Interra Copper Corp.

 

 
 

  

November 22, 2024, VANCOUVER, British Columbia – TheNewswire – Interra Copper Corp. (CSE: IMCX; OTCQB: IMIMF; FRA: 3MX) (“Interra” or the “Company”) is pleased to announce results from a recent geological review of the Thane Copper Gold Project (the “Project” or “Thane”). Thane is a 206 square-kilometer (“km”) property that is 100% owned by Interra Copper and situated in central British Columbia, Canada, between Centerra Gold’s Mt. Milligan mine and the former Kemess mine.  Highlights of Interra’s exploration results include:

 

  • Discovery of the Bananas showing, an approximately 200 metre (“m”) long domain of chalcopyrite mineralized porphyritic syenite cut by quartz-magnetite stockwork and sheeted veins with extensive secondary copper (chrysocolla). Assay results from the Bananas showing include: 

    • Sample 18615* on the southern portion of the zone yielded 3.82% copper (“Cu”) and 0.218 grams per tonne (“g/t”) gold (“Au”) (Table 1). 

    • Samples 18620* and 18617* from near the centre of the zone yielded 7.15% Cu and 0.472 g/t Au and 1.65% Cu and 0.746 g/t Au respectively(Table 1). 

    • Sample 18619* from the northern portion of the zone yielded 2.86% Cu and 0.258 g/t Au (Table 1). 

  • A specialist team from Equity Exploration and Accretive Metals Advisory undertook a field review of 19 targets on the property; their findings confirm that Thane has significant alkalic copper-gold porphyry potential within a comparable geologic setting to nearby mines. 

 

CEO Brian Thurston commented, “Interra’s 100% owned Thane property has some of BC’s most intense stream sediment anomalies as well as broad zones of alteration and anomalous copper and gold mineralization, providing strong evidence for the presence of a buried porphyry copper-gold deposit. The Bananas showing comprises high-grade mineralization in permeable rocks where deeper portions of the broader hydrothermal system may have been channeled closer to surface. This provides even more compelling evidence for a robust mineral system with economic potential at Thane. We are excited to follow up on this important discovery during the 2025 field season.”

 

The Thane copper-gold project is located in an underexplored portion of the northern Quesnel Terrane, 11 km SE of the past producing Kemess South mine and 13 km NW of the Mount Milligan mine. During early August, a specialist team from Equity Exploration and Accretive Metals Advisory undertook a review of 19 targets within the large 206 km2 property. The team’s evaluation and field observations confirmed that Thane has significant alkalic copper-gold porphyry potential within a comparable geologic setting to nearby mines. Ten high-priority targets were recommended for advancement, of which, the newly discovered Bananas showing and the previously known Gail showing are ranked highest priority with strong copper-gold mineralized alteration systems in favorable host rocks.

 

Follow up reconnaissance of the Bananas showing in September 2024, included preliminary delineation of the mineralized zone over an approximately 200 m strike length in exposures spanning approximately 100 vertical metres. The Bananas showing comprises a pinching and swelling 0.5 to 3 m thick domain of moderate to dense chalcopyrite bearing quartz-magnetite veins in iron-altered porphyritic syenite. The domain is characterized by strong fracturing and locally focused shear zones. Chrysocolla, formed from oxidation of the abundant copper mineralization, covers outcrop faces and talus along the length of the showing (Figure 1). The Bananas showing is contained within a broad > 2 km2 iron oxide and clay anomaly observed from a recent ALS Goldspot hyperspectral study.

Fourteen geochemical samples were collected along 170 m of the exposed length of the showing. Results range from 0.01 to 7.16% Cu and 0.003 to 0.746 g/t Au, with anomalous concentrations of silver (“Ag”) ranging from 0.13 to 27.7 g/t and molybdenum (“Mo”) ranging from 3 to 156 parts per million (“ppm”). Highlighted samples, as well as sample statistics for the full Bananas showing dataset are in Table 1.

  

Figure 1: Copper staining from the new Bananas Showing

Table 1 Highlighted Results from The Bananas Showing, and Sample Statistics

 

Select Geochemical Samples*

ID

Easting

Northing

Au (g/t)

Ag (g/t)

Cu%

Mo (ppm)

18615

342626

6229738

0.218

18.2

3.820

102

18617

342637

6229765

0.746

9.7

1.650

156

18619

342630

6229909

0.258

21.0

2.860

83

18620

342635

6229839

0.472

27.7

7.150

126

Sample Statistics (n=14)

 

Au (g/t)

Ag (g/t)

Cu%

Mo (ppm)

Max

0.746

27.7

7.150

156

Min

0.003

0.1

0.011

3

Median

0.018

0.6

0.080

7

Average

0.127

5.5

1.097

38

  

RIP Drilling Program Update

 

The Phase One drilling program at the Rip Copper Project (“Rip”) in central British Columbia has been completed. Two drill holes totalling 1,033.27 meters tested the northern geophysical anomaly reported by the Company in its July 31, 2024, press release. The Rip Project is situated approximately 33 km northeast of Imperial Metals’ past producing Huckleberry Cu-Mo mine and Surge Copper’s advanced stage Ox/Seal/Berg projects (Figure 2).

 

Drill hole RP2024-001 tested to a depth of 533.40 m and targeted a magnetic high near the centre of a combined magnetic-chargeability “bullseye” that defines the target. Drill hole RP2024-002 tested to a depth of 499.87 m targeting a section of the 1 km diameter “doughnut” shaped chargeability high (>35 mV/V) that surrounds the magnetic high. Both drill holes intersected multi-phase porphyritic intrusions, and porphyry related alteration, veining, and mineralization that are consistent with the geophysical signatures that were targeted. All core samples have been submitted to ALS laboratory in Richmond Vancouver for geochemical analysis. Results will be announced once all results are received and validated.

