New Geophysical Targets At Tombstone South

VANCOUVER - Intrepid Metals Corp. announced the ground-based large dipole induced polarization (IP) geophysical survey has identified a new target area on its Tombstone South Property (the "Property" or "Tombstone South") located in Cochise County, Arizona. Based on the successful results of the recent IP survey, the Company has received a new drill permit that will allow the Company to drill test this new anomaly. Intrepid also staked an additional 11 claims in the area as it continues to review all available data on the Property.

"We are excited by the results from the recent IP survey on Tombstone South," said, Ken Brophy, CEO. "The previous NSAMT geophysical surveys encountered cultural noise from nearby powerlines or microwave towers, thereby reducing the quality of the historical geophysical data. However, after remodeling the previous NSAMT with an aim to reduce the noise, reviewing all the previous drilling results, and the results from the recent IP survey, we are very confident in our drill targets. The data is showing us that the previous drilling did not drill deep enough to encounter the contact between the Cretaceous Bisbee strata and the Paleozoic Limestone strata, a key target area for larger polymetallic deposits in Arizona. Now that we also have the new drill permit to test the new target areas, we look forward to drilling the Property in early 2023."