VANCOUVER, BC / ACCESSWIRE / April 10, 2024 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce the results of four drill holes from its Phase III program at the Copper Creek Project, located in Arizona, U.S. ("Copper Creek"). One hole was drilled at Old Reliable to test resource expansion potential. Three holes were drilled at Area 51 as a follow-up to the recent Starship and Eclipse breccia discoveries (announced on January 16, 2024 and March 4, 2024).
Paul Harbidge, President and CEO, commented "It is great to see our Phase III drill program delivering on our objectives of adding mineral inventory near the existing resource and making new discoveries in the district. Specifically, drilling at Old Reliable has confirmed that the mineralization remains open at depth. At Area 51, drill hole FCD-24-048 at the Eclipse breccia adds to the previous successes by expanding the known mineralization and drill hole FCD-24-049 has identified elevated gold grades at the Starship breccia".
Highlights
- At Old Reliable, intersected 23.37 metres ("m") at 0.60% copper, 0.0242% molybdenum and 2.92 grams per tonne ("g/t") silver from 276.81 m in drill hole FCD-24-052. This intercept is within a longer intercept of 117.00 m at 0.40 % copper, 0.0285% molybdenum and 1.72 g/t silver from 222.46 m.
- This intercept at Old Reliable is outside the open pit Mineral Resource Estimate ("MRE") and confirms that the breccia-hosted mineralization is open at depth.
- At Area 51, intersected 43.24 m at 0.35% copper and 0.83 g/t silver from 65.23 m in drill hole FCD-24-048 at the recently discovered Eclipse breccia. This hole expands the known mineralization of the breccia.
- Demonstrated the potential for elevated gold grades at the Starship breccia with 0.22 g/t gold, 1.86 g/t silver and 0.12% copper over 18.52 m from 113.24 m in drill hole FCD-24-049. This intercept contains the highest gold:copper ratio on the project to date.
(For true width information see Table 1.)
| Old Reliable was the site of small-scale underground mining for copper and molybdenum prior to World War II. Starting in the 1970s, an experimental in-situ leach operation recovered some of the near-surface copper oxide mineralization. The sulphide-hosted mineralization remains in place. During the 1990s, densely spaced vertical drilling led to resource definition to approximately 200 m below surface. Several of those drill holes end in mineralization and the resource is open at depth and laterally. Follow up drilling is planned for this area. | |
| Drill hole FCD-24-052 was collared north of Old Reliable and drilled to the south (Figure 1). The hole was designed to test the depth extension of the mineralization and is entirely outside the open pit used to constrain the MRE (Figure 2). Mineralization is associated with chalcopyrite as cement within a hydrothermal breccia, as well as in veins surrounding the breccia domain. Molybdenite veins are also observed crosscutting the breccia and wall rock in the lower half of the drill hole. The drill hole intercepted Glory Hole volcanics with lesser granodiorite porphyry dykes from surface to 218 m, hydrothermal breccia to 324 m and granodiorite to the end of the hole at 409 m. Dominant alteration associated with the breccia is mainly sericite with locally abundant kaolinite. Similar alteration is common in other mineralized breccias. | |
| Area 51 was identified as highly prospective by integrating airborne versatile time domain electromagnetic (VTEM) geophysical data and short wave infrared spectral data together with geological mapping and sampling. Area 51 encompasses a porphyry intrusion with nine mapped breccia bodies over an area of approximately 400 m by 400 m, including Starship and Eclipse. The breccias are interpreted to have been emplaced at a shallow crustal level in the hanging wall of the northwest trending Holy Joe thrust fault, which brought Proterozoic metamorphic rocks in contact with younger sedimentary rock units to the east of Area 51. This fault is also thought to have controlled the emplacement of the Paleocene Glory Hole volcanics and Copper Creek granodiorite which host the mineral resource. Follow up drilling is currently in progress. | |
| Drill hole FCD-24-048 was collared immediately east-southeast of the Eclipse breccia and drilled to the west-northwest (Figure 1). The mineralization consists of chalcopyrite and chalcocite. The highest grades are associated with chalcopyrite-pyrite and subordinate chalcocite cement in hydrothermal breccia (Figure 3). The hole intersected Glory Hole volcanics in the first 67 m, followed by 80 m of hydrothermal breccia and ends in granodiorite porphyry. Alteration within and near the breccia is sericite, which is associated with high-grade copper mineralization elsewhere on the property. | |
| Drill hole FCD-24-049 was collared close to the surface outcrop of the Starship breccia and drilled steeply the Northwest (Figure 1). The mineralization occurs as chalcocite with subordinate chalcopyrite cement within a hydrothermal breccia, which also includes pyrite and quartz. This hole intersected 18.52 m at 0.22 g/t gold and 0.12% copper from 113.24 m. This intercept has the highest gold:copper ratio on the project to date. The hole intersected 55 m of hydrothermal breccia from 82 m with a shorter breccia interval of 5 m from 57 m. The breccia intercepts are interpreted as representing the margin of Starship which cross-cuts granodiorite and porphyry. As with the Eclipse breccia, alteration within and near the Starship breccia is sericite which, together with the localized occurrence of barite, suggests that the breccia was emplaced in the epithermal environment and may explain the elevated gold grades. | |
| Drill hole FCD-24-047 was collared southeast of the Starship breccia and drilled steeply to the northwest to test the depth extent of the Starship breccia (Figure 1). The hole remained outside the breccia. The hole intersected Glory Hole volcanics from surface to 282 m which are intruded by granodiorite from 82 m to 129 m. Below 282 m the hole intersected Proterozoic host rocks including Dripping Springs quartzite, Pinal Schist and diabase. | |
Figure 1: Plan View Showing Surface Geology and Location of Drill Holes
Figure 2: Cross Section Showing Drill Hole FCD-24-052 at Old Reliable
Note: The open pit shape is based on constraints used in the MRE as presented in the report titled "Copper Creek Project NI 43-101 Technical Report and Preliminary Economic Assessment" with an effective date of May 3, 2023 (the "Technical Report") available on the Company's website at www.faradaycopper.com and on the Company's SEDAR+ profile at www.sedarplus.ca.
Figure 3: Cross Section Showing Drill Hole FCD-24-048 at Area 51
Table 1: Selected Drill Results from Copper Creek
| Drill Hole ID | From | To | Length | True Width | Cu | Au | Ag | Mo |
| (m) | (m) | (m) | (m) | (%) | (g/t) | (g/t) | (%) | |
| FCD-24-052 | 130.10 | 142.77 | 12.67 | 9 | 0.23 | 0.02 | 0.92 | 0.0002 |
| And | 222.46 | 339.46 | 117.00 | 80 | 0.40 | 0.02 | 1.72 | 0.0285 |
| Including | 234.57 | 247.85 | 13.28 | 9 | 0.71 | 0.04 | 2.31 | 0.0067 |
| And | 276.81 | 300.18 | 23.37 | 16 | 0.60 | 0.03 | 2.92 | 0.0242 |
| FCD-24-048 | 65.23 | 108.47 | 43.24 | 30 | 0.35 | 0.03 | 0.85 | 0.0005 |
| FCD-24-049 | 113.24 | 131.76 | 18.52 | 18 | 0.12 | 0.22 | 1.86 | 0.0004 |
| FCD-24-047 | No Significant intercepts | |||||||
Note: All intercepts are reported as downhole drill widths. True widths are approximate due to the irregular shape of mineralized domains.
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-24-052 | 547784 | 3624164 | 1218 | 202 | 47 | Old Reliable | 1246.0 | 408.80 |
| FCD-24-048 | 549765 | 3622252 | 1390 | 295 | 45 | Eclipse | 600.9 | 197.14 |
| FCD-24-049 | 549753 | 3622352 | 1383 | 320 | 73 | Starship | 555.7 | 182.30 |
| FCD-24-047 | 549765 | 3622252 | 1390 | 345 | 65 | Starship | 1178.0 | 386.49 |
Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84, UTM12N).
Next Steps
Phase III drilling continues and is focussed on three objectives:
- Reconnaissance drilling on new targets;
- Expanding the MRE; and
- Better delineating high-grade mineralized zones.
As part of the Phase III program, twenty-one drill holes have been completed and results for fourteen have been released. Eight holes were drilled in Area 51, three in the Copper Prince-Copper Giant area, three in the Bald-American Eagle area and three near Old Reliable. Additional holes are currently being designed to further test Area 51 and other high priority target areas.
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 and fine 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.
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").
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: [email protected]
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 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 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.