Intrepid Metals Zeroes in on Potential Porphyry Discovery Beneath Corral Copper CRD System and Continues Delivering Strong Results at Ringo
NEWS RELEASE
Intrepid Metals Zeroes in on Potential Porphyry Discovery Beneath Corral Copper CRD System
and Continues Delivering Strong Results at Ringo
November 18, 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 Figures 1 and 2 below).
Although the Company continues to intersect copper-gold-silver mineralization that is consistent with
carbonate replacement (“ CRD”) systems, Intrepid has identified multiple converging geological features
that demonstrate the presence of one or more porphyry centers adjacent to current drilling (see Photos 1
– 3 below). The Company has identified:
- Widespread quartz –sericite–pyrite ( “QSP”) alteration, including porphyry D -veins which form a
“halo” surrounding porphyry deposits
- Angular c halcopyrite–molybdenite–bearing breccia clasts interpreted to have been transported
from the mineralized core of a porphyry system
- Cross-cutting porphyry-style vein stockworks, consistent with the top or ‘roof’ of a porphyry system
Taken together, these features form a coherent geological picture that significantly elevates Intrepid’s
confidence in the potential for a porphyry discovery beneath the CRD footprint at Corral Copper.
“These results are pointing us toward something much larger at Corral ,” said Mark Morabito, Chairman
and CEO of Intrepid Metals. “ The alteration, the mineralized clasts, and the stockwork veins we’re now
seeing are precisely the indicators you expect when you’re close to a porphyry center. Individually, each
feature is consistent with porphyry proximity. Collectively, they indicate that we are vectoring toward the
metal source for the entire Corral Copper system. This significantly elevates the discovery potential of the
project as we prepare for the next phase.”
Highlights from Holes CC25_043 and CC25_044
CC25_0432:
- 112.30 meters (“m”) of 0.52% Copper (“Cu”), 0.15 grams per ton (“gpt”) Gold (“Au”) and
3.04 gpt Silver (“Ag”) (0.59% Copper Equivalent (“CuEq”)1) including,
o 21.00m of 1.77 % Cu, 0.15 gpt Au and 8.01 gpt Ag (1.70% CuEq1).
CC25_044:
- 228.30m of 0.25% Cu, 0.17 gpt Au and 1.49 gpt Ag (0.36% CuEq1) including
o 34.00m of 0.53% Cu, 0.47 gpt Au and 2.33 gpt Ag (0.75% CuEq1).
Evidence for Nearby Porphyry Deposit
Carbonate replacement ("CRD") style copper -gold-silver-zinc mineralization is the dominant form of
mineralization identified to date at Co rral. However, Intrepid’s technical team has recognized porphyry -
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style alteration and mineralization that strongly support the presence of a porphyry system in close
proximity to the Company’s current drilling.
Widespread QSP (phyllic) alteration has been mapped across the target area (Photo 1). This style of
alteration commonly forms a halo around the core of porphyry deposits and suggests that a hotter, mineral-
rich potassic core (the part of the system that typically hosts the bulk of the copper and gold ) is likely
nearby.
In addition, Intrepid’s technical team have identified breccia clasts containing chalcopyrite and
molybdenite, minerals that originate the mineralized core of porphyry deposits (Photo 2). The angular
geometry of these clasts suggests a short transport distance, indicating they were ripped from a nearby
porphyry source, likely within reach of diamond drilling.
Shallow porphyry-style vein stockworks cross-cut white-mica–altered host rocks (Photo 3). These vein
networks are consistent with the upper levels of porphyry systems and commonly occur directly above
and/or adjacent to the mineralized core.
Taken together, these indicators provide multiple independent lines of evidence that the Corral Copper
Property has potential for previously unrecognized bulk -tonnage porphyry copper-gold deposits and that
the widespread CRD style mineralization identified to date can be leveraged to vector toward this style of
mineralization.
Photo 1: Widespread QSP and oxidized D veins
and quartz veinlet stockworks
Extensive QSP consistent with a phyllic halo
around porphyry systems.
Photo 2: Breccia clasts with chalcopyrite –
molybdenite B-veins
Clasts containing chalcopyrite and molybdenite
bearing quartz veins (minerals typically formed
deep inside a porphyry system) suggesting that
pieces of the porphyry core were broken off and
transported. Angular nature of clasts suggests a
short transport distance , suggesting that the
porphyry center is within reach of current drilling.
Photo 3: Widespread shallow porphyry -style
veins stockworks
Cross-cutting porphyry -style veins demonstrate
the fluid flow pathways that fed the system. This
geometry and intensity can occur in close spatial
association with a porphyry core or center.
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Figure 1: Drill plan map from the Ringo Zone at Corral Copper
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Figure 2: Cross Section through northern end of Ringo Zone3
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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_043 19.90 82.50 62.60 0.12 0.04 0.55 0.00 0.13 0.18
INCL. 21.00 29.00 8.00 0.32 0.06 1.68 0.00 0.33 0.45
CC25_0432 84.60 196.90 112.30 0.52 0.15 3.04 0.10 0.59 0.81
INCL. 96.00 179.00 83.00 0.67 0.18 3.49 0.13 0.74 1.02
AND 144.50 165.50 21.00 1.77 0.15 8.01 0.08 1.70 2.34
AND 147.00 159.50 12.50 2.59 0.21 11.69 0.08 2.47 3.39
CC25_043 207.65 208.95 1.30 0.10 0.07 1.60 0.08 0.16 0.22
CC25_044 9.50 10.50 1.00 0.00 0.44 0.90 0.00 0.27 0.37
CC25_044 27.50 255.80 228.30 0.25 0.17 1.49 0.12 0.36 0.49
INCL. 45.75 248.55 202.80 0.28 0.19 1.58 0.13 0.39 0.54
AND 77.35 143.00 65.65 0.44 0.37 1.72 0.15 0.65 0.89
AND 109.00 143.00 34.00 0.53 0.47 2.33 0.00 0.75 1.03
Table 2: Drill Hole Location Information for all holes drilled in 2025
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 2025-09-22 614067 3513972 1411 215 -70 391.05
CC25_046 2025-09-23 2025-09-27 613206 3513935 1423 0 -90 269.75
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.
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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 the 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.
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 (%).
In addition to A LS 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.
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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
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 $37.00/oz, Au $3000/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_043 contains an interval where samples could not be obtained due to loss of recovery during drilling. This interval
occurs from 122.55 -123.45 (0.9m). This interval is located in a mineralized core run and has been included in composite
calculations but has been assigned zero assay values for copper, gold, silver and zinc for purposes of weighted average composite
intercept calculations.
3 Data disclosed in this news release includes historical drilling results and information derived from historic drill results, Intrepid
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 data relevant as the Company is using th is data
as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical
data through drilling. Historical drill core assay data has been included in the Leapfrog numeric model to show the distribution of
mineralization. The Copper numeric model was created using the Leapfrog® Radial Basis Function isotropic interpolant at 20m
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resolution with inputs from drill holes (Intrepid, 2024/2025) and historical drill hole information as well as surface rock s ampling
(Intrepid 2024/2025 and historical).
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; advancing the geological understanding of Corral; the potential for a porphyry discovery; the discovery potential of Corral;
potential for previously unrecognized bulk-tonnage porphyry copper-gold discoveries close by; he 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 nec essary 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 rela ting 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.