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Interra Copper Corp (2)
Symbol IMCX
Shares Issued 24,330,600
Close 2023-11-27 C$ 0.26
Market Cap C$ 6,325,956
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Interra Copper options Rip project from Arcwest

2023-11-28 10:27 ET - News Release

Also News Release (C-AWX) Arcwest Exploration Inc

Mr. Rick Gittleman of Interra Copper reports

INTERRA COPPER CORP. AND ARCWEST EXPLORATION INC. EXECUTE RIP COPPER-MOLYBDENUM PROJECT OPTION AND JOINT VENTURE AGREEMENT

Interra Copper Corp. has executed its option with Arcwest Exploration Inc. for an up-to-80-per-cent earn-in and joint venture agreement on Arcwest's Rip copper-molybdenum project in central British Columbia, a prolific mining region on Canada's West Coast.

The Rip Project comprises 2,309 ha and is located about 63 km south of Houston and 79 km southwest of Burns Lake in central British Columbia. The Rip Project is situated in Stikine Terrane in a prolific belt of Late Cretaceous (Bulkley Plutonic Suite) porphyry Cu-Mo deposits, which includes Imperial Metals' Huckleberry Mine, 33 km to the southwest and presently on care and maintenance. In addition to the Huckleberry Mine, the Bulkley porphyry belt includes the Whiting Creek, Poplar, Seel and Ox Cu-Mo (gold-silver) deposits. The fully permitted Rip Project is road accessible from either Houston or Burns Lake.

Rip Project Earn-In Agreement with Arcwest

Under the terms of definitive agreement, Interra has obtained a two-stage option to earn up to an 80% ownership interest in the Rip Project over up to an 8-year period.

In the 1st stage, Interra has the option to earn, over a 4-year staged work-schedule, a 60% beneficial ownership in the Rip Project by issuing 1,050,000 shares of Interra, completing geological and exploration expenditures of C$2,000,000, and paying C$100,000 cash to Arcwest, over a period 4 years and 3 months, until December 31, 2027. Interra will issue 200,000 shares before December 4, 2023. C$25,000 of exploration is required by December 31, 2023, or payment to Arcwest in lieu.

The 2nd stage of the earn-in requires Interra to advance the Project to Feasibility Study level in order to obtain an additional 20% for a total of 80% ownership, within 4 years of completing the first tier earn-in, or at the latest December 31, 2031. This 2nd stage of the option requires Interra funding exploration work to reach a Feasibility Study and paying Arcwest C$250,000 per year. Possible extensions are granted to Interra Copper for 3 additional years (until 2034 at the latest), by continuing C$250,000 annual payment to Arcwest plus an additional C$100,000 per year, in addition to a minimum of C$2,000,000 of annual exploration during the extension period.

The first work program funding requirement for a minimum of C$300,000 is set to December 31, 2024. Work had commenced this year already with 3D topography and satellite-aerial survey (drone orthophotography) and of the entire Project as well as soil sampling, results are pending. Further Exploitation work will consist of geophysics to refine targets for the first stage of drilling, planned for the 2024 and 2025 drilling season.

The Rip Project covers the central axis of a 15 by 6 kilometer window of Early Jurassic Hazelton Group volcano-sedimentary rocks intruded by several small stocks of Late Cretaceous Bulkley Plutonic Suite porphyritic granodiorite. Faults bounding this block trend northwesterly and separate the Hazelton Group from surrounding blocks of younger (Late Cretaceous to Eocene) volcanics.

The Rip target was initially advanced by Kennco Explorations between 1975 and 1981. Kennco completed an Induced Polarization survey in 1975 which delineated a significant chargeability high. Although Kennco stated "in the final analysis this area will require an extensive drilling program to determine whether a zone of economic mineralization exists within the sulfide system" (Dorval and Stevenson, 1976), it was tested only by a single, 294 meter-long diamond drill hole (at -45 degree inclination) in 1975. The drill hole intersected intensely quartz-sericite-pyrite (QSP) altered andesite and quartz diorite to a depth of 115 meters where the zone was cut off by a fault. The QSP altered zone above the fault averaged 0.07% Cu and 0.005% Mo over 70.3 meters (35.3-105.6m). The IP survey was extended in 1980, outlining the 0.8-1.5 by 2.2 kilometer chargeability high, and 36 shallow percussion drill holes totaling 1763 meters were completed (11 of the drill holes failed to reach bedrock). Logging of drill cuttings from these percussion holes delineated a zone of QSP alteration approximately corresponding to the chargeability high. A multi-element analysis of the core cuttings from 26 of the percussion holes in 1981 outlined a central 0.5 by 1.5 kilometer Cu-Mo anomaly coring a broad peripheral lead-zinc-arsenic-manganese anomaly, a geochemical zonation typical of porphyry copper systems. Although most of the Rip property is covered by glacial deposits, near the core of the Kennco chargeability anomaly a small (50 by 100 meter) area of outcrop and shallow trenches exposes strong multistage porphyry-style stockwork veining within altered Hazelton volcanics and feldspar-quartz porphyry. Early magnetite-chalcopyrite-pyrite 'A' veins with white K-feldspar (or albite) halos are cut by later quartz-chalcopyite-pyrite-molybdenite 'B' veins. Veining accompanies pervasive magnetite-biotite (potassic) alteration which is variably overprinted by quartz-sericite-pyrite (QSP). Multistage porphyry-style veining locally reaches strong stockwork density. Limited rock sampling of these outcrops in 2017-2018 (8 samples), returned 258-1490 parts per million (ppm) copper, 3-238 ppm molybdenum, 7-69 parts per billion gold, and 0.2-1.5 ppm silver. Deleterious elements occur at very low levels (e.g., zinc <77 ppm, lead <4 ppm, and arsenic <5 ppm). Further details of the Rip Cu-Mo Project can be found here:

https://wp-arcwestexploration-2023.s3.ca-central-1.amazonaws.com/media/2023/08/20220128_Rip.pdf

Interra Chairman and CEO Rick Gittleman comments, "The execution on the Rip Project Option adds another promising project to the company's portfolio and furthers our company's objective of adding value through copper focused exploration and development. We look forward to working with our partners at Arcwest and unlocking Rip's potential."

The Proposed Transaction is subject to receipt of all necessary regulatory approvals including approval of the CSE and TSX Venture Exchanges.

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 Marias and Zenaida in Antofagasta Region, and Pitbull in 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.

We seek Safe Harbor.

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