Preliminary XRF Scanning Analysis Confirms Ore Sorting possibility at CuMo

June 11, 2024

Boise, Idaho, June 11, 2024 (GLOBE NEWSWIRE) — Idaho Copper Corp. (OTC Pink: COPR) is pleased to announce that it has received results from scanning work performed by Veracio’s TruScan XRF (X-ray fluorescence) technology on the first six drillholes from the Company’s CuMo deposit in Idaho. The work involved the detailed scanning of cores at 1.5cm intervals, allowing the Company to examine the grades, composition, and distribution of copper and molybdenum contained in the deposit. The work is a follow up to the visual sorting analysis announced in June, 2022.

The TruScan mobile scanning unit, which is about the size of a cargo van, contains sophisticated software and XRF scanning equipment that analyzes drill core to detect and measure copper and molybdenum grades. Each element present in a sample produces a set of characteristic fluorescent X-rays (a fingerprint) that is unique to that specific element. Currently, six holes have been scanned, namely holes C09-39, C09-47, C11-49, C11-52, C11-64 and C12-67. A total of 37 holes are available for scanning.

Veracio, a subsidiary of Boart Longyear, is a global leader providing integrated technology solutions to the mining industry to improve speed and reliability of data recovery for core samples.

The CuMo deposit is a vein stockwork system in which the vast majority of the metals (Mo, Cu, Ag, Re and W) are contained in very thin veins and veinlets, irregularly spread throughout the deposit. The Company intends to utilize and optimize industry-proven ore-sorting technology, which is designed to separate waste and lower grade material from smaller volume, higher grade ore that will enter a mill for further processing. Since a large part of the waste will be rejected, and lower grade ore will be sent to a stockpile, ore sorting substantially improves the grade of material being fed to a mill. Importantly, the elimination, removal and separation of a significant percentage of waste material prior to processing will allow a smaller mill or concentrator than would be needed without ore sorting. This is expected to translate into material savings in capital and operating expenditures.

Stage 1 ore sorting tests performed for our 2020 Preliminary Economic Assessment (PEA) successfully established that XRF can be used to identify the grade of mined material and thereby exclude from the mill portions of waste and stockpile material. The current results are extremely encouraging because they validate the possibility of separating the metal bearing veins from the host rock. This means a large portion of waste and lower grade material could be separated immediately after mining, and therefore the head grade fed to the mill could be substantially higher than the grade found in the in-situ resource.

The Preliminary Economic Assessment (PEA)1 completed in June 2020 by SRK, based on 10-foot sample intervals, concluded that ore sorting would remove 28% of the mined material from mill feed, meaning that 72% of mined material would pass through to the mill. The current XRF analysis indicates that with optimized ore sorting, a marked improvement is possible, with a major portion of the mined material removed prior to sending higher grade ore for mill processing.

Notes: 1The PEA is preliminary in nature. It includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable categorization as mineral reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves and do not have demonstrated economic viability. Ore-Sorting is an industry technical term only and does not imply that there is any disclosure of Reserves currently at the CuMo project.

The results of the analysis on the first six scanned drillholes also show the potential grade enhancements that are possible should ore sorting technology produce the same results as XRF Scanning. The table below shows the potential grade enhancements that may be possible.

Table 2a Original in-situ grade of all composites in holes scanned.

ZoneVolumeMoCuCu %%%Equiv. %CuAg Zone100.00%0.0140.110.19CuMo Zone100.00%0.0340.120.31Mo Zone100.00%0.0640.050.42     Overall100.00%0.0410.080.36

Table 2b Potential mill feed grades based on XRF Scan results using a $20 RCV XRF cutoff grade.

ZoneVolumeMoCuCu %%%Equiv. %CuAg Zone3.21%0.0920.360.89CuMo Zone7.41%0.1970.231.38Mo Zone13.57%0.2530.051.53     Overall10.12%0.2320.111.46

Table 2c Potential mill feed grades based on XRF Scan results using a $17.50 RCV XRF cutoff grade

ZoneVolumeMoCuCu %%%Equiv. %CuAg Zone4.58%0.0760.330.77CuMo Zone9.74%0.1670.221.20Mo Zone17.19%0.2200.051.34     Overall13.00%0.2000.111.28

Notes: For the RCV and equivalent calculation, recoveries (Rec) are the same ones used in the 2020 PEA; metal prices used are: $3.85 Cu/lb and $22.50 Mo/lb.

RCV stands for “recovered metal value,” and “Rec” denotes recoveries attributable to each metal

RCV = (%Cu x 20 x $(Cu) x Rec(Cu) + %Mo x 20 x $(Mo) x Rec(Mo))

%Cu Equiv. = (%Cu x 20 x $(Cu) x Rec(Cu) + %Mo x 20 x $(Mo) x Rec(Mo)) / ($(Cu) x Rec(Cu) x 20)

Overall, the results are as follows, comparing the in-situ metal grades to a $20 RCV XRF cutoff grade:

From 0.041% Mo…XRF scanning indicates a potential mill feed grade of 0.232% Mo
From 0.08% Cu…XRF scanning indicates a potential mill feed grade of 0.11% Cu
From 0.36% Cu Equivalent, XRF scanning indicates a potential mill feed grade of 1.46% Cu-equivalent

Under these initial scanning results and calculations, a total of 10.12% of the material would be mill feed under a $20 RCV XRF cutoff grade. The remaining 89.88% would consist of waste and lower-grade stockpile material.

The grade enhancement effect for mill feed after scanning and separation of waste results in a reduction in volume of material routed to the mill, which in turn should allow a much smaller mill size than proposed in the 2020 PEA. This change is projected to yield a significant reduction in capital and overall operating costs.

The targets and the potential grade enhancements are conceptual in nature as there has been insufficient work done to confirm the target values and it is uncertain that further work would result in realizing these targets.

The Company is proceeding with XRF scanning of additional drill core and plans further testing using existing scanners and additional technology. The goal is to determine the optimal scanning and sorting techniques to produce results similar to those described herein.

About Idaho Copper Corporation

Idaho Copper Corporation is a mineral exploration and development company focused on exploring and developing a massive copper-molybdenum-silver deposit in Idaho (United States), (“the CuMo” project). The CuMo project currently consists of one hundred and twenty-six (126) federal unpatented lode mining claims, and six (6) patented mining claims. In total, the project comprises approximately 2,640 acres. The unpatented lode mining claims and patented claims are situated in an unorganized mining district in Boise County, Idaho.

For more information, visit: www.idaho-copper.com.

Safe Harbor Statement

This press release contains forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements are not historical facts but rather are based on the Company’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, the Company cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond the Company’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Except to the extent required by law, the Company has no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on May 15, 2024, and the Company’s other periodic and quarterly filings with the SEC.

For further information, please contact: info@idaho-copper.com

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