once again returned remarkable shallow copper grades and mineralized
intercepts at the Ringo Zone ,” stated Ken Brophy, Chief Execuitve Officer . “The drilling at Ringo is
illustrating the Project’s gold endowment with broad intercepts of highly continuous, locally high-grade
gold mineralization, including 21.3 gpt Au over 1.1m in hole CC24_15 and 15.84 gpt Au over 4.71m in
hole CC24_14, which we expect will make a significant contribution to the economic potential of the
project.”
The Ringo Zone is located at the southern end of a 3 -kilometer-long string of copper -gold-silver-zinc
bearing carbonate replacement bodies (Figure 1). The Ringo Zone measures approximately 900m
(northwest to southeast) by 800m (southwest to northeast) and contains favorable Abrigo Limestone
(and Bolsa Formation), pre-mineral intrusions, alteration and copper-gold-silver-zinc replacement style
mineralization and secondary enriched copper oxide zones that are locally high-grade. To date, Intrepid
has completed 9 holes in the Ringo Zone for a total of 2105m. Highlights from holes CC24-013 through
CC24-017 are included in Table 1 below and full results are within Table 2. Hole CC24_16 was
prematurely shut down due to drill rods breaking down hole and ended in robust mineralization.
Page 2 of 7
Table 1. Highlight composite drill intercepts for the Ringo Zone1
DRILL HOLE DETAILS ANALYZED GRADE
ANALYZED
METAL
EQUIVALENT1
DILUTED
METAL
EQUIVALENT1
HOLE FROM TO LENGTH COPPER GOLD SILVER ZINC CUEQ AUEQ CUEQ AUEQ
ID (m) (m) (m) (%) (ppm) (ppm) (%) (%) (g/t) (%) (g/t)
CC24_013 60.00 159.45 99.45 0.54 0.27 3.11 0.16 0.81 1.12 0.68 0.93
Incl. 85.75 130.15 44.40 1.08 0.53 3.57 0.13 1.54 2.11 1.28 1.76
Incl. 114.15 117.45 3.30 5.08 1.86 19.75 0.11 6.63 9.10 5.56 7.63
CC24_013 193.60 215.50 21.90 0.23 0.47 5.53 0.07 0.64 0.88 0.52 0.72
Incl. 193.60 195.00 1.40 0.11 2.25 8.20 0.00 1.82 2.49 1.46 2.00
CC24_014 45.85 179.05 133.20 0.42 0.46 2.22 0.02 0.78 1.07 0.64 0.88
Incl. 70.00 149.00 79.00 0.33 0.65 2.70 0.03 0.83 1.14 0.68 0.93
And 116.00 149.00 33.00 0.56 1.43 5.38 0.02 1.65 2.26 1.35 1.85
And 126.55 128.90 2.35 4.71 15.84 39.26 0.05 16.61 22.77 13.52 18.54
Incl. 163.25 179.05 15.80 1.27 0.46 3.79 0.02 1.64 2.25 1.38 1.89
And 172.50 178.10 5.60 2.22 0.99 8.23 0.05 3.02 4.15 2.53 3.47
CC24_015 35.90 137.65 101.60 0.31 0.41 4.96 0.25 0.73 1.00 0.60 0.82
Incl. 110.00 137.65 27.65 0.59 1.31 7.53 0.71 1.82 2.50 1.48 2.04
And 116.05 120.00 3.95 2.72 7.47 4.65 0.01 8.21 11.26 6.71 9.20
And 116.05 117.15 1.10 3.44 21.30 9.10 0.01 19.05 26.13 15.41 21.14
CC24_015 201.00 206.35 5.35 0.98 3.78 10.51 0.01 3.83 5.25 3.11 4.27
CC24_016 10.00 208.00 198.00 0.56 0.12 4.35 0.42 0.81 1.11 0.68 0.93
Incl. 60.10 132.30 72.20 1.28 0.08 3.16 0.42 1.49 2.05 1.26 1.73
Incl. 228.90 230.50 1.60 5.30 1.95 11.20 0.00 6.81 9.35 5.72 7.84
CC24_017 46.60 81.30 34.70 0.24 0.04 2.26 0.00 0.30 0.41 0.25 0.34
CC24_017 101.40 101.90 0.50 1.65 0.13 6.50 0.08 1.82 2.49 1.54 2.11
The Corral Copper 2024 Drill Campaign
Intrepid has completed 20 diamond drill holes (~3,900m) as part of a planned 5,000m program within
its private lands at Corral Copper. Intrepid is drill testing a 3.5 by 1.5 k m copper-gold-silver-zinc
mineralized footprint to demonstrate its potential to host economic CRD , skarn, and related porphyry
copper mineralization.
