Gold

Interra Copper Corp. is pleased to announce initial Drilling Results from the Cathedral Area at its 20,600 hectare Thane Property, located on traditional territory of the Takla and Tsay Keh Dene First Nations in North-Central B.C. Results are from drill holes TH21-1, TH21-2 and TH21-5, which tested the northern portion of the Cathedral Zone’s IP chargeability anomaly. All three holes intersected indicator low ...

Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FRA: 3MX) (" Interra " or the " Company ") is pleased to announce initial Drilling Results from the Cathedral Area at its 20,600 hectare Thane Property, located on traditional territory of the Takla and Tsay Keh Dene First Nations in North-Central B.C.

Results are from drill holes TH21-1, TH21-2 and TH21-5, which tested the northern portion of the Cathedral Zone's IP chargeability anomaly. All three holes intersected indicator low grade copper-gold and moderate grades of molybdenum mineralization. Mineralization styles intersected within the drill holes consists of disseminated, vein and localized semi-massive copper mineralization at shallow to moderate depths within the Cathedral Zone. Localized quartz-chalcopyrite-molybdenum fractures and vein mineralization has also been intersected within the drilling campaign. Significant mineralized intervals include:

TH21-01

  • 5.07 meters 1 of 0.14% Copper, or 0.23% CuEq 2 ;
  • 1.0 meter 1 of 0.64% Copper, 0.03 g/t Gold, 1.2 g/t Silver and 1.7 ppm Molybdenum; and
  • 1.0 meter 1 of 0.57% Copper, 0.29 g/t Gold, 3.9 g/t Silver and 4.5 ppm Molybdenum;

TH21-02

  • 14.90 meters 1 of 0.17% Copper, 0.05 g/t Gold, 0.6 g/t Silver and 16.9 ppm Molybdenum, or 0.36% CuEq 2 and containing:
  • 0.72 meters of 0.89% Copper, 0.31 g/t Gold, 2.5 g/t Silver and 4.8 ppm Molybdenum, or 1.16% CuEq 2 ; and
  • 5.50 meters 1 of 0.14% Copper, 0.08 g/t Gold, 1.0 g/t Silver and 13.1 ppm Molybdenum, or 0.31% CuEq 2 and containing:
  • 0.30 meters of 1.41% Copper, 0.98 g/t Gold, 9.3 g/t Silver and 42.7 ppm Molybdenum, or 2.53% CuEq 2 .

TH21-05

  • 18.53 meters 1 of 0.09% Copper, 0.05 g/t Gold, 0.7 g/t Silver and 4.1 ppm Molybdenum, or 0.16% CuEq 2 ;
  • 2.80 meters 1 of 0.54% Copper, 0.14 g/t Gold, 2.7 g/t Silver and 20.6 ppm Molybdenum, or 0.82% CuEq 2 and containing:
  • 0.64 meters 1 of 1.84% Copper, 0.45 g/t Gold, 9.5 g/t Silver and 73.7 ppm Molybdenum, or 2.83% CuEq 2 ; and
  • 1.26 meters 1 of 187.1 ppm Molybdenum, or 1.68% CuEq 2 , containing 0.74 meters 1 of 308.5 ppm Molybdenum, or 2.8% CuEq 2 .

Drilling within the Cathedral Zone was focused on the following;

  • To test a 600 square meter IP chargeability high (up to 45 mV/V with a background of 5) within a highly K-spar and albite altered and resistive diorite to monzonite host;
  • coincident surface copper-gold outcrop mineralization (ranging from 0.5 to 1.20% copper) within magnetic high and low areas and
  • localized increased copper (

A plan map and cross section of these holes with drill results are included below. See figure 3 for plan view of relevant drill holes, and figures 4 and 5 for section view of the drill holes illustrating the mineralized intercepts.

Interra's goals at the Cathedral Area in 2021 included;

  • confirming and expanding copper and gold mineralization at depth from previous surface exploration programs;
  • testing sub-surface chargeability and resistive high targeted areas observed within the 2019 and 2020 IP programs; and
  • drilling angled holes across interpreted porphyry related alteration and associated mineralization and structural zones.

