VANCOUVER, BC / ACCESSWIRE / May 2, 2024 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce that it has received approval from the U.S. Bureau of Land Management ("BLM") for its Notice of Intent ("NOI") to conduct drilling on eleven drill pads at its Copper Creek Project in Arizona ("Copper Creek").
Paul Harbidge, President and CEO, commented "Approval of the NOI is significant as it allows us to drill high-priority targets above the American Eagle porphyry and in the Rum area. This drilling has the potential to unlock significant value by adding high-grade, near-surface mineralization to the current resource. We are currently evaluating bringing additional drill rigs to the project."
Highlights
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Nine drill pads permitted in the American Eagle area, targeting near-surface breccia-hosted mineralization; |
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Two drill pads permitted in the Rum area, targeting porphyry-hosted mineralization exposed at surface; and |
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Earthworks contractors are being mobilized to re-establish road access and prepare drill pads. |
American Eagle Area Overview
The American Eagle area includes numerous breccias mapped at surface (Figures 1 and 2). Historically, this area was drilled by near-vertical holes to define the American Eagle porphyry mineralization at depth. Near-surface breccia-hosted mineralization remains largely untested. Analysis of surface outcrops by portable X-ray fluorescence analyzer1 ("pXRF") returned elevated copper values which, together with copper oxide staining, was used to prioritize drill targets.
Rum Area Overview
The Rum area is located approximately 3.5 km northwest of the Amerian Eagle area. It includes hydrothermal breccias and granodiorite porphyry intruding Glory Hole Volcanics. Copper oxide mineralization is present in porphyry outcrops with a historical drill hole (R-1-1X) intersecting near-surface high-grade mineralization of 48.77 metres at a grade of 1.07% copper from surface (true width is unknown due to the orientation of the drill hole). The drill pads allow testing the extent of mineralization as well as targeting untested breccias in this area.
Figure 2: Outcrop of the American Eagle Breccia with Secondary Copper Minerals
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Faraday's VP Exploration, Dr. Thomas Bissig, P. Geo., who is a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Notes
1 Portable XRF ("pXRF") results shown in Figure 1 represent spot analyses and only provide an indication of the order of magnitude of formal assay results. These samples have not been submitted for laboratory analyses and represent a layer of information to provide guidance in drill hole design. Each datapoint represents the mean of three spot measurements.
About Faraday Copper
Faraday Copper is a Canadian exploration company focused on advancing its flagship copper project in Arizona, U.S. The Copper Creek Project is one of the largest undeveloped copper projects in North America with significant district scale exploration potential. The Company is well-funded to deliver on its key milestones and benefits from a management team and board of directors with senior mining company experience and expertise. Faraday trades on the TSX under the symbol "FDY".
For additional information please contact:
Stacey Pavlova, CFA
Vice President, Investor Relations & Communications
Faraday Copper Corp.
E-mail: info@faradaycopper.com
Website: www.faradaycopper.com
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Cautionary Note on Forward Looking Statements
Some of the statements in this news release, other than statements of historical fact, are "forward-looking statements" and are based on the opinions and estimates of management as of the date such statements are made and are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of Faraday to be materially different from those expressed or implied by such forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning the exploration potential and future drilling plans at the Copper Creek property.
Although Faraday believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Factors that could cause actual results to differ materially from those in forward-looking statements include without limitation: market prices for metals; the conclusions of detailed feasibility and technical analyses; lower than expected grades and quantities of mineral resources; receipt of regulatory approval; receipt of shareholder approval; mining rates and recovery rates; significant capital requirements; price volatility in the spot and forward markets for commodities; fluctuations in rates of exchange; taxation; controls, regulations and political or economic developments in the countries in which Faraday does or may carry on business; the speculative nature of mineral exploration and development, competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous peoples and other groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the Copper Creek property; and uncertainties with respect to any future acquisitions by Faraday. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and the risk of inadequate insurance or inability to obtain insurance to cover these risks as well as "Risk Factors" included in Faraday's disclosure documents filed on and available at www.sedarplus.ca.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities in Faraday in Canada, the United States or any other jurisdiction. No securities commission or similar authority in Canada or in the United States has reviewed or in any way passed upon this press release, and any representation to the contrary is an offence.
SOURCE: Faraday Copper Corp.
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