Corral Copper Property Zones Program Completes 25 Drill Holes

VANCOUVER - Intrepid Metals Corp. reported on its initial drill program on the Corral Copper Property in Cochise County, Arizona. A total of 25 holes were completed at the Ringo, Earp and Holiday zones which define a 3-kilometer-long trend of near surface, locally high-grade copper-gold-silver-zinc mineralization.

Highlights from the most recent drill results include: 1) 91.40 meters (m) of 0.71% Copper (Cu), 0.43 grams per ton (gpt) Gold "Au) and 5.99 gpt Silver (Ag) (0.93% Copper Equivalent (CuEq)1) in Hole CC24_022, including: 20.95m of 1.37% Cu, 1.39 gpt Au and 5.11 gpt Ag (2.11% CuEq1); 1.55m of 6.22% Cu, 8.83 gpt Au and 11.80 gpt Ag (10.71% CuEq1); and 1.15m of 6.08% Cu, 2.16 gpt Au and 16.90 gpt Ag (6.77% CuEq1). 2) 174.85m of 0.32% Cu, 0.27 gpt Au and 1.82 gpt Ag (0.45% CuEq1) in Hole CC24_019 including: 91.35m of 0.41% Cu, 0.36 gpt Au and 2.27 gpt Ag (0.58% CuEq1); 2.25m of 1.76% Cu, 0.47 gpt Au and 12.46 gpt Ag (1.86% CuEq1); and 6.00m of 1.39% Cu, 0.66 gpt Au and 2.27. gpt Ag (1.58% CuEq1). 3) 88.25m of 0.46% Cu, 0.31 gpt Au and 3.16 gpt Ag (0.60% CuEq1) in Hole CC24_018 including, 28.30m of 0.73% Cu, 0.48 gpt Au and 5.03 gpt Ag (0.94% CuEq1); and 7.55m of 1.14% Cu, 0.81 gpt Au and 6.29 gpt Ag (1.48% CuEq1).

"These shallow and impressive initial results from our inaugural drill program within the private lands at Corral continue to reinforce our confidence in the Property's potential," stated Ken Brophy, Chief Executive Officer. "Our technical team are integrating all our current data with our understanding of the Property and beginning to consider what our planned phase two drill program should involve later this year."

Intrepid has completed 25 diamond drill holes (~4805.7m) within the private lands at Corral Copper including 2959.55m at Ringo, 736.40m at Earp and 1109.75m at Holliday. Drill results have been returned for 22 of 25 drill holes. Results from the remaining 3 holes from the Ringo Zone are expected in the weeks ahead.

Intrepid is drill testing a 3.5 by 1.5 km copper-gold-silver-zinc mineralized footprint to demonstrate the potential to host economic CRD, skarn, and related porphyry copper mineralization.

To date, the best examples of skarn and CRD related replacement style massive sulphide mineralization occur at Ringo and are concentrated in the Abrigo Formation. Hole CC24-022 cut 6 separate massive sulphide lenses that range in thickness (measured down hole) from 1.00m to 12.35m and contain up to 4.62% Cu (ranging from 0.08%-4.62% Cu) and 5.01 gpt Au (ranging from 0.17 to 5.01 gpt Au. The Holiday, Earp and Ringo zones have potential to host bulk tonnage copper-gold-silver-zinc mineralization but also comparatively lower tonnage, high grade copper-gold-silver-zinc mineralization in stacked lenses of high-grade massive sulphide replacement style mineralization at Ringo (hole CC24-022). Examples of deposits in the region that contain similar mineralization include the past producing Christmas Mine which had underground production of 4.5 Mt at 2.00% Cu (1905-1966)2 and the past producing Bisbee Mine with underground production of 53 Mt at 6% Cu (1880-1975). Past producing mines within the region are referenced to provide geologic context for Intrepid's property, but this is not necessarily indicative that the Property hosts similar grades or tonnages of mineralization.