March 14, 2023 – Vancouver, British Columbia – Faraday Copper Corp. (“Faraday” or the “Company”) (TSX:FDY) (OTCQX:CPPKF) is pleased to announce the results from three drill holes at its Copper Creek Project, located in Arizona, U.S. (“Copper Creek”). The holes were drilled to target potential expansion of the open pit mineral resource.
- Intersected 100.12 metres (“m”) at 0.69% copper and 1.15 grams per tonne (“g/t”) silver from 34.88 m at the Copper Giant breccia in drill hole FCD-22-012. Approximately 85 m of this intersection are outside the pit shell used to constrain the Mineral Resource Estimate (“MRE”) and provide the potential for an increase to the current open pit resource (Table 1, Figures 1, 2). Mineralization remains open at depth and to the southwest; and
- Intersected 8.32 m at 1.62% copper and 2.54 g/t silver from 5.64 m, and 9.64 m at 0.31% copper and 1.15 g/t silver from 110.55 m in drill hole FCD-22-015. Both intersections are located outside of the MRE and demonstrate that the area north of Copper Giant remains prospective (Figure 1).
Paul Harbidge, President and CEO, commented “This is one of the most exciting results from our Phase II drill program as it continues to demonstrate the potential to expand the open pit mineral resource. Importantly, mineralization remains open. This result is extremely encouraging for the growth potential of the Copper Creek project.”
Drill hole FCD-22-012 was collared west of the Copper Giant breccia and drilled to the northeast. The mineralization occurs as chalcopyrite breccia cement within Copper Giant and highlights that the copper grade, continuity and volume of this mineralized domain may be significantly larger than the historic drilling suggested. Mineralization remains open at depth and to the southwest (Figures 1 and 2).
Drill hole FCD-22-015 was collared approximately 120 m to the northeast from drill hole FCD-22-014 and is located entirely outside of the MRE. The hole was drilled to the north into Glory Hole volcanics and granodiorite porphyry, where no previous drill data existed. The hole intersected high-grade, breccia-hosted mineralization from 5.64 m to 13.96 m. In addition, 9.64 m of copper mineralization was intersected within a wide sericite alteration halo between 75 m and the end of the hole at 156.60 m. Sericite alteration can be associated with high-grade mineralization in the district and this result merits additional drill testing.
Drill hole FCD-22-014 was collared at the same location as FCD-22-012 but drilled to the north. This hole was drilled into the Glory Hole volcanic host rock where no previous drill data existed. While no significant copper mineralization was identified, portions of this hole have intersected potassic and sericite alteration, suggesting that the hydrothermal system continues to the north from the current extent of drilling and, therefore, it remains a drill target.
Figure 1: Plan View Showing Drill Holes Reported in this News Release
Note: The open pit shell is based on constraints used in the MRE as presented in the report titled “NI 43-101 Technical Report Mineral Resource Estimate Copper Creek Project, Arizona” dated August 18, 2022 (the “Technical Report”).
Figure 2: Cross Section Showing Drill Hole FCD-22-012
Table 1: Selected Drill Results from Copper Creek
|Drill Hole ID||From||To||Length||True Width||Cu||Mo||Au||Ag|
|FCD-22-014||No significant intercepts|
Notes: All intercepts are reported as downhole drill widths. Due to the insufficiently constrained geometry and irregular shape of mineralized domains, true widths are approximate.
Table 2: Collar Locations from the Drill Holes Reported Herein
|Drill Hole ID||Easting||Northing||Elevation||Azimuth||Dip||Target||Depth||Depth|
|FCD-22-015||548143||3624819||1235||010||-45||North of Copper Giant||477.6||156.60|
|FCD-22-014||548060||3624729||1226||010||-45||North of Copper Giant||467.6||153.31|
Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84, UTM12N).
Phase II drilling continues and is focussed on three objectives:
- Reconnaissance drilling on new targets;
- Expanding the MRE; and
- Better delineating high-grade mineralized zones.
Sixteen drill holes have been completed and the results for nine holes have been released to date. The assay results for additional completed drill holes will be released as they are received, analyzed and confirmed by the Company.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
All sampling was conducted under the supervision of the Company's geologists and the chain of custody from Copper Creek to the independent sample preparation facility, ALS Laboratories in Tucson, AZ, was continuously monitored. The samples were taken as ½ core, over 2 m core length. Samples were crushed, pulverized and sample pulps were analyzed using industry standard analytical methods including a 4-Acid ICP-MS multielement package and an ICP-AES method for high-grade copper samples. Gold was analyzed on a 30 g aliquot by fire assay with an ICP-AES finish. A certified reference sample was inserted every 20th sample. Coarse blanks were inserted every 20th sample. Approximately 5% of the core samples were cut into ¼ core and submitted as field duplicates. On top of internal QA-QC protocol, additional blanks, reference materials and duplicates were inserted by the analytical laboratory according to their procedure. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results.
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”).
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 open pit and bulk underground mining 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.
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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 of 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 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.sedar.com.
This news 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 news 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 news release, and any representation to the contrary is an offence.