Intrepid Metals Launches New Drill Program at Corral Copper

Trevor Hall (0:17)

All right, everybody, welcome back to Mining Stock Daily's coverage of the Beaver Creek Precious Metals Summit, moving right along here with our first day with a corporate update from Intrepid Metals. We do trade on the Venture Exchange with INTR and on the OTCQB with IMTCF.

The Precious Metals Summit is always better when Matthew Lennox-King is in attendance. He's been missed the last couple of years. I think you may have been here, but not in a CEO role, so welcome back.

Matthew Lennox-King (0:46)

Thank you.

Trevor Hall (0:46)

One-to-one meetings, like here we go. Did you miss that?

Matthew Lennox-King (0:50)

Yes. What else am I supposed to say? Yes, it's good to be back.

Trevor Hall (0:56)

Well, we're extremely thrilled to have you back here, but let's talk about the Corral Project. Last time you and I spoke, you announced big drill program, 10,000 meters, I think it was.

Matthew Lennox-King (1:10)

That's right.

Trevor Hall (1:10)

And since that time, drills are turning.

Matthew Lennox-King (1:12)

Drills are turning. Yeah, we finally, in my opinion, others might disagree, started drilling last Wednesday. So we're on our first hole as part of that program. So we're looking at CRD, so carbonate replacement, solid mineralization, expansion drilling, initially up at our holiday target.

And then we will move from there to some other target areas. We're keeping slightly under wraps right now, but certainly all the surface work and target generation work that we completed this summer in the lead up to drilling has resulted in a couple of new opportunities that will work into the drill program. Okay.

Trevor Hall (1:50)

Why was that the highest priority starting target?

Matthew Lennox-King (1:53)

A couple of reasons. It's some of the shallowest mineralization. And it's also on private ground that we control. So you just essentially, I'm being glib, but you essentially just plunk the drill there and start working. Okay.

Trevor Hall (2:09)

All right.

You talked about a 50-50 split with this 10,000 meters, 5,000 on that CRD, another 5,000 testing that porphyry thesis, I would say, anybody interested in going back to that conversation we had about a month ago, please go do that. But which half of that do you think really has the potential to really rewrite the company and its equity?

Matthew Lennox-King (2:35)

Excellent question. And I would say the potential of both those suites of targets we think is really high. We still think, so if we look at the CRD half of the program, if you will, at the initial part, all those holes are designed to be 35, 50 meter minimum step outs from known mineralization. So we're going to ideally see a pretty rapid expansion of the footprint of those zones, the size of those zones.

And what I made vague references to a couple minutes ago, like there's a brand new target that we're going to test. It's in the CRD suite of targets and it looks really exciting.

Trevor Hall (3:17)

You have a smile on your face right now.

Matthew Lennox-King (3:19)

Yeah, it could be really cool. On the porphyry side, like those are... It's a target type that has not been pursued at CRD in the past. As you know, we've done a really methodical workup on those targets. The next phase of that is concurrent with drilling. We're completing a large IP and MT survey. At the same time, that's kind of the final ingredient that we want to work into those more free targets.

And in conjunction with some existing ZTEM or ZTEM data that we have, there are some really interesting features at depth, sort of 500 meters to 700 meters from surface. So, it's still relatively shallow.

That we will be testing in the coming months. So, look, if we drill 500 meters of 0.5 and 0.5, of course, that could be a game changer. But, sure.

Trevor Hall (4:16)

Well, and actually, that's a good segue into my next question. Like, you know, with the drills now and turning, what does the discovery need to look like at Corral to really get this thing moving? And obviously, 500 meters is 0.5, 0.5.

Matthew Lennox-King (4:30)

Yeah.

Trevor Hall (4:30)

That'd be amazing. But what does it, fundamentally, what does it need to look like?

Matthew Lennox-King (4:33)

Well, I think you want to see an authentication of alteration, mineralization, whether it's high grade or lower levels, to be confident that we've tapped into the porphyry part of the system. If it's just some anomalous rock, anomalous values in dead-looking rock, that doesn't really do it for anyone, but you want to see the full alteration speed and be able to say confidently that you're in the system. And if you're in the system, then I think you keep going.