Intrepid recently completed an initial 5,000 meter diamond drill program within a 3.5 kilometer trend of near surface, locally high-grade copper-gold-silver-zinc mineralizaiton.  A total of 25 diamond drill holes were completed within the private lands including 2960m at the Ringo Zone, 736m at the Earp Zone and 1110m at the Holliday Zone.  

Drill results confirm the 3.5-kilometer long trend of near surface carbonate replacement ("CRD") and related supergene enrichment oxide copper-gold-silver-zinc mineralization in the Holliday, Earp and Ringo zones.  Highlights include:

• 112.95 meters (“m”) of 1.50% Copper (“Cu”), 0.53 grams per ton (“gpt”) Gold (“Au”) and 8.22 gpt Silver ("Ag") (1.66% Copper Equivalent (“CuEq”)¹) from 68.40 to 181.35m in Hole CC24_023 including,
  
  • 63.40m of 2.57% Cu, 0.91 gpt Au and 14.14 gpt Ag (2.83% CuEq¹)
  • 13.40m of 6.72% Cu, 1.49 gpt Au and 46.93 gpt Ag (6.90% CuEq¹) and
  • 1.40m of 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq¹).
    
    
• 193.15m of 0.68% Cu and 0.33 gpt Au (0.83% CuEq¹ from 27.00 to 220.15m in Hole CC24_011 including,
  
  • 105.20m of 1.17% Cu and 0.55 gpt Au (1.42% CuEq¹)
  • 48.85m of 2.24% Cu and 0.97 gpt Au (2.58% CuEq¹) and
  • 3.90m of 6.80% Cu and 1.02 gpt Au (6.54% CuEq¹).
    
• 198.00m of 0.56% Cu, 0.12 gpt Au and 4.35 gpt Ag (0.68% CuEq¹) from 10.00 to 208.00m in Hole CC24_016 including,
  
  • 72.20m of 1.28% Cu, 0.08 gpt Au and 3.16 gpt Ag (1.26% CuEq¹) and
  • 1.60m of 5.30% Cu, 1.95 gpt Au and 11.20 gpt Ag (5.72% CuEq¹).
    
•  124.00m of 0.52% Cu and 0.35 gpt Au (0.73% CuEq¹) from 10.00 to 134.00m in Hole CC24_001 including,
  
  • 100.35m of 0.57% Cu and 0.41 gpt Au (0.81% CuEq¹) and
  • 4.00m of 2.70% Cu and 0.89 gpt Au (3.06% CuEq¹).
    
    
•  159.65m of 0.57% Cu and 0.22 gpt Au (0.64% CuEq¹) from 28.35 to 188.00m in Hole CC24_012 including,
  
  • 40.45m of 0.97% Cu and 0.40 gpt Au (1.11% CuEq¹) and
  • 3.85m of 3.34% Cu and 1.54 gpt Au (3.86% CuEq¹).

Highlights from the drill program to date, as well as all technical information, can be found below.

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.  Metal Equivalent corresponds to undiluted metal equivalent of reported composites and Diluted Metal Equivalent takes 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 $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 (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.