Intrepid Minerals Corporation
TSX : IAU

Intrepid Minerals Corporation

March 23, 2006 11:40 ET

Intrepid Minerals Defines Extent of New Vein System in Eastern El Salvador

TORONTO, ONTARIO--(CCNMatthews - March 23, 2006) - Intrepid Minerals Corporation (TSX:IAU) is pleased to report the results from the completion of Phase 1 activities at the 100% held San Jacinto prospect located in the San Cristobal Mega-district in eastern El Salvador. The 250 km(2)district has been aggressively explored by Intrepid since 1997 with the Company assembling an extensive data base. Intrepid is currently exploring approximately 120 km(2) in four exploration licences.

The San Jacinto Prospect, identified in 2004 as a "green field" prospect, is located 5 kilometers SSW from Intrepid's Oro Nuevo Project and is considered to be part of the Oro Nuevo Corridor. The prospect consists of a north-trending vein system that can be traced on surface for one kilometer. Values from 160 ppb gold to as high as 40 g/t gold have been obtained in grab samples of outcrop and float from this massive to banded quartz vein system.

In February 2006, Intrepid completed 27 trenches ( see Map at http://www.intrepidminerals.com/San_Jacinto.pdf ) totaling 566 meters over a total strike length, including vein splits, of over 1.5 kilometers. The Main San Jacinto vein can be traced in surface exposures for over 650 meters and disappears beneath overburden whereas the minor auxiliary veins, the Ulises and Northeast San Jacinto veins can be collectively observed at surface for over 900 meters. The Main San Jacinto vein, ranges in width from two to over 20 meters, is composed dominantly of vein breccia, probably of hydrothermal origin, with a fine-grained quartz-chalcedony matrix containing up to 20% silicified andesite and vein fragments. Local banding of the quartz vein is best developed in the southern part of the vein and corresponds with the highest gold values, 8 meters of 5.11 g/t gold in Trench 20. The hosting andesite is widely silicified adjacent to the vein and may contain broad zones of quartz-chalcedony stockwork. Silver values are negligible perhaps owing to surface oxidation of the vein complex. The widespread silicification, quartz-chalcedony composition, banded textures and anomalous gold values suggest that current levels of exposure levels are high within the accepted models for low sulfidization epithermal gold-silver deposits. A summary of significant trench results are shown in Table 1.

Intrepid Minerals is pleased with these results, viewing them as consistent with many upper level epithermal precious metal vein systems; the structure is robust and anomalous gold values are present throughout the vein's extent.



Table 1: San Jacinto - Summary of Significant Trench Results
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Trench Interval Grade
Number Width (m) (g/t gold)
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San Jacinto Vein
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10 2.7 1.01
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12 5.4 1.55
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13 2.0 1.02
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14 5.0 1.18
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15 18.8 1.15
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17 2.0 1.69
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18 2.0 1.57
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19 13.5 2.40
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20 8.0 5.11
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21 5.0 4.08
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22 2.0 1.00
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Trenches 1 through 9, 11, 16, 23 to 25 returned low anomalous values of less than 1ppm gold. Trenches 26 & 27 had no veins. All samples were analyzed at CAS Labs of Honduras, utilizing standard AA/fire assay finish and gravimetric check assays on samples reporting greater than 1.0 g/t gold. Silver assays were obtained by standard gravimetric analysis only. William McGuinty, P.Geo. is Intrepid's Qualified Person on this project.

"San Jacinto represents another discovery for the Intrepid team in El Salvador's historic San Cristobal mining district," said President and CEO Laurence Curtis. "We are committed to increasing our level of activity in El Salvador in 2006, leading off with this promising new prospect."

The San Jacinto Prospect is currently being prepared for drilling and will be tested in April with a preliminary drill program consisting of about 5 core holes drilled to depths up to 150 meters.

Intrepid Minerals is a TSX-listed company engaged in the acquisition, exploration and development of mineral prospects. Intrepid is currently completing a plan of arrangement with NuStar Mining of Australia which will result in the merged entity having an international production, development and exploration profile. The Company, either directly or through joint venture partnership, holds interests in several gold-silver and silver-base metal properties in Argentina, El Salvador, and Canada. Intrepid has 57,034,552 shares outstanding.

FORWARD LOOKING STATEMENTS

This Press Release contains certain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The TSX has neither approved nor disapproved the information contained in this press release.

Contact Information

  • Grove Communications Inc.
    Stephen Coates and Cathie Simon
    (416) 368-4525 or Toll Free (866) 409-4716
    or
    Intrepid Minerals Corporation
    Laurence Curtis, PGeo.
    President & CEO
    (416) 368-4525 or Toll Free (866) 409-4716
    (416) 368-3859 (FAX)
    info@intrepidminerals.com
    www.intrepidminerals.com