Interra Announces Rip Phase One Drill Results Intersects Mineralized Porphyry System

(via TheNewswire)

January 23, 2025, VANCOUVER, British Columbia – TheNewswire - Interra Copper Corp. (CSE: IMCX; OTCQB: IMIMF; FRA: 3MX) (“Interra” or the “Company”) is pleased to announce the results of the Phase One drilling program at the Rip Copper Project (the “Project” or “Rip”) in the Stikine region of British Columbia. The Rip Project is situated approximately 33 km northeast of Imperial Metals’ past producing Huckleberry copper-molybdenum (“Cu-Mo”) mine and Surge Copper’s advanced stage Ox/Seal/Berg projects. Imperial Metals Corporation is exploring Huckleberry and its surrounding claims for additional Cu-Mo resources.

Highlights of 2024 and the Rip Phase One Drilling:

• First phase drill testing at Rip has confirmed that largely covered geophysical targets define a Cu-Mo mineralized porphyry system.  

• Zones of anomalous Cu-Mo mineralization are hosted in multiple phases of porphyritic intrusions and associated vein stockwork. Drill Intersection highlights include (*Table 1): 

  • 0.102% CuEq over 126.6 m* in drill hole RP24-001 from 21.4 m 

    • Including 0.267% CuEq over 24.6 m* from 21.4 

  • 0.113% CuEq over 114.3 m* in drill hole RP24-002 from 33.6 m 

• Two highly prospective, approximately 1 X 1 kilometre (km”), annular geophysical anomalies remain largely untested 

• most assays are anomalous in Cu-Mo and the presence of intense quartz-sericite-pyrite alteration and strongly developed vein sets resembling D veins indicates the presence of a significant porphyry system that has only been partially tested. 

• In 2024, acquired five additional claims by staking, more than doubling the initial 2,308.81 ha road accessible property to its current 4,770.65 hectares in a top tier exploration and mining district, the Bulkley Porphyry Belt. 

In summary, the 2024 mag, IP and drill program successfully resolved the original Rip anomaly into two separate porphyry systems and demonstrated that the northern target contains multiple intrusive phases and long intervals of low-grade Cu-Mo mineralization. This northern target has been partly defined as a 600m wide subvertical cylindrical mineralized zone between a magnetic barren core and a chargeable pyrite halo. The northern target has only been tested by three diamond drill holes (two by Interra in 2024, one historical in 1975). The southern geophysical target is equivalent in size to the northern anomaly and has no diamond drill testing.

Brian Thurston, President & CEO of Interra, commented: "Completion of the Phase One drill program has successfully proven that a multi-phase, mineralized porphyry system is defined by the geophysical target interpreted by Interra with Cu-Mo mineralization intersected in both holes of this limited initial drill program. The drilling of this largely covered area has revealed that a portion of the northern target chargeability high is host to impressive porphyry style stockwork that has potential to improve in grade down plunge and laterally. The majority of the system, including the entirety of the southern target, remains untested and is highly deserving of additional exploration. Interra has assembled a dominant land position in the Bulkley Porphyry Belt and created a unique opportunity that unlocks a district scale copper porphyry pursuit."

Technical Details of the Drill Program

Interra has received all assays from its two-hole, 1033 metre drill program at the Rip Cu-Mo porphyry project in central BC. The Rip project is interpreted as a highly underexplored porphyry Cu-Mo system that is predominantly covered by overburden. A small outcrop area contains variably altered porphyritic intrusions which cut strongly hornfelsed Hazelton Group volcano-sedimentary rocks. Porphyritic intrusions and hornfelsed country rock are both host to porphyry style stockwork, including magnetite-chalcopyrite and quartz-chalcopyrite-molybdenite veins. Historical exploration drilling on the project included shallow, predominantly percussion holes targeting a large IP anomaly; within the IP anomaly, the holes intersected predominantly QSP altered lithologies (including altered porphyritic intrusions) with anomalous Cu-Mo mineralization. Multiple holes failed to reach bedrock.

An airborne magnetic survey flown earlier in 2024 revealed for the first time two separate circular magnetic highs within the historical chargeability high, suggesting that Rip contains two porphyry centers. The southern mag high is significantly larger than the northern one but does not crop out. Following the airborne mag survey, a 3D-DCIP induced polarization and resistivity survey was completed over the Rip target in 2024. The new IP survey resolved the original 1980 chargeability anomaly into two chargeability “donuts” around the two separate magnetic highs, the classic “pyrite halo” signature of porphyry systems, providing more evidence for the interpretation that Rip contains two adjacent porphyry systems.

