Intrepid Minerals Corporation

Intrepid Minerals Corporation

August 23, 2005 08:16 ET

Intrepid's Gold Discovery in El Salvador Expanded

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2005) - Intrepid Minerals Corporation (TSX:IAU) is pleased to report additional results of ongoing exploration in Central El Salvador. Gold values up to 21.5 g/t gold have been collected from veins discovered on the new Ojo Blanco license. A total of 15% of the first 228 rock samples exceeded 1 g/t gold with 13% of the total assaying in the range of 1-5 g/t gold. All samples containing greater than 10 g/t gold are associated with colloform-banded chalcedony-calcite veins.

This continuing program of rock sampling and reconnaissance mapping follows a regional stream sediment sampling program that confirmed the presence of gold over an area of approximately 15 km(2) . The 2005 exploration program at Ojo Blanco is reconnaissance in nature and has been designed to quickly identify gold mineralization. The stream sediment program consisted of 235 sediment samples (-80 mesh) with gold values up to 3 g/t Au. Preliminary examination of the stream sediment anomalies reveals a close coincidence with quartz veins, breccias and stockwork.

The program is now focusing on an area of approximately 5 km(2) where there are widespread, shallow surface workings that exploited the veins for calcite whereas the gold-bearing material has been left behind. Initial traverses across a sheeted vein complex up to 100 metres wide has identified weakly banded chalcedony vein up to 10.13 g/t Au. The work to date supports Intrepid's belief that this extensive area of alteration and veining is at the upper extent of the gold system.

"The dimension of this system is impressive and the textures and geochemistry suggest we have a prime candidate for drilling" said Laurence Curtis, President and CEO. Following the completion of the reconnaissance phase, the next phase of exploration will include detailed mapping, sampling and trenching as a vector for this drilling program.

The Ojo Blanco license adjoins the Petancol license to the southwest, where significant gold values (up to 100 g/t gold) have been encountered at the Potonico Zone. In 2004, airborne magnetic and stream sediment surveys were completed over the Petancol license along with rock chip sampling and detailed geologic mapping. The results from the 2004 program were instrumental in the location of the Ojo Blanco license.

All samples were assayed at CAS Laboratories of Honduras or BSI Inspectorate, Nevada utilizing standard AA/fire assay finish and gravimetric check assays on samples reporting greater than 10g/t gold.

Intrepid Minerals is a TSX listed company engaged in the acquisition, exploration and development of mineral prospects. 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 46,010,220 shares outstanding.

The statements made in this Press Release may contain 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
    Stephen Coates
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)
    Intrepid Minerals Corporation
    Laurence Curtis, PGeo.
    President & CEO and designated Qualified Person
    (416) 368-4525 or Toll Free: 866-409-4716
    (416) 368-3859 (FAX)