Faraday Copper (TSX:FDY) Announces Results from Copper Creek, Intersects 45.89 Metres at 1.68% Copper, 0.33 g/t Gold and 5.55 g/t Silver Near Surface

Figure 1: Plan View Showing Drill Hole Reported in this News Release. Source: Faraday Copper Corp.

Faraday Copper (TSX:FDY), a Canadian copper exploration company, announced today the latest results from a series of drill holes at its flagship Copper Creek Project, situated in Arizona, U.S. The findings suggest promising mineralization, reinforcing the project’s potential for robust copper production and hinting at significant gold presence.

The company’s report highlighted a 45.89-meter intersection at the Childs Aldwinkle breccia complex, boasting 1.68% copper, 0.33 g/t gold, 5.55 g/t silver, and 0.028% molybdenum, starting from 184.72 meters in drill hole FCD-22-023. This notable find suggests considerable gold prospects that were not factored into the Mineral Resource Estimate (MRE) earlier this month.

Paul Harbidge, President and CEO, commented in a press release: “The continued success of our Phase II drill program confirms our view that there is significant upside to the open pit and underground resource utilized as the basis for the PEA. In particular, drill hole FCD-23-023 returned high copper grades and enrichment in gold. This highlights the potential to add gold credits to the current resource through both future drilling and our ongoing assaying of historical core and pulps that were not analyzed in the past. We look forward to providing updates as we progress.”

Drill hole FCD-23-025 revealed further interesting data, intersecting 136.48 meters with 0.54% copper and 0.83 g/t silver from 278.61 meters. The findings also include a significant 66.26 meters with 0.87% copper and 1.22 g/t silver, and a noteworthy 309.43 meters at 0.31% copper and 0.83 g/t silver. This significant intersection testifies to the mineralization between the Keel and American Eagle underground zones, indicating that there’s still much to discover.

Alongside these findings, Faraday Copper has embarked on a gold assaying program. This initiative aims to analyze historical drill core to gauge its potential for inclusion in future resource updates, as well as for metallurgical testing purposes.

Drill hole FCD-22-023, set southwest of Childs Aldwinkle, exhibited potential for substantial gold mineralization within the high-grade copper mineralization of the open pit resource. Further, drill hole FCD-23-025, initiated west of Mammoth, confirmed the potential for continuous mineralization between two underground footprints, suggesting the need for additional exploration.

Two more holes, FCD-23-021 and FCD-23-022, targeted the yet unexplored Hilltop breccia, east of Copper Prince. Both intersected near-surface mineralization above the cut-off grade for the open pit mineral resource, indicating potential for further exploration.

Finally, reconnaissance drill holes FCD-22-019 and FCD-22-020 probed the Gin breccia, north of the mineral resource area. Both intersected over 100 meters of pyrite cemented breccia, revealing anomalous silver and suggesting potential copper mineralization below the current drilling depth.

As the Phase II drilling is underway, Faraday Copper is preparing to launch a series of geological mapping, rock sampling, and geophysical data collection to guide future drill campaigns, scheduled for the fourth quarter of 2023.

Faraday Copper Corp., with a strong focus on its principal copper project in the U.S., is committed to exploring the full potential of Copper Creek, one of North America’s largest undeveloped copper projects. The company is well-capitalized to meet its key milestones and benefits from a seasoned management team and board of directors with substantial mining company experience and expertise.

Figure 2: Cross Section Showing Drill Hole FCD-23-023. Source: Faraday Copper Corp.

Highlights from the results are as follows:

  • Intersected 45.89 metres (“m”) at 1.68% copper, 0.33 g/t gold, 5.55 g/t silver and 0.028% molybdenum from 184.72 m at the Childs Aldwinkle breccia complexin drill hole FCD-22-023 (Figures 1 and 2). This hole highlights the potential gold upside on the property, which was not included in the Mineral Resource Estimate (“MRE”) (see news release dated May 3, 2023).
  • Intersected 136.48 m at 0.54% copper and 0.83 g/t silver from 278.61 m, including 66.26 m at 0.87% copper and 1.22 g/t silver from 278.61 m, and 309.43 m at 0.31% copper and 0.83 g/t silver from 693.16 m in drillhole FCD-23-025 (Figures 1 and 3). The upper intersection from 278.61 m corresponds to the Mammoth breccia whereas the lower portion of the hole was aimed at testing the gap between the Keel and American Eagle underground footprints. The hole confirms mineralization in this gap, where drill density remains limited.
  • Commenced a gold assaying program of historical drill core to determine the potential for inclusion in future resource updates. Samples will also be taken for metallurgical test work.

Table 1: Selected Drill Results from Copper Creek

Drill Hole ID From To Length True width Cu Mo Au Ag
(m) (m) (m) (m) (%) (%) (g/t) (g/t)
FCD-23-023 184.72 230.61 45.89 35 1.68 0.028 0.33 5.55
FCD-23-025 278.61 415.09 136.48 88 0.54 0.001 <0.01 0.83
including 278.61 344.87 66.26 43 0.87 0.001 <0.01 1.22
and 462.47 506.08 43.61 43 0.20 0.001 <0.01 0.55
and 693.16 1,002.59 309.43 309 0.31 0.003 0.02 0.83
FCD-23-021 6.00 44.86 38.86 38 0.18 <0.001 N/A 0.54
FCD-23-022 8.89 69.24 60.35 60 0.16 <0.001 N/A 0.18
FCD-22-019 No significant intercepts
FCD-22-020 No significant intercepts

Notes: All intercepts are reported as downhole drill widths. True widths are approximate due to the inherently irregular shape of mineralized domains. Gold values reported as <0.01 g/t indicate concentrations of less than 10 times the analytical limit of detection (0.001 g/t). Molybdemun values of less than 10 parts per million are listed as < 0.001%.

Table 2: Collar Locations from the Drill Holes Reported Herein

Drill Hole ID Easting Northing Elevation Azimuth Dip Target Depth Depth
(m) (°) (°) (ft) (m)
FCD-23-023 548345 3623971 1,306 045 -47 Childs Aldwinkle 813.8 267.00
FCD-23-025 548225 3623757 1,181 110 -60 American Eagle 3,195.9 1,048.51
FCD-23-021 548429 3624688 1,349 230 -45 Hilltop 457.3 150.04
FCD-23-022 548429 3624689 1,349 278 -45 Hilltop 384.8 126.25
FCD-22-019 547071 3625879 1,387 200 -53 Gin 610.9 200.44
FCD-22-020 547070 3625880 1,387 245 -50 Gin 761.8 249.94

Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84, UTM12N).

 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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