Faraday Copper Intersects 1.12% Copper over 117.83 Metres within 259.98 Metres at 0.68% Copper at the Recently Discovered Banjo Breccia in the American Eagle Area
VANCOUVER, BC / ACCESSWIRE / September 24, 2024 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce the results of two drill holes from its ongoing Phase III drill program at the Copper Creek Project, located in Arizona, U.S. ("Copper Creek"). The two holes were drilled to continue to evaluate the near-surface mineralization in the recently discovered Banjo breccia in the American Eagle area.
Paul Harbidge, President and CEO, commented "It is very exciting that the results from drill hole 73 further delineate the Banjo breccia and expand upon the results in the discovery hole 70, particularly in regard to the continuity of the +1% high-grade core and wide zone of lateral mineralization. The system remains open in multiple directions and grades are increasing with depth."
Highlights
At the Banjo breccia, drill hole FCD-24-073 intersected 117.83 metres ("m") at 1.12% copper and 2.43 grams per tonne ("g/t") silver from 298.00 m within 259.98 m at 0.68% copper and 1.57 g/t silver from 205.00 m.
An additional drill hole at the Banjo breccia, FCD-24-072, intersected 48.21 m at 0.41% copper and 1.09 g/t silver from 206.70 m within 164.20 m at 0.28% copper and 0.89 g/t silver from 196.80 m. The hole also intersected 39.44 m at 0.26% copper and 0.81 g/t silver from 91.41 m.
Mineralization at the Banjo breccia remains open and follow up drilling is in progress.
A second drill rig is currently being mobilized to site to test targets outside of the American Eagle area.
(For true width information see Table 1.)
The American Eagle area as mapped on surface, covers approximately 800 m by 1,000 m and is host to numerous prospective breccias and porphyries which have strong copper geochemical signatures. These surface expressions locate above the large underground porphyry mineral resource, which is approximately 500 m to 1,100 m depth below surface. Historically, the near-surface mineralization was not adequately tested as previous drilling was vertical to steeply inclined. Mapped geology, isolated historical drill intercepts and historical small-scale mining highlight the potential for near-surface mineralization. The Company has reported assay results for ten drill holes from this area as part of the current program (for drill holes not reported herein, refer to news releases dated June 25, 2024, July 25, 2024, and August 21, 2024). These results provide a broad framework of the geology, structure, and alteration and confirm the potential for significant near-surface copper mineralization.
Drill hole FCD-24-073 was collared approximately 200 m northeast of the American Eagle breccia and 270 m north of the collar of the discovery hole for Banjo, FCD-24-070, and drilled to the south (Figures 1, 2, 3, and 4). The mineralized intersections of these holes are offset approximately 25 m laterally. FCD-24-073 intersected mainly granodiorite to 243 m after which it entered hydrothermal breccia to 464 m. Igneous cemented breccia and granodiorite with intervals of porphyry were intersected through the remainder of the hole. The hydrothermal breccia is characterized by intense sericite alteration. The copper mineralization occurs as breccia cement, as well as in veinlets and as disseminations in wallrock adjacent to the breccia.
Drill hole FCD-24-072 was collared approximately 260 m east of the American Eagle breccia, approximately 170 m north of the collar of FCD-24-070 and drilled to the northwest (Figures 1, 2, 3, and 4). FCD-24-072 was drilled at a shallower depth and intersected mineralization approximately 150 m above the high-grade intercepts of drill holes FCD-24-070 and FCD-24-073. The hole intersected mostly granodiorite to 227 m and hydrothermal breccia to 255 m. The rest of the hole remained in granodiorