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Mineral Resource

The historic pre-feasibility study (the “Historical Estimate”) for the Contact Copper Project was prepared by Hard Rock Consulting, LLC for International Enexco Limited (Enexco). This Historical Estimate updates the mineral resource estimate from the “NI 43-101 Technical Report on the Contact Copper Project Nevada” (October 2012), prepared by 3L Resources, Ltd.

The Historical Estimate indicates 58 million tonnes of “proven” 0.23% copper and 83 million tonnes of “probable” 0.21% copper for a total reserve estimate of 141 million tonnes of 0.22% copper at a 0.07% copper cut-off grade. Faraday Copper is reviewing project economics that suggests higher cut-offs of 0.15% and 0.20% copper, as reported in a previous estimate. 

Faraday Copper does not consider the noted Resource estimate as 'current' as a qualified person (as defined in National Instrument 43-101 (“NI 43-101”)) has not completed sufficient work to classify the historical estimate as current mineral resources or reserves.

 

Mineral Resource Estimate Reported at 0.07% Copper (Cu) Cut-off

CATEGORY CU% TONS (000) POUNDS CU (000)
Measured 0.21 75,473 313,968
Indicated 0.19 137,640 517,526
Total Measured + Indicated 0.20 213,113 831,494
Inferred 0.20 12,982 52,188

 

Mineral Reserve Estimate Reported at 0.07% Copper (Cu) Cut-off

CATEGORY CU% TONS (000) POUNDS CU (000)
Proven 0.23 57,678 263,249
Probable 0.21 83,416 348,499
Total Proven + Profitable 0.22 141,094 611,748

 

The Historic Mineral Resource for this report is pit-constrained on the Global Resource and contained within a Lerchs-Grossman pit shell based on a copper price of $4.00 per pound and operating cost and recovery parameters.

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