“We are excited for the next stage of our growth and to have the drill mobilized to site,” said Ken Brophy, CEO. “After 18 months of consolidating the property via several different property transactions, we now have 9,600 acres and a previously established 3-km trend of impressive copper and gold mineralization within patented mining claims and additional surface rights. After compiling all the historical drill data and most recently completing our $6.6-million financing, we are well positioned to execute on our initial drill program and excited to have the opportunity to derisk our Corral copper property and build substantial value for Intrepid and its shareholders.”
The 5,000-metre (23-hole) diamond drill program is expected to start at the Holliday zone (previously Courtland North), where seven holes (roughly 1,200 m) are planned. The drill program will then continue on to the Earp zone (previously Courtland South), where five holes (roughly 900 m) are planned and finally to the Ringo zone (previously Man), where the final 11 holes (roughly 2,900 m) are planned.
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 these 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.
The Corral copper property is a district-scale advanced exploration and development opportunity 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 eight 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.
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 toward development studies.
Intrepid Metals 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 $1.3-billion 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, Arizona).