Source: Streetwise Reports 10/02/2024
Interra Copper Corp. (OTC: IMIMF) announced it has started its Phase One drilling program at its RIP Copper Project in the Stikine region of British Columbia.
RIP is about 33 kilometers northeast of Imperial Metals Corp.'s (OTC: IPMLF) past-producing Huckleberry copper-molybdenum (Cu-Mo) mine and Surge Copper Corp.'s (OTC: SRGXF) advanced-stage Ox, Seal, and Berg projects, the company said. Imperial continues to explore Huckleberry and its surrounding claims for additional Cu-Mo resources.
"We are excited to drill these two classic porphyry copper-moly deposit style bullseye targets" Interra Chief Executive Officer Brian Thurston said. "In well-established porphyry districts like this one, it is unusual to have untested classic porphyry targets, but at RIP, one of the targets is entirely untested by diamond drilling, and the other target was only tested with a single diamond drill hole, which was aimed away from the center of the bullseye, and nevertheless hit encouraging mineralization."
This first-phase drill program of about 2,000 meters will be run out of the Huckleberry mine site camp about 88 kilometers from Houston, British Columbia, the company said. The first drill hole will target the northernmost center of two induced polarization (IP) anomalies defined by recent geophysical surveys, airborne magnetics, and 3D IP, the company said.
"The geophysical surveys suggest potential for two porphyry Cu-Mo mineralized centers" Interra said in a release. "The northernmost center coincides with outcropping porphyry Cu-Mo mineralization and comprises a coincident magnetic/resistivity high, surrounded by a large 'doughnut' shaped chargeability high (>35 mV/V) with a diameter of approximately 1 kilometer."
According to the company, the second potential porphyry Cu-Mo center is about 1.1 kilometers to the south, comprising a similar magnetic high surrounded by a "doughnut" shaped chargeability high (>35 mV/V).
"This southern potential porphyry center is entirely covered by overburden with a diameter of approximately 850 meters" the company said.
Analyst: Huge Upside Potential
Interra's stock is "extremely undervalued on both fundamental and technical grounds" and is "rated an Immediate Strong Buy" according to Technical Analyst Clive Maund.*
"We have a rare and unusual situation where there is huge upside potential, especially in percentage terms . . . The risk/reward ratio is massively skewed in favor of buyers of the stock here" Maund wrote on August 13.
Maund noted ...
