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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") The Company provides the following summary of its exploration and drilling activities at its 16,080 Ha Tres Marías Copper Project ("Tres Marías" or the "Project"), located approximately 18 km southwest of the city of Calama in the Antofagasta Region of Chile. The Phase 1 drilling program was completed in June 2023.
Six (6) RC holes totalling 1,896 meters were completed and processed chip samples were sent to ALS Global in Santiago for analysis. This drilling represents testing of the first target and roughly 1/5th of the initially planned exploration program, which was planned to consist of a total of 10,500 m of reverse circulation ("RC") drilling across three target areas within 16,080 ha of contiguous concessions. The objective of the program is to test a number of targets identified to date, utilizing reprocessed historical airborne ZTEM and 3D inversion of this airborne data, a 504 km UAV high-resolution magnetic survey, and a 29 line-km GDAS 3D induced polarization survey completed by Alto Verde Copper.
The initial phase of drilling of the combined geological-geophysical-geochemical anomalies did not intersect substantial economic copper mineralization, however the assays highlighted several important anomalies in the six-hole program. Most notably hole TM23R-003 (Eastern Zone - Figure 1), intersected a dacite dyke with moderate quartz-sericite alteration, along with veinlets of hyaline quartz with halos of sericite and grey sulphides, and very thin and irregular veinlets of pyrite, grey sulphides, and specific pyrite-molybdenite sections. Numerous geochemical anomalies were noted, including:
Zinc: average of 350 ppm Zn and a peaks of 1450 ppm Zn;
Lead: average of 178 ppm Pb and a peak of 1960 ppm Pb;
Molybdenum: average of 12 ppm Mo and a peak of 180 ppm Mo;
Copper: anomalous concentrations and a peak of 211 ppm Cu; and,
Silver: anomalous concentrations and a peak of 6.7 ppm (g/t) Ag.
The results from hole TM23R-003 are interpreted to potentially represent a distal base metal front emanating from a porphyry copper system and may warrant follow-up work. Figure 1, provides an overview of the Eastern Zone with drill hole locations (Interra 2023 and historical) with respect to outlines of deeper intrusives, largely interpreted from geophysics and field observations, and the two main north-south structures (Guacate East and West).
Figure 1. Interra 2023 RC drill hole collar locations, historical Freeport-McMoran Exploration Corporation ("Freeport") drill hole collar locations, interpreted intrusives from geophysics, and structural geology overlain on MVI geophysical results, Eastern Zone, Tres Marías Copper Project, Chile.
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Principal Components Analysis ("PCA") of the geochemical results from drill hole TM23R-003 suggest a strong association with Pb-Zn-Cd-Mo-Re-Ag-S, which is interpreted as anomalous mineralization resulting from a distal copper system, such as that of a porphyry. Figure 2, shows the results of the PCA along with several notable intersections from hole TM23R-003.
Figure 2. Selected intersections from RC chip assays (left) and results of the Principal Components Analysis (right) completed on drill hole TM23R-003.
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Two of the six drill holes, TM23R-001 and TM23R-004, returned some localized anomalous concentrations in Pb, Zn, Cu and lesser Ag.
Drill holes TM23R-002, TM23R-005, and TM23R-006, did not return and significant values but were elevated in zinc over the entire length of each hole.
Historical Drill Programs
Among the results of previous (historic) drilling, are selected drill intercept highlights:
Drillhole TMD-15-02 intercepted a 2.4 m mineralized manto between 263 and 265.4m with abundant covellite in thick nodules, which returned grade sof 3.1% Cu and 19 ppm Ag.
Drillhole TMD-15-05 intersected a broad zone of anomalous Zn-Pb mineralization with an average of 1,162 ppm Zn and 363 ppm Pb. Between 214 m and 348 m, a hydrothermal breccia was cut with the margins returning values of 12m @ 0.5% Zn - 0.11% Pb and 22m @ 0.16% Zn - 0.07% Pb respectively following which the hole encountered a dacite-andesitic porphyry until the end of hole at 386.50 meters.
Drillhole TMRC-18-01 intercepted 4 meters @ 4.5% Cu and 121.5 ppm Ag in a manto from + 218-222 meters.
Drillhole TMRC-18-02 intercepted constant Zn and Pb mineralization, 476m @ 662 ppm Zn and 355 ppm Pb, includes 238-272m 34m @ 0.31% Zn and 0.26% Pb.
Follow-up Work
Based on initial analysis of the results including historic drilling - the highest priority area is interpreted to occur in the Eastern Zone between Interra drill-hole TM23R-003 and historical drill holes TMD-15-02, TMD-15-05, and TRMC-18-01 completed by Freeport an area of about 1.5 km x 0.7 km (Figure 3). Interra remains optimistic and aims to secure funding to continue work on its Tres Marias property and other Chilean projects. The company has 3 years remaining on the Tres Marias acquisition terms, and up to 8,000 meters of drilling if warranted as per the initial exploration plan for the Project. Figures 3 and 4 illustrate the next priority target for work on the Tres Marias Project.
Figure 3. Priority Target and Generalized geology and structures of the Eastern Zone with locations of historical (black), current (blue), and planned (red) drill hole collars.
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Figure 4. "Eastern Zone" Target - Section view of simplified geology, structures and interpreted Manto-style feeder mineralization toward the east.
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Laboratory Procedures and QA/QC
In total, 888 chip samples were collected from the six RC drill holes and analyzed in the ALS Global laboratory by multi-acid digestion ICP ME-MS61 + Au ICP 21 method (30 g Fire Assay). The chip sampling interval was systematic at every 2 metres except for 11 composite samples taken over 10 m intervals from holes TM23R-001 (8 samples) and TM23R-006 (3 samples). For the laboratory's respective QA/QC control, duplicate samples (51) were collected every 20 samples, with an alternating high-grade (26) and low-grade (27) copper standard inserted every 20 samples. In addition, a blank (26) was inserted after every high-grade copper standard. A total of 130 standard and control samples were assayed representing approximately 13% of the total 1,029 samples assayed, No samples were sent to a referee laboratory.
Technical Disclosure/Qualified Person
The scientific and technical information in this press release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo., PhD, PMP), Principal Geoscientist and Managing Director at Caracle Creek Chile SpA and an independent consultant and Qualified Person as defined in National Instrument 43-101.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its portfolio of highly prospective/early-stage exploration copper assets located in Chile S.A. and British Columbia, Canada.
The Company's portfolio includes three copper projects located the Central Volcanic Zone, within a prolific Chilean Copper belt: Tres Marías and Zenaida in the Antofagasta Region, and Pitbull in the Tarapaca Region. The Company now holds a significant land package covering an area of 20,050 ha with the projects situated amongst several of the world's largest mines owned by the largest global mining companies including Glencore, Anglo American, Teck Resources and BHP among others. The Company also owns two exploration projects in Northern British Columbia: Thane and Chuck Creek. The Thane Project is located in the Quesnel Terrane of Northern BC and spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board and Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information
Katherine Pryde
Investor Relations Contact
investors@interracoppercorp.com
Forward-Looking Information
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to exploration on the Company's Tres Marías Copper Project, and the potential results of exploration work on the project. 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 on SEDAR at www.sedar.com and the Company's website. We seek safe harbor.
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