 

In 2023 the Company announced an option agreement with ArcWest Exploration Inc. (“ArcWest”) to acquire an 80% interest in the RIP Cu-Mo project. Interra can earn the first tier of its interest in the project (60%) 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. 

  

Stars Acquisition Update

 

Further to the Company’s October 7, 2024, press release, the meeting materials for the annual general and special meeting of the shareholders of Aurwest Resources Corporation (the “AGSM”) were mailed prior to, and are not affected by, the recent postal strike. The AGSM is scheduled for December 10, 2024, is expected to proceed as planned. Shareholders of Aurwest Resources Corporation will have the opportunity to vote on the proposed sale of the Stars Property to Interra. Subject to the approval of such resolution by the shareholders of Aurwest Resources Corporation and subsequent approval by the Canadian Securities Exchange (the “CSE”), the acquisition of the Stars Property by Interra is expected to close before December 16, 2024.


Click Image To View Full Size

Figure 2: Interra Property Location Map

  

Market Maker

Interra is pleased to announce that, subject to regulatory approval, the Company has retained Venture Liquidity Providers Inc. (“VLP“) to initiate its market-making service in maintaining an orderly trading market for the Company’s common shares. The market-making service will be undertaken by VLP through registered broker, W.D. Latimer Co. Ltd., in compliance with the policies of the CSE and other applicable laws. 

 

In consideration for the services provided by VLP, the Company has agreed to pay VLP $5,000 per month, commencing October 1, 2024, for an initial term of three months. Following the initial term, the agreement will renew for successive one-month terms, provided that after the initial three-month term the agreement may be terminated by either party at any time. Prior to retaining VLP, the Company and VLP were at arm’s length and VLP had no interest, direct or indirect, in the Company or its securities. The finances and the shares required for the market-making service are to be provided by W.D. Latimer Co. Ltd. The fee paid by the Company to VLP is for services only and there are no performance factors contained in the agreement. VLP will not receive Interra shares nor options as compensation. 

VLP is a specialized consulting firm based in Toronto providing a variety of services focused on CSE- listed issuers. VLP’s CEO, JC Cunningham, can be reached by telephone at (416) 891-4349 or by email at [email protected].

 

Business Development

Interra is pleased to announce that the Company has entered into a corporate services agreement with CSC2020 Corp. (“CSC“) to deliver a holistic suite of consulting, branding, and technology services, specifically designed to elevate the Company’s public market strategies, increase product market reach, and brand positioning commencing November 25, 2024. The Company will also have access to CSC’s proprietary AI-driven product line and content marketing.

 

In consideration for the services provided by CSC, the Company has agreed to pay CSC a service fee of $40,000 (plus applicable tax) for an initial term of six months. The agreement will subsequently renew for additional one-month terms unless terminated, which may be effected by either party with 30 days’ notice. There are no performance factors contained in the agreement. The Company and CSC are at arm’s length and CSC has no interest, direct or indirect, in the Company or its securities.

 

Shares for Debt

In connection with the engagement of CSC, the Company and CSC have agreed to settle the outstanding debt owed by the Company to CSC for an aggregate of 420,000 common shares of the Company (the “Debt Settlement Shares”) at a deemed price of $0.10 per Debt Settlement Share.  

 

All Debt Settlement Shares will be subject to a hold period expiring four months and one day after the date of issuance.

 

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and, accordingly, may not be offered or sold in the United States or to, or for the account or benefit of, “U.S. persons” (as those terms are defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful.

 

IR Appointment

The Company would also like to announce the appointment of Mr. Kelly Abbott as Investor Relations and marketing awareness. Mr. Abbott has extensive experience in public markets and has helped secure millions of dollars in capital for both public and private companies. Mr. Abbott’s expertise is in marketing, corporate strategy, venture capital and business development.

 

Stock Options

The Company has granted stock options to a consultant of the Company to acquire an aggregate of 150,000 common shares in the capital of the Company, pursuant to the Company’s Equity Incentive Plan. The stock options are each convertible into a common share of the Company at an exercise price of $0.12 until November 14, 2029, and are subject to vesting over a period of 18 months.

 

Geochemical Methodology and Quality Control

All samples were collected by Interra staff and contractors from outcrops, packaged in polyurethane sample bags, and submitted directly to ALS Geochemical Laboratory in North Vancouver. They were prepared for analysis according to ALS method PREP-31: each sample was crushed to 70% passing 2mm and a 250g split was pulverized to better than 85% passing 75 micron mesh. Gold was tested by fire assay with atomic absorption finish on 30g nominal samples (ALS method Au-AA23). An additional 34 elements were tested by ICP-AES using a four-acid digestion (ALS method ME-ICP61), over-limit samples for copper were retested using the same technique but with ore grade four acid digestion and a higher range of detection (method Cu-OG62). Quality assurance and control (“QAQC”) is maintained at the lab through rigorous use of internal standards, blanks and duplicates.

* All samples collected from the Bananas showing are chip samples collected over a minimum length of 10 cm. However, sample length data were not available at the time of this news release. For this reason, samples should be treated as grab samples.  Grab samples are selective in nature, therefore, reported mineralization and assay results may not be representative of a volume of rock.

Qualified Person

 

Brian G. Thurston, P.Geo., the Company’s 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 two early-stage copper exploration assets located in British Columbia, Canada.

 

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. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits.

 

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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