There are a number of companies which are expected to come into focus this morning as another trading week begins and many of those would be companies which had been in focus last Friday. On April 5 Intrepid Metals Corp (OTC:IMTCF) had been one of the companies which had hit the news wires after the company announced that it had gone into an agreement to amend the option agreement with New Empire Exploration LLC dated April 20, 2021.
The options agreement had been signed for the acquisition of a 100% stake in the Arizona based Tombstone South Property. Following the amendment an extension had been provided with regards to the required $500,000 worth of work commitment that had been due for May 2024 to May 2025. However, in exchange for the extension the company issued 100000 Intrepid Metals Corp shares to the vendor in question.
The Chief Executive Officer of Intrepid Metals Corp Ken Brophy spoke about the latest development as well. He noted that there was considerable potential in the Tombstone South Property and everyone at the company continued to be excited about it. He stated that the amendment would provide Intrepid Metals Corp with the necessary extra time for the plan and execution of its drilling program after it had raised $6.6 million following the closure of its private placement in January 2024.
The Tombstone South property is situated around 5.6 kilometers to the South West of Tombstone in the state of Arizona and located on the center of the historically prolific Tombstone Mining District. Intrepid Metals Corp also noted in the news release that the mining district had been well known for high grade zinc, silver and lead veins, replacement bodies and fissures. In fact, it had produced more than 30 million ounces of silver from the 1880s through to the 1930s.
