Copper Jr. Reports Positive Results at BC Copper-Gold Project
Interra Copper Corp. (IMCX:CSE; IMIMF:OTCQB; 3MX:FRA) says results from a recent geological review of samples from its 100%-owned Thane copper-gold project in British Columbia's Quesnel Terrane confirm the property has "significant alkalic copper-gold porphyry potential." One analyst says the stock is an "Immediate Buy."
Interra Copper Corp. (IMCX:CSE; IMIMF:OTCQB; 3MX:FRA) announced Friday that results from a recent geological review of samples from its 100%-owned Thane copper-gold project in British Columbia's Quesnel Terrane confirmed the property has "significant alkalic copper-gold porphyry potential."
Assay results from samples taken at the Bananas Showing included 3.82% copper (Cu) and 0.218 grams per tonne gold (g/t Au), 7.15% Cu and 0.472 g/t Au, 1.65% Cu and 0.746 g/t Au, and 2.86% Cu and 0.258 g/t Au, the company said.
"Interra's 100%-owned Thane property has some of B.C.'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," said Chief Executive Officer Brian Thurston. "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."
Interra said the Thane Project is located in an under-explored portion of the northern Quesnel Terrane, extending from Centerra Gold Inc.'s (CG:TSX; CADGF:OTCPK) Mt. Milligan Mine in the south to its Kemess Underground Project and the former Kemess South open pit mine in the north.
In August, a specialist team reviewed 19 targets within the large 206-square-kilometer property and 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 included preliminary delineation of the mineralized zone over an approximately 200-meter strike length in exposures spanning approximately 100 vertical meters.
Analyst: An 'Immediate Buy'
According to Technical Analyst Clive Maund on October 7, Interra was seen as an "Immediate Buy" following its recent purchase agreement to more than double the size of its Stars project, also in British Columbia, which he described as a transformative development.
Maund highlighted that the acquisition marked a shift for Interra from being a junior explorer to a company "with a discovery that is looking to define a resource." He viewed this acquisition as a potential catalyst for revaluation, especially given the company's low valuation and the positive outlook for copper prices.
According to Technical Analyst Clive Maund on October 7, Interra was seen as an "Immediate Buy" following its recent purchase agreement to more than double the size of its Stars project, also in British Columbia, which he described as a transformative development.Interra also announced Friday that shareholders of the company selling the property, Aurwest Resources Corp., were scheduled to vote on the transaction in December.
Maund further noted bullish indicators in the company's stock performance despite its prolonged bear market. He observed "clandestine accumulation" in the stock, as indicated by a steadily climbing Accumulation line, signaling the potential for an upside reversal.
"Even though the price is still technically in a downtrend with the price below bearishly aligned moving averages, there are other bullish factors to observe on this chart that point to a reversal soon, and these include the increasing bunching of price and moving averages such as typically precedes a reversal," Maund wrote. "It should pick up from here."
Maund emphasized that, combined with the Stars Project acquisition, these factors strengthened the likelihood of a significant price increase, leading to his recommendation of Interra as an Immediate Buy.
Phase One Drilling Done at Rip Project
Interra also announced the completion of its Phase One drilling program at the Rip copper project in central British Columbia, where two holes totaling 1,033 meters tested the northern geophysical anomaly reported by the company this summer.
Drill hole RP2024-001, tested to a depth of 533.4 meters, targeted a magnetic high near the center of a combined magnetic-chargeability "bullseye" that defines the target, the company said. Drill hole RP2024-002 was tested to a depth of 499.87 meters and targeted a section of the 1-kilometer diameter "doughnut" shaped chargeability high 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," Interra said in its release. "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."
Interra also said it had entered into an agreement with CSC202 Corp. to deliver consulting, branding, and technology services and appointed Kelly Abbott to be in charge of investor relations and marketing awareness.
The Catalyst: Driving the EV Revolution
According to Credendo, demand for copper could double by 2035, as electric vehicles (EVs) use more than three times as much of it as gas-burning cars.
Streetwise Ownership Overview*
Interra Copper Corp. (IMCX:CSE; IMIMF:OTCQB; 3MX:FRA)
*Share Structureas of 8/27/2024Source: Interra Copper Corp. &Thomson ReutersThere has been some recent volatility in the market, but experts agree this will only be temporary. In a piece on Mining.com, Ahead of the Herd's Rick Mills wrote, "Simply put, the road to reaching net zero begins and ends with copper. All infrastructure built to support renewable energy uses large amounts of copper, as the metal is a highly efficient conductor of electricity and heat."
S&P Global Market Intelligence has project that annual global copper demand will nearly double to 50 million tonnes by 2035, he noted.
Ownership and Share Structure
Interra has 42.6 million shares outstanding, according to the company. It said about 25% of the company is owned by management, directors, insiders, and other closely affiliated parties, leaving about 75% to retail.
The company has a market cap of CA$3.84 million and trades in a 52-week range of CA$0.32 and CA$0.08.
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Important Disclosures:
As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Interra Copper Corp. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.