Intrepid Metals discovers new porphyry targets at Corral Copper, Arizona
Intrepid Metals Corp. [TSXV: INTR; OTCQB: IMTCF] reported that several new porphyry copper-gold targets have been identified on the Corral Copper property located in Cochise County, part of the prolific Turquoise District of southeastern Arizona.
Corral is geologically analogous to the prolific Bisbee Camp (located ~100km southeast) where high-grade copper-gold Carbonate Replacement Deposits (CRD) (e.g., Copper Queen; 53Mt at 6% copper) are spatially associated with Jurassic porphyry copper-gold porphyry deposits (Lavender Pit; 223 Mt at 0.63% copper past production). Although there is porphyry style alteration and mineralization at Corral, a systematic porphyry exploration campaign for the district has not been previously completed.
“The Corral Copper District hosts widespread carbonate replacement copper-gold-silver mineralization, which represents the distal expression of a potential copper porphyry deposit,” stated Ken Engquist, CEO of Intrepid. “Aspects of the CRD mineralization intersected during the 2024 drill program at Corral confirmed our assertion that there is porphyry copper potential at the property. The drill core demonstrates key geological features consistent with the transition from lower temperature CRD mineralization to higher temperature skarn mineral assemblages, as well as mineralized vein styles that form in or near the porphyry environment.”
The Corral Copper Project is centred on three northwest trending CRD style copper-gold-silver prospects including Ringo, Earp and Holliday. At Bisbee, deposits formed in the same host rocks (Abrigo Limestone) and similar age and composition intrusions ~100 km southeast of Corral and include the Copper Queen CRD and the associated Lavender porphyry copper deposit.
Since CRD style copper-gold-silver mineralization can occur peripheral to a copper-gold porphyry deposit, Intrepid has, for the first time in the property’s history, conducted a systematic targeting exercise to identify porphyry zones in a highly prospective exploration district with intensely altered and copper-gold mineralized host rocks.
The successful 2024 drill program at Corral provided Intrepid the first opportunity to evaluate host rocks, alteration and mineralization styles and intensities in all of the Holliday, Earp and Ringo zones. The Ringo Zone is best understood and is significant because it contains a near-surface supergene enrichment blanket, disseminated intrusion hosted copper-gold-sliver mineralization in the Copper Bell Porphyry, as well as CRD style mineralization hosted in the Cambrian Abrigo and Mississippian Escabrosa formation limestones.
Intrepid has prioritized target areas with porphyry-style surface expressions defined by multiple datasets that exceed 1 x 1 km with demonstrable depth continuity. Intrepid is currently conducting field mapping and sampling to strengthen confidence in the porphyry targets with the ultimate objective of advancing them to the drill stage.
Targets are associated with surface alteration (mapping and/or WorldView3 anomalies), large, deep ZTEM resistivity/conductivity and magnetic geophysical features. The highest priority targets are directly associated with copper-gold mineralization at surface.
On July 9, 2024, Intrepid announced the final results from its initial drill program at Corral, igniting substantial interest in the property. The program delivered high-grade intercepts, particularly from the Ringo Zone: 112.95 metres of 1.50% copper, 0.53 g/t gold and 8.22 g/t silver (1.66% Copper Equivalent (CuEq)) from 68.40 to 181.35 metres in Hole CC24_023 including 63.40m of 2.57% Cu, 0.91 g/t Au and 14.14 g/t Ag (2.83% CuEq); 1.40m of 20.20% Cu, 8.51 g/t Au and 250.00 g/t Ag (23.85% CuEq); 193.15m of 0.68% Cu and 0.33 g/t Au (0.83% CuEq from 27.00 to 220.15m in Hole CC24_011 including 48.85m of 2.24% Cu and 0.97 g/t Au (2.58% CuEq) and 3.90m of 6.80% Cu and 1.02 g/t Au (6.54% CuEq).
The company’s initial drill results highlight the property’s significant potential to host significant intervals of copper-gold-silver-zinc mineralization.
The company also entered into a Purchase and Sale Agreement for a patented mining claim (the Emmet Claim) from Silver Nickel Mining Company. The new acquisition adds an additional 19.13 acres contiguous to the company’s Corral Copper Project. The terms of the Agreement are as follows: – Intrepid shall pay the vendor US$10,000 upon closing and issue 75,000 common shares for 100% of the Emmet Claim. The closing of the acquisition of the Emmet Claim is subject to TSXV approval. The vendor is arm’s length to the company.
No finder’s fees are payable in connection with this transaction.
In addition, the company granted 1,850,000 stock options to directors, officers and consultants of the company at an exercise price of $0.39 and expire April 14, 2030.
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 copper.
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.
Intrepid Metals 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.
Intrepid Metals is focused on exploring for copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona. 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).