-- Intrepid Metals (INTR.V) has entered into an agreement to amend the option agreement dated April 20, 2021 with New Empire Exploration LLC to acquire a 100% interest in the Tombstone South Property located in Arizona, the company said on Wednesday.
The amendment provides for an extension to complete the required US$1.5 million work commitment that is due May 2026 to May 2027, in exchange for the issuance of an additional 200,000 common shares of Intrepid, and payment of an additional US$50,000, in each case to the Vendor and which has now been completed, said the company.
The additional US$1.5 million work commitment that is due May 2027 remains unchanged, said the company and added that the amendment is subject to the approval of the TSX Venture Exchange.
Tombstone South consists of a Carbonate Replacement Deposit (CRD) or skarn Zinc-Silver-Lead targets, analogous to the South 32's Taylor Deposit located 60 kilometers to the Southwest, stated the company. It plans to test its new target with a phase one drill program comprising of approximately 4000 meters from four or five drill pads.
"Tombstone South represents a highly prospective and underexplored opportunity within a proven CRD (Carbonate Replacement Deposit) district," said Matt Lennox-King, Intrepid Chairman and Interim Chief Executive. "Previous geophysical surveys defined a compelling chargeability anomaly near the contact of the Bisbee strata and the limestone units that host the zinc-lead-silver Taylor sulphide deposit owned by South32 Limited, located approximately 75 kilometres to the southwest. With the Company having raised over C$19.1 million in gross proceeds since December 2025, we are well-positioned and look forward to advancing the Project."
The company's shares were last seen up C$0.02 at C$0.80 on the TSX Venture Exchange.
Price: $0.80, Change: $+0.02, Percent Change: +2.56%