Our results to date have confirmed;

  • porphyry related K-spar and albite alteration and structurally controlled quartz-sulphide vein style mineralization is observed at depth at Cathedral;
  • Copper-gold and molybdenum mineralization is coincident with sub-surface high chargeability and K-spar-albite-quartz altered highly resistive areas observed within the 2019 and 2020 IP programs;
  • sulphides of pyrite, chalcopyrite and localized chalcocite and bornite occur as quartz-sulphide veins and fractures (See Figure 1) and disseminations (Figure 2) , proximal to intrusive contacts, shear structures and within localized magnetite veins and breccias;
  • copper and gold mineralization at depth is at reduced grades to samples collected from the surface, which may be due to secondary supergene enrichment of the surface samples;
  • mineralization and associated alteration within the reported intervals above are hosted within the Thane Creek diorite (207 and 194Ma) and the Duckling Creek monzonite to syenite (182 and 175Ma) intrusive phases of the Hogem Batholith;
  • both sulphides and magnetite are noted to occur within areas of high chargeability and equally within areas of magnetic high and magnetite destructive low areas and
  • mineralization within Thane and Duckling Creek suites of rocks may be related to late Mesilinka granitic intrusive phases (135 to 128 Ma).

Results from the remaining drill holes within the Cathedral Area are pending and will be released later this month and next.

Chief Executive Officer Jason Nickel states "This drill program represents the first ever drilling at the Cathedral Area and the first significant drilling on the Thane property. We view these as highly encouraging results - targeting the first of five identified highly-prospective bulk-deposit style copper-gold targets on the project, and furthering our thesis that we are in proximity to a potentially larger porphyry system."

Figure 1: Quartz-pyrite-chalcopyrite-calcite vein within albite-quartz and fracture selvage K-spar altered Diorite within TH21-02 @ depth of 160.20m, from a 0.90 meter interval grading 0.59%Cu, 0.12g/t Au and 1.99g/t Ag.
https://www.globenewswire.com/NewsRoom/AttachmentNg/b9029b7a-0950-4d9a-bf6c-e2be4cce10fc

Figure 2: Vein and disseminated pyrite and chalcopyrite mineralization within K-spar altered monzonite within TH21-02 @ Depth 165.20m, an interval over 0.72m grading 0.89%Cu, 0.31g/t Au and 2.52 g/t Ag.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2933d463-bec2-4d89-a4ee-453a1f901e87

Figure 3: Plan view showing location of Thane Drill holes TH-21-1, TH-21-2 and TH-21-5.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f4e8aa6-882b-4ee7-af0c-ba1a4e2cb8b8

Figure 4: Cross-section view illustrating Cathedral Zone mineralized intercepts hole TH-21-1 and TH-21-2, Thane Project.
https://www.globenewswire.com/NewsRoom/AttachmentNg/82300643-23ac-4db5-a1aa-3db631888514

Figure 5: Cross-section view illustrating, Cathedral Zone mineralized intercepts hole TH-21-5, Thane.
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a19711b-10e3-40fc-954c-73a53860c903

The scientific and technical information disclosed in this news release was reviewed, verified and approved by Christopher O. Naas, P. Geo., COO of Interra Copper Corp, who is a "Qualified Person" as defined in N.I. 43-101 regulations.

ON BEHALF OF Interra Copper CORP.

Jason Nickel, P.Eng.
Chief Executive Officer
Telephone: +1-604-754-7986
Email: CEO@interracopper.com

INVESTOR RELATIONS:

Email: invest@interracopper.com
Telephone: +1-604-588-2110
Website: https://interracopper.com

1 True widths of the reported mineralized intervals have not been determined.

2 Assumptions used in USD for the copper equivalent calculation were metal prices of $3.25/lb. Copper, $1,650/oz Gold, $20/oz Silver, and USD $40/ lb Molybdenum; Recovery is assumed to be 100% / even par given no current metallurgical testing at Thane to date. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.74) + (Silver (g/t) x 0.0090) + (Molybdenum (ppb) x 0.60)

ABOUT Interra Copper CORP.

Interra is a junior exploration and development company focused on creating shareholder value through the advancements of its current assets that include the Thane Property in north-central British Columbia. Utilizing its heavily experienced management team, Interra continues to source and evaluate assets to further generate shareholder value.

The Thane Property covers approximately 206 km 2 (50,904 acres) and is located in the Quesnel Terrane geological belt of north-central British Columbia, midway between the previously-operated open pit Kemess Mine and the current open pit Mount Milligan mine, both two copper-gold porphyry deposits. The Thane Property includes several highly prospective mineralized areas identified to date, including the ‘Cathedral Area' on which the Company's exploration is currently focused.


Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to further exploration on the Company's Thane Property, the submission of core samples and receipt of assays thereof. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.


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Interra Copper

Interra Copper

Overview

As experts forecast an explosion in demand for copper and the reality of securing mines becomes increasingly difficult, the copper industry is on track to face a global supply gap ranging from 4.7 to 10 million tons by 2030.

Driven by the global shift towards environmental sustainability, the widespread adoption of renewable energy, electric vehicles and electric motors has catalyzed the growth in demand for copper materials used in its machinery. Overall demand for copper is estimated to increase by 12 to 15 percent. What does this mean? Canadian investors and mining companies may be sitting on a goldmine of opportunity — or, in this case, a copper mine.

Interra Copper (CSE:IMCX, OTCQB:IMIMF, FRA:3MX) is a Canadian mineral exploration and development company focused on exploring, identifying and acquiring copper and is dedicated to increasing shareholder value through the technical advancements of its assets. Led by a highly experienced management team, the company’s drilling exploration program is fully funded and will begin in July.

“We have identified high priority zones defined by IP chargeability highs with supporting copper and gold mineralization from both soil and rock samples, and we are excited to be able to test the depth potential of these targets by diamond drilling this summer,” said David McMillan, interim CEO of Interra Copper.

Producing more than 50 percent of the copper supply in Canada in 2019, British Columbia is arguably the most attractive market for copper in Canada. Interra Copper has focused all its efforts on its flagship Thane property, which is situated in the Quesnel Terrane region of British Columbia.

The Quesnel Terrane has an impressive past and planned production of 50 billion pounds of copper and 28 million ounces of gold. With relatively low exploration, the Thane property is near 16 productive and/or development stage mining projects which have historically produced significant yields. Third-party data identifying six mineralized areas suggests promising copper, gold, and silver contents in the 200 square kilometre property. The Thane property is fully owned by Interra Copper (subject to a one percent NSR).

Accelerating the process of obtaining reliable geochemical results, Interra Copper plans to utilize a portable XRF — a device that can immediately quantify and qualify elements in a sample such as copper — expediting informed planning regarding drilling expansion beyond its 8 already planned drill holes. Prioritizing in-depth analysis and thoroughness, Interra Copper will submit samples to ALS laboratories for additional multi-element and gold analysis. Streamlining its operations, Interra Copper also plans to deliver accurate sample results to investors in less than six months.

Sample 3050: 0.30 percent cu, 1.21 g/t Ag

Interra Copper’s management team is well-primed for success given their experience and accomplishments in both the mining and exploration and the corporate sector.

Independent Director Jason Nickel is a mining engineer, investor, and entrepreneur with 25 years of experience. Nickel recently led the production and development of new underground and pit operations as Mine Manager for an emerging Canadian producer.

Chairman to the Board of Directors Gregory Hawkins is a certified professional geoscientist with 52 years of experience in the industry. Hawkins was previously responsible for the identification and/or delineation of 10 mineral deposits in multiple countries with seven deposits taken to production.

Director, President and Interim CEO David McMillan has been involved in the mining and finance industry for over 40 years. McMillan has held several directors and executive roles for both public and private companies.

Interra Copper’s Company Highlights

  • Interra Copper’s flagship Thane project is located in the Quesnel Terrane region in British Columbia where past and planned production of copper is estimated at 50 billion pounds in the region.
  • The Thane project, set to begin in July, is strategically located in an area of relatively low exploration and near multiple mines which have historically produced significant yields. Third-party data identifying six mineralized areas suggests promising copper, gold, and silver contents in the 200 square kilometre property.
  • Interra Copper plans to use portable XRF machines to accelerate planning and decision-making regarding drilling sites.
  • The Thane project is fully funded and fully owned by Interra Copper (subject to a one percent NSR).
  • Interra Copper boasts an experienced management team with several decades of experience in mining, exploration and business and notable achievements in their respective industries.

Interra Copper’s Key Project

Thane Property

The flagship Thane project is located in the Quesnel Terrane, a region rich in porphyry-style deposits, in British Columbia. The 206.58 square kilometre property is near 16 productive and/or developmental stage mining projects which have historically produced significant yields.

