Exploration Update On The Mesa Well Property

VANCOUVER - Intrepid Metals Corp. reported on the exploration program at Mesa Well Copper Property. The Property is favorably located within the Laramide Porphyry Belt of south-eastern Arizona. The phase one exploration program consisted of additional rock sampling to enhance Intrepid's understanding of the historical Copper ("Cu") prospects and workings, a detailed mapping program to determine location of the Eagle Pass Fault within the Property, and a reconnaissance mapping program on the tertiary volcanics and sedimentary rocks. In addition, both historical core and new rock samples were examined using a portable Sample Core IP Tester (SCIP) manufactured by Instrumentation GDD Inc. to assess the rationality of the initially proposed large dipole-dipole induced polarization (IP) geophysical survey.

"We were very pleased with the results from our initial exploration program at Mesa Well," said Ken Brophy, CEO. "The SCIP work program was very valuable as the results revealed the originally contemplated IP survey would not have been an appropriate geophysical survey to use to help define priority drill targets based on the overlying conductive units above our target areas. Our team is currently evaluating our next steps which may include a broadband, full component magneto-telluric survey prior to drilling. We remain excited to drill Mesa Well in 2023 and wish to ensure we take appropriate steps to ensure success from the initial drill campaign."

The Mesa Well Property is located approximately 100 kilometers (km") northeast of the city of Tucson, Arizona, USA and is road accessible year-round. The Property is situated within the heart of the Laramide Copper Porphyry Belt with multiple deposits that contain over 5 million tons Cu. The Mesa Well Property covers approximately 6500 acres and is interpreted to contain a structurally dismembered, Laramide age Cu-Molybdenum (Mo) porphyry deposit that may have been rotated approximately 90 degrees from its original upright position. The roots of the interpreted mineralized system are exposed in the footwall of the Eagle Pass Fault, which suggests there is potential for a Cu-Mo rich portion of the system concealed beneath the upper plate of the Eagle Pass Fault. Alteration and mineralization observed at surface is consistent with this target concept. Previous drilling by Vale in 2009 on the Mesa Well Property intersected alteration and mineralization that increases in intensity toward the northwest.