Table 1. Summary of assay results

 Notes on Table 1: Average of assays from selected intervals with values continuously >500ppm CuEq, with allowance for inclusion of single sample gaps <500ppm CuEq. These intervals are mostly not considered to be ore grade, but rather are included to illustrate the extent of the mineralizing system. Cu equivalents are calculated based on the following US$ price assumptions: copper US$4 per pound; gold US$2,500 per troy ounce; silver US$30 per troy ounce; and molybdenum US$20lb, assuming full recovery.

Two drill holes were completed on the northern geophysical target from a single setup, both intersecting anomalous to low-grade Cu-Mo porphyry mineralization from surface, and at depths >400m in RP24-001. Mineralization in both holes is hosted in three distinct phases of porphyritic intrusions with potassic to phyllic alteration and multistage veining (e.g., magnetite-chalcopyrite; quartz-chalcopyrite-molybdenite, pyrite-chalcopyrite with sericite haloes).

RP24-001 drilled eastwards towards the core of the geophysical anomaly, targeting the magnetic high within the high chargeability ring. Between upper and lower mineralized zones lies a central barren zone of strongly magnetic crowded porphyry (148-284m), major quartz pods and segregations (284-334m) and unidirectional solidification textures (“USTs”) (369-374m). These coincide with the magnetic high and are interpreted to comprise a central magmatic cupola near the magmatic-hydrothermal transition.

RP24-002 drilled westwards away from the core of the geophysical anomaly, targeting the strongest portion of the high chargeability ring. Below an upper zone of weak Cu-Mo mineralization, the lower portions of the hole intersected strong to intense sericite-pyrite alteration with D-style veins but negligible Cu-Mo. This abundant pyrite alteration explains the chargeability ring and is interpreted to be a portion of the pyrite halo of the northern target.

Drill hole locations

Table 2: 2024 drill hole locations (NAD83 Zone 10)

Interra Option Agreement and Claims Acquisition

In December 2023, the Company announced its option agreement with ArcWest Exploration Inc. (“ArcWest”) to acquire up to an 80% interest in the Rip Cu-Mo project. Interra can earn the first 60% tier of its interest in the project by completing staged exploration work totalling C$2.0 million and direct payment of C$100,000 and annual share payments over four years until the end of 2027. 

In 2024 ArcWest and Interra added five additional claims to the option agreement, acquired by staking, more than doubling the initial 2,308.81 ha road accessible property to its current 4,770.65 has.

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Figure 1 – Plan view of 2024 drilling, overlain on northern geophysical target. (Data from drill hole A75-1 is included from historical sources that have not been verified by Interra)

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Figure 2: Cross section across the northern target (looking north), showing chargeability and CuEq drill intercepts.

Assay Methods and QA/QC

The core was logged and sampled at the nearby Huckleberry Mine by ArcWest personnel. A diamond saw was used to split HQ diameter core in half, with one-half of the core put back in the core box and the other half sampled. Samples were cut at a nominal 2m interval. One standard, one blank and one duplicate sample were added to each batch of 30 samples. Samples were shipped by Bandstra directly to the ALS Geochemistry prep lab in Terrace, BC. Final geochemical analysis was completed at the ALS Geochemistry lab in North Vancouver, BC using the methods PREP-31, ME-MS61, and Au-ICP21. Crush to 70% less than 2mm, riffle split off 250g, pulverise split to better than 85% passing 75 microns. Four acid digestion, ICP-MS finish, gold by fire assay. The standards, duplicate and blanks returned results within the expected tolerances of the method.

Qualified Person

Brian Thurston, P.Geo., the Company’s President, CEO and a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.

About Interra Copper Corp.

Interra Copper Corp. is focused on building shareholder value through the exploration and development of its early-stage copper exploration assets located in British Columbia, Canada.

Interra has a 100% interest in the Stars Property, an early-stage porphyry copper-molybdenum discovery, covering 9,693 hectares in central British Columbia’s Bulkley Porphyry Belt. Contiguous to the Stars Property Interra has a 100% interest in the 5,389 ha Stellar Property, and Interra has an earn-in option up to 80% and joint-venture agreement on the porphyry copper-molybdenum Rip Project, also in the Bulkley Porphyry Belt. Interra has a 100% interest in the Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 10 high-priority targets identified demonstrating significant copper and precious metal mineralization.

Interra’s leadership and advisory teams are 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 is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra, please visit the Company’s website at www.interracoppercorp.com.

On behalf of the Board of Interra Copper Corp.

Brian Thurston, P.Geo.

Chief Executive Officer and Director

Tel: 778-949-1829

For further information contact:

Kelly Abbott

Investor Relations

[email protected]

Forward Looking Information

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or” should” occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, relating to the Rip Copper Project, including the Phase One drilling program, the exploration potential thereof, and the expected satisfaction of the Company’s 2024 and 2025 earn-in obligations are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, 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 political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.

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