(TheNewswire)
July 31, 2024, VANCOUVER, British Columbia – TheNewswire – Interra Copper Corp. (CSE: IMCX; OTCQB:IMIMF; FRA: 3MX) (“ Interra ” or the“ Company ”) is pleased to announce the results of its recentlycompleted geophysical surveys at the Rip Copper Project (the “Project” or “Rip”) inthe Stikine region of British Columbia. The Rip Project is situatedapproximately 33 km northeast of Imperial Metals’ past producingHuckleberry copper-molybdenum (“Cu-Mo”) mine and Surge Copper’s advanced stage Ox/Seal/Bergprojects. Imperial Metals Corporation isexploring Huckleberry and its surrounding claims for additional Cu-Moresources.
Recently completed geophysical surveys at Rip, airbornemagnetics and 3D IP, carried out by Precision Geosurveys and DiasGeophysical, respectively, suggest potential for two porphyry Cu-Momineralized centres (Fig. 1). The northernmost centre coincides withoutcropping porphyry Cu-Mo mineralization, and comprises a coincidentmagnetic/resistivity high, surrounded by a large “doughnut” shapedchargeability high (> 35 mV/V) with a diameter of approximately 1km. A second potential porphyry Cu-Mo centre is situatedapproximately 1.1 km to the south, comprising a similar magnetic highsurrounded by a “doughnut” shaped chargeability high (> 35mV/V). This southern potential porphyry center is entirely covered byoverburden with a diameter of approximately 850 meters.
CEO Brian Thurston commented, “ With this new geophysical data, we have resolved two classicporphyry copper-gold deposit style bullseye targets. Inwell-established porphyry districts like this one, it is unusual tohave untested classic porphyry targets but at Rip one of the targetsis entirely untested by diamond drilling, and the other target wasonly tested with a single diamond drill hole, which was aimed awayfrom the centre of the bullseye, but nevertheless hit encouragingmineralization. In light of this new data, we feel enthused by theuntested potential of this property and are excited to embark on athoroughly justified drill campaign .”
The Rip project is interpreted as a highlyunderexplored porphyry Cu-Mo system that is predominantly covered byoverburden. A small outcrop area within the northern interpretedporphyry Cu-Mo mineralized centre contains variably alteredporphyritic intrusions which cut strongly hornfelsed Hazelton Groupvolcano-sedimentary rocks. Porphyritic intrusions and hornfelsedcountry rock are both host to porphyry style stockwork, includingmagnetite-chalcopyrite and quartz-chalcopyrite-molybdenite veins. Historical exploration targeting a large IP anomaly on the projectincluded shallow percussion drilling of thischargeability anomaly by Kennco and intersected porphyry copper stylealteration and anomalous Cu-Mo mineralization over a broad area. A single diamond drill hole was collaredapproximately 200 m north of the discovery outcrop and intersected anomalous Cu (0.07%) and Mo (0.005%) over74m in strongly quartz-sericite-pyrite altered volcanic rocks cut bylate feldspar porphyry and mineralized quartz diorite dykes; thebottom 64m consists of intrusive clast-rich polymictic breccia cut byabundant pyrite, gypsum and quartz veins with local secondary biotite.Quartz-sericite-pyrite, intermediate argillic and propyliticalteration predominate in the holes, suggesting that the Kennco holesonly tested the upper levels of a shallowly eroded porphyry Cu-Mosystem.
In late 2023, the Company announced its optionagreement with ArcWest Exploration Inc. (“ArcWest”) to acquire an80% interest in the Rip Cu-Mo project. Interra can earn the first tierof its interest in the project by completing staged exploration worktotalling C$2.0 million and direct payment of C$100,000 and annualshare payments over 4 years until end of 2027. Interra is currentlyfully funded for, and anticipates it will likely exceed, its 2024 and2025 obligations for the earn-in of C$300,000 and C$500,000 inexpenditures respectively. With the recent completion of thegeophysical surveys helping to define drill targets, the Company isnow focused on its first phase drill program ofapproximately 2000 meters. The drilling is anticipated to begin in September of 2024 and isplanned to test both highly prospective geophysicaltargets .
Figure 1: RIP Chargeability and Magnetic SurveyResults
Brian G. Thurston, P.Geo., the Company’s Presidentand CEO and a qualified person as defined by National Instrument43-101 – Standards ofDisclosure for Mineral Projects , has reviewedand approved the technical information in this news release.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholdervalue through the exploration and development of its two early-stagecopper exploration assets located in British Columbia, Canada.
The Thane Project located in the Quesnel Terrane ofNorthern BC spans over 20,658 ha with 6 high-priority targetsidentified demonstrating significant copper and precious metalmineralization. The Company has an earn-in option up to 80% andjoint-venture agreement on the Rip Project located in Stikine Terranein a prolific belt of Late Cretaceous (bulkley plutonic suite), knownfor copper-molybdenum deposits.
Interra Copper’s leadership team is comprised ofsenior mining industry executives who have a wealth of technical andcapital markets experience and a strong track record of discovering,financing, developing, and operating mining projects on a globalscale. Interra Copper is committed to sustainable and responsiblebusiness activities in line with industry best practices, supportiveof all stakeholders, including the local communities in which weoperate. The Company's common shares are principally listed on theCanadian Stock Exchange under the symbol "IMCX". For moreinformation on Interra Copper, please visit our website at www.interracoppercorp.com .
On behalf of the Board of InterraCopper Corp.
Brian Thurston, P.Geo.
Chief Executive Officer andDirector
Tel: 778-949-1829
For further informationcontact:
Katherine Pryde
Investor Relations
investors@interracoppercorp.com
Forward Looking Information
This news release contains certain “forward-lookinginformation” and “forward-looking statements” (collectively“ forward-lookingstatements ”) within the meaning of applicablesecurities legislation. Forward-looking statements are frequently, butnot always, identified by words such as “expects”,“anticipates”, “believes”, “intends”, “estimates”,“potential”, “possible”, and similar expressions, orstatements that events, conditions, or results “will”, “may”,“could”, or” should” occur or be achieved. All statements,other than statements of historical fact, included herein, withoutlimitation, relating to the expected use of proceeds from the PrivatePlacement, are forward-looking statements. There can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. Forward-looking statements reflect the beliefs, opinionsand projections on the date the statements are made and are based upona number of assumptions and estimates that, while consideredreasonable by Interra, are inherently subject to significant business,economic, competitive, political and social uncertainties andcontingencies. Many factors, both known and unknown, could causeactual results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may beexpressed or implied by such forward-looking statements and theparties have made assumptions and estimates based on or related tomany of these factors. Such factors include, without limitation, risksassociated with possible accidents and other risks associated withmineral exploration operations, the risk that the Company willencounter unanticipated geological factors, risks associated with theinterpretation of exploration results, the possibility that theCompany may not be able to secure permitting and other governmentalclearances necessary to carry out the Company's exploration plans, therisk that the Company will not be able to raise sufficient funds tocarry out its business plans, and the risk of political uncertaintiesand regulatory or legal changes that might interfere with theCompany's business and prospects. Readers should not place unduereliance on the forward-looking statements and information containedin this news release concerning these items. Interra does not assumeany obligation to update the forward-looking statements of beliefs,opinions, projections, or other factors, should they change, except asrequired by applicable securities laws.
The Canadian Securities Exchange has not reviewed,approved or disapproved the contents of this press release, and doesnot accept responsibility for the adequacy or accuracy of thisrelease.
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