Proactive Investors - Intrepid Metals Corp (TSX-V:INTR, OTCQB:IMTCF) shares were up almost 19% on Wednesday after the company reported high-grade copper results at the Corral copper property in Arizona.
Drilling intersected significant mineralization, including 105.2 meters of 1.17% copper and 48.9 meters of 2.24% copper near the surface.
The first 12 diamond drill holes of the program unveiled a three-kilometer trend of near-surface carbonate replacement and supergene enrichment oxide copper-gold-silver-zinc mineralization in the Holliday, Earp, and Ringo zones, according to a statement from the company.
The drill program is the first at the Cochise County, Arizona-located property.
Ken Brophy, CEO of Intrepid, told investors that the results “(confirm) our confidence in the economic potential of the property," citing the robust CRD-style mineralization and high-grade intervals of copper-gold-silver-zinc.
"Additional drilling will be completed at Corral Copper to further confirm historical copper-gold-silver-zinc grade and continuity and to lay the foundation for future exploration drilling designed to expand the Holliday, Earp and Ringo zones along strike and at depth and to identify a possible porphyry copper source for this mineralization,” Brophy said in a statement.
Chris Osterman, geological advisor to the company, highlighted the significant presence of gold in the intersections, setting Corral Copper apart from typical Arizona copper deposits. Osterman highlighted the economic geology of the Ringo Zone, which has yielded massive and semi-massive magnetite and hematite below the copper zones, opening new possibilities for the origin of the deposit.
Intrepid is planning to sink 5,000 metres into the ground at Corral, of which 3,300 metres over 18 holes are already completed. Further drilling aims to confirm historical grade and continuity and expand the mineralized zones along strike and at depth.
Mark Morabito, Intrepid chair, expressed confidence in the remainder of the drill program. "The results from the first holes of our initial drill program at Corral Copper reaffirms our belief in the full potential of the property.”
Shares of Intrepid were trading around C$0.88 by Wednesday afternoon in Toronto.