Precious and base metal mineralization at Corral Copper is concentrated in structurally controlled
northeast dipping siliciclastic and carbonate sedimentary rocks including (oldest to youngest) Cambrian
Bolsa Quartzite, upper -Cambrian Abrigo Limestone, Devonian Martín limestone and Mississippian
Escabrosa limestone (Figure 1). The most intense mineralization occurs in the Abrigo Limestone (main
host) and Bolsa Quartzite , which are intruded locally by a series of Jurassic (and possibly younger)
mineralized intrusions including the Star Hill, Copper Bell and Sniveler porphyries, quartz latite sills, and
cross-cutting mineralized breccia bodies.
The Corral Copper Property includes the Holliday, Earp and Ringo zones (northwest to southeast, which
are related zones of discontinuously outcropping, locally high grade CRD and skarn related
mineralization and associated supergene enrichment mineralization that are interpreted to have formed
in the distal porphyry copper geological environment). Please refer to footnotes for details regarding
assumptions for metal equivalent calculations and true widths.
Page 3 of 7
Figure 1. Geological map showing diamond drill hole locations for the 2024 Drill Program2
Figure 1 includes historical data marked as such by the legend. Please refer to footnotes for additional
details.
Page 4 of 7
Table 2. Composite drill intercepts for Corral Copper Project Holes CC24-013 to CC24-0171
DRILL HOLE DETAILS ANALYZED GRADE
ANALYZED
METAL
EQUIVALENT1
DILUTED
METAL
EQUIVALENT1
HOLE FROM TO LENGTH COPPER GOLD SILVER ZINC CUEQ AUEQ CUEQ AUEQ
ID (m) (m) (m) (%) (ppm) (ppm) (%) (%) (g/t) (%) (g/t)
CC24_013 60.00 159.45 99.45 0.54 0.27 3.11 0.16 0.81 1.12 0.68 0.93
Incl. 85.75 130.15 44.40 1.08 0.53 3.57 0.13 1.54 2.11 1.28 1.76
And 85.75 106.40 20.65 1.19 0.62 2.37 0.06 1.69 2.31 1.41 1.93
Incl. 113.05 120.70 7.65 2.51 0.87 11.98 0.46 3.38 4.64 2.83 3.88
And 114.15 117.45 3.30 5.08 1.86 19.75 0.11 6.63 9.10 5.56 7.63
Incl. 124.00 130.15 6.15 0.52 0.48 1.46 0.10 0.91 1.25 0.75 1.03
CC24_013 193.60 215.50 21.90 0.23 0.47 5.53 0.07 0.64 0.88 0.52 0.72
Incl. 193.60 195.00 1.40 0.11 2.25 8.20 0.00 1.82 2.49 1.46 2.00
Incl. 210.50 213.35 2.85 0.20 0.90 2.24 0.08 0.90 1.24 0.73 1.01
CC24_014 45.85 179.05 133.20 0.42 0.46 2.22 0.02 0.78 1.07 0.64 0.88
Incl. 45.85 58.00 12.15 0.74 0.05 0.49 0.00 0.79 1.08 0.67 0.91
Incl. 70.00 149.00 79.00 0.33 0.65 2.70 0.03 0.83 1.14 0.68 0.93
And 116.00 149.00 33.00 0.56 1.43 5.38 0.02 1.65 2.26 1.35 1.85
And 126.55 128.90 2.35 4.71 15.84 39.26 0.05 16.61 22.77 13.52 18.54
Incl. 163.25 179.05 15.80 1.27 0.46 3.79 0.02 1.64 2.25 1.38 1.89
And 172.50 178.10 5.60 2.22 0.99 8.23 0.05 3.02 4.15 2.53 3.47
CC24_015 35.90 137.65 101.75 0.31 0.41 4.96 0.25 0.73 1.00 0.60 0.82
Incl. 35.90 58.00 22.10 0.39 0.05 2.53 0.08 0.47 0.65 0.40 0.55
Incl. 80.00 99.65 19.65 0.24 0.17 10.35 0.14 0.49 0.67 0.40 0.55
Incl. 110.00 137.65 27.65 0.59 1.31 7.53 0.71 1.82 2.50 1.48 2.04
And 116.05 120.00 3.95 2.72 7.47 4.65 0.01 8.21 11.26 6.71 9.20
And 116.05 117.15 1.10 3.44 21.30 9.10 0.01 19.05 26.13 15.41 21.14
CC24_015 181.75 208.20 26.45 0.30 0.87 4.86 0.18 1.02 1.40 0.83 1.14
CC24_015 201.00 206.35 5.35 0.98 3.78 10.51 0.01 3.83 5.25 3.11 4.27
CC24_016 10.00 208.00 198.00 0.56 0.12 4.35 0.42 0.81 1.11 0.68 0.93
Incl. 60.10 132.30 72.20 1.28 0.08 3.16 0.42 1.49 2.05 1.26 1.73
Incl. 178.30 208.00 29.70 0.57 0.35 11.14 0.22 0.99 1.35 0.82 1.12
Incl. 228.90 230.50 1.60 5.30 1.95 11.20 0.00 6.81 9.35 5.72 7.84
CC24_017 46.60 81.40 34.80 0.24 0.04 2.26 0.00 0.30 0.41 0.25 0.34
CC24_017 101.40 101.90 0.50 1.65 0.13 6.50 0.08 1.82 2.49 1.54 2.11
CC24_017 134.00 148.00 14.00 0.03 0.12 10.90 0.08 0.23 0.32 0.19 0.26
Table 3. Drill hole location information for holes CC24-013-CC24-0171
HOLE EASTING NORTHING ELEVATION AZIMUTH INCLINATION DEPTH
ID (meters) (meters) (meters) (°) (°) (meters)
CC24_013 613237.90 3513908.50 1425 0 -90 236.85
CC24_014 613336.00 3513918.00 1422 0 -90 198.1
CC24_015 613281.00 3513868.00 1423 0 -90 213.35
CC24_016 613392.00 3513679.00 1429 0 -90 236.2
CC24_017 613453.00 3513721.00 1426 0 -90 154.55
Technical Information
All scientific and technical information in this news release has been prepared by, or 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 (or 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 the data and is not aware of any sampling,
Page 5 of 7
recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred
to in this news release.
However, some of the data disclosed in this news release is related to historical drilling results which
have been identified as such . Intrepid Metals and Mr. MacNeil have not undertaken any independent
investigation of the sampling nor have they independently analyzed the results of the historical
exploration work in order to verify the results. Intrepid and Mr. MacNeil considers these historical drill
results relevant as the Company is using this data as a guide to plan exploration programs. The
Company's current and future exploration work includes verification of the historical data through drilling.
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 plasti c 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 Standards 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 (g/t) gold; by a 36-element four acid digest ICP-AES analysis (ME-ICP61)
with additional analysis for Ore Grade Cu (Cu-OG62), Ore Grade Zn (Zn-OG62) and Ore 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), Ore Grade (OG62) results
were reported in percent (%). 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 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 copper3. 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.
The Corral Copper Property is comprised of the Excelsior Property, the CCCI Properties, the Sara Claim
Group and the MAN Property. The Company has completed the acquisition of the Excelsior Property
and Sara Claim Group through purchase and sale agreements. The Company has the right to acquire
the corporate group that holds the CCCI Properties through an option agreement. The Company has
the right to acquire the MAN Property through an option agreement. See the “Commitments” section of
the Company’s most recently filed Management Discussion and Analysis for further details.
Page 6 of 7
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 4, though mineralization at the Taylor Depos it 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 “IMTC F”. 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
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. All intervals reported are core lengths, and true thicknesses are yet to be determined.
Mineral resource modeling is required before true thicknesses can be estimated. Analyzed Grade corresponds composite
weighted (“composites”) averages of laboratory. M etal Equivalent corresponds to undiluted metal equivalent of reported
composites and Diluted Metal Equivalent take s into account dilution factors of 85% for Copper, and 80% for gold, silver and
zinc for reported composites. Metal prices used for the CuEq and AuEQ calculations are in USD based on Ag $2 2.00/oz, Au
$1900/oz, Cu $ 3.80/lb, Zn $1.1 5/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 (g/t)(80% rec.) + (Copper (%) x 1.4085)(85% rec.) + (Silver (g/t)
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 Data disclosed in this news release includes historical drilling results, Intrepid Metals has not 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 d ata relevant as the Company is using this data as a guide to plan exploration
programs. The Company's current and future exploration work includes verification of the historical data through drilling.
3 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine
website and on the City of Bisbee website (www.bisbeeaz.gov/2174/Bisbee-History).
4 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: economic potential of the Property; confirmation of historical results ; expansion of Holliday, Earp
Page 7 of 7
and Ringo zones; disclosure of additional drill results ; the Project’s gold endowment; the significant contribution to the economic potential of
the project; the potential of the Property to host an economic CRD, skarn and related porphyry copper mineralization; future exploration plans
and drilling plans including the estimated number of drill holes, meterage and expected completion date; the Company’s confidence in the drill
program; details about potential mineralization; 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 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
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 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,
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 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 Facto rs” 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.