VANCOUVER, BC / ACCESSWIRE / June 25, 2024 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce the results of nine drill holes from its ongoing Phase III drill program at the Copper Creek Project, located in Arizona, U.S. ("Copper Creek"). Two holes were drilled to test near-surface mineralization potential in the American Eagle area and five reconnaissance holes were drilled to test previously undrilled breccias near Area 51 outside of the recent Starship and Eclipse breccia discoveries. Two holes were drilled in the Bald area between Area 51 and American Eagle.
Paul Harbidge, President and CEO, commented "The first two drill holes that Faraday has completed at the American Eagle area, which is situated above the underground resource, have confirmed our thesis that there is significant near-surface mineralization present. This area offers the potential for a substantial increase in open pit resources that could enhance the scale of the project. Current drilling is ongoing in the American Eagle area, where we continue to target near-surface mineralization with the vision of a new high tonnage open pit resource being defined."
Highlights
(For true width information see Table 1.)
The American Eagle area has dimensions of approximately 800 m by 1,000 m and is a host to numerous prospective breccias and porphyries that have been mapped at surface and have a strong copper geochemical signature. These surface expressions locate above the large underground porphyry resource, which is approximately 500 m to 1,100 m depth below surface. The near-surface mineralization was not adequately tested historically as previous drilling was vertical to steeply inclined. Mapped geology, isolated historical drill intercepts and historic small scale mining highlight the potential for near-surface mineralization. Approximately 54,000 metric tonnes at 3.78% copper were historically extracted from a series of narrow stopes to 90 m depth at the American Eagle breccia (Higgins, 1911) 1. The first two drill holes Faraday has completed in this area have confirmed the potential for significant near-surface mineralization, with mineralized intercepts in the two drill holes approximately 190 m apart laterally. Drilling continues in this area.
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 the Starship and Eclipse discoveries (announced on January 16, 2024 and March 4, 2024). 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. East to northeast striking extensional faults have down dropped Area 51, which is manifested by the preservation of shallow features such as Glory Hole volcanic host-rocks, epithermal alteration assemblages and pyrite together with specular hematite as breccia cement. Three reconnaissance holes were drilled into breccias outside the known mineralization. To date, 13 holes have been drilled into this area, testing six breccias, and confirmed that two breccias contain significant mineralization starting at surface. An additional two breccias show prospectivity at depth. Data is currently being interpreted and modeled for follow up drilling.
The Titan breccia was identified through geological mapping, along with several other previously unidentified breccias, in an area approximately 400 m northwest of Area 51. The Titan breccia extends over 100 m in an east-west direction. Two reconnaissance holes were drilled into this breccia and suggest copper mineralization at depth, warranting follow up drilling.
Bald is an area approximately 230 m south of the SK-3 breccia and includes breccias and porphyries exposed at surface. Two holes were drilled to test for shallow mineralization.
Next Steps
Phase III drilling continues and is focused on three objectives:
The current focus of drilling is on near-surface mineralization in the American Eagle area. Drill holes FCD-24-064 and FCD-24-065, reported herein, have demonstrated the potential for an open pit resource to be defined.
As part of the Phase III program, 32 drill holes have been completed and results for 28 have been released. Thirteen holes were drilled in Area 51, three in the Copper Prince-Copper Giant area, eleven in the Bald-American Eagle area, three near Old Reliable and two in the Titan breccia.
Figure 1: Plan View Showing Surface Geology and Location of Drill Holes
Note: The open pit shells are 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 2: Cross Section Showing Drill Hole FCD-24-064 at American Eagle
Note: The underground footprint is based on constraints used in the MRE as presented in 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: Section showing drill hole FCD-24-065 and SK-3 breccia
Note: The underground footprint is based on constraints used in the MRE as presented in 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 4: Isometric View Showing Drill Holes FCD-24-064 and FCD-24-065 at the American Eagle Area
Note: The open pit shells and underground footprint are based on constraints used in the MRE as presented in 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 5: A core sample from drill hole FCD-24-064 (approximately 409 m to 411 m)
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-24-064 | 184.80 | 217.20 | 32.4 | 28 | 0.15 | N/A | 0.57 | 0.0005 |
and | 348.66 | 364.27 | 15.61 | 14 | 0.25 | N/A | 0.90 | 0.0006 |
and | 395.41 | 495.70 | 100.29 | 87 | 0.42 | 0.02 | 1.84 | 0.0223 |
including | 406.58 | 426.65 | 20.07 | 17 | 1.20 | 0.07 | 6.81 | 0.0997 |
FCD-24-065 | 148.22 | 160.18 | 11.96 | 11 | 0.13 | 0.01 | 0.41 | 0.0002 |
and | 219.26 | 361.95 | 142.69 | 124 | 0.31 | 0.01 | 0.95 | 0.0058 |
including | 227.34 | 250.26 | 22.92 | 20 | 0.58 | 0.01 | 0.85 | 0.0015 |
and including | 282.38 | 303.52 | 21.14 | 18 | 0.51 | 0.02 | 1.83 | 0.0004 |
FCD-24-062 | 0.00 | 43.03 | 43.03 | 43 | 0.13 | N/A | 0.62 | 0.0004 |
FCD-24-063 | 304.30 | 316.53 | 12.23 | 12 | 0.17 | N/A | 0.54 | 0.0008 |
FCD-24-061 | 9.02 | 25.41 | 16.39 | 16 | 0.05 | N/A | 1.34 | 0.0002 |
FCD-24-057 | No significant intercepts | |||||||
FCD-24-058 | No significant intercepts | |||||||
FCD-24-059 | No significant intercepts | |||||||
FCD-24-060 | No significant intercepts |
Note: All intercepts are reported as downhole drill widths. Mineralization includes bulk porphyry style and breccia mineralization true widths are approximate due to the irregular shape of mineralized domains. N/A: Not analyzed.
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-24-064 | 549157 | 3623132 | 1353 | 330 | 45 | American Eagle | 1510.9 | 495.70 |
FCD-24-065 | 549157 | 3623132 | 1353 | 316 | 62 | SK-3 Breccia | 1103.2 | 361.95 |
FCD-24-062 | 549219 | 3622924 | 1358 | 060 | 58 | Bald | 741.4 | 243.23 |
FCD-24-063 | 549157 | 3622842 | 1357 | 030 | 57 | Bald | 982.9 | 322.48 |
FCD-24-061 | 549701 | 3622677 | 1355 | 155 | 45 | Nebula Breccia | 749.1 | 245.76 |
FCD-24-057 | 549750 | 3622353 | 1386 | 023 | 45 | Area 51 | 585.3 | 192.02 |
FCD-24-058 | 549747 | 3622350 | 1386 | 328 | 45 | Area 51 | 594.2 | 194.95 |
FCD-24-059 | 549291 | 3622554 | 1304 | 016 | 55 | Titan Breccia | 539.2 | 176.91 |
FCD-24-060 | 549290 | 3622554 | 1304 | 333 | 55 | Titan Breccia | 716.2 | 234.97 |
Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84, UTM12N).
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").
Reference
1 Higgins, E., 1911: Copper Creek basin, Arizona: The Engineering and Mining Journal, vol. 91, p.270-273.
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 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.
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