The Thane property has a history of relatively low exploration dating back to the 1970s. To date, six mineralized areas have been identified in the Thane property with copper and gold mineralization as high as 13.9 percent, 77.8 g/t Au along with silver as high as 56.4 g/t Ag found in each area, based on data reports from previous operators.

The project is set to begin with eight drill holes that will be 2,400 metres deep with drilling expansion and exploration plans already in the works.

Interra Copper’s Management Team

Jason Nickel — Chief Executive Officer

Jason Nickel holds a degree in Applied Science in Mine Engineering from the University of British Columbia and a post graduate diploma in business administration from Simon Fraser University. Jason brings 25 years of experience in Mine Operations, Engineering, Project Development and resource company management to Interra Copper along with a decade of corporate and junior resource markets focus. He is an experienced mining engineer, investor and entrepreneur with a diverse 25-year mining background in operations, engineering, feasibility and exploration/development of venture capital projects. Most recently, Nickel was a Mine Manager for a significant Canadian emerging producer, leading the production and development of new underground and pit operations. He has provided management and consulting services to the industry since 2008.

T. Gregory Hawkins — Chairman to the Board of Directors

T. Gregory Hawkins has worked in the mining exploration and investment industry since 1969. He has been variously responsible for the identification and/or delineation of 10 mineral deposits in Canada, USA, Chile, Ghana, Mali and Zäire (DRC), with seven deposits taken to production.

Christopher O. Naas — Director, Chief Operating Officer

Christopher O. Naas has over 34 years of experience in the mineral exploration field in Canada, the USA, South America and Africa and brings extensive experience in the supervision of mineral exploration programs that have successfully developed mineral resources from grassroots prospects.

Oliver Foeste — Chief Financial Officer

Oliver Foeste is the founder and Managing Partner of Invictus Accounting Group and brings over 10 years of financial reporting and executive experience across numerous industries including junior exploration and mining companies. Previously, Mr. Foeste has held senior management and executive positions in multinational and small capitalization companies listed in Canada and the United States.

David McAdam — Chairman of Audit Committee

David McAdam has over 30 years of finance and operations experience in large and small capitalization companies, where has been the financial lead in raising over $250 million in equity and securing over $100 million in debt. He has been the financial and/or operational lead in over 90 acquisitions, including the integration of the target companies.

McAdam has been the Chief Financial Officer of several public and private companies including a number of public and private BC-based mining companies (one a Vancouver based TSX company with producing assets in South Africa and public reporting across the TSX-AIM-JSE exchanges). Other sectors include for-profit provider of English as a Second Language training to foreign students (Executive advisory and Investor Relations), a Fortune 150 waste management/recycling company (VP Ops and Director of Finance).

Samir Patel — Independent Director, Chairman of Governance Committee

Samir Patel is a securities lawyer with over 11 years of experience in securities and corporate law, particularly in relation to M&A transactions, continuous disclosure requirements, corporate governance and equity financings.

He is currently General Counsel & Corporate Secretary at First Mining Gold Corp., a gold exploration and development mining company listed on the Toronto Stock Exchange, and has been with First Mining Gold since June 2016. Prior to that, he earned a Bachelor of Laws (Honours) degree from the University Nottingham in the United Kingdom.

David McMillan — Director

David McMillan has worked in the mining and financial markets for over 40 years. Since he retired from the securities industry in 2000, he has held numerous director and executive roles in public and private companies.

Gordon Neal — Independent Director

Gordon Neal is currently President of Neal & Company Consultants, having provided more than 30 years of capital markets and corporate governance advisory services to public and private companies. Neal & Company have raised more than $700,000,000 for companies across many sectors including precious metals, oil and gas, forestry and clean tech industries. From August 2017 to March 2021, Gordon was President of New Pacific Metals Corp, with prior positions as VP Corporate Development at Silvercorp Metals, and for 9 years was VP Corporate Development at Mag Silver Corp. in the 1990s, Gordon was also the founder and president of Neal McInerney Investor Relations, which at the time, was the second largest investor relations firm in Canada.

Janet Francis — Corporate Secretary

Janet Francis has over 15 years of experience in the field of regulatory compliance and corporate governance. She has served as a director or officer of several public companies listed on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange in the technology, education, and mining sectors. She is the principal of a corporate secretarial firm providing services to publicly listed companies, reporting issuers, and companies seeking to go public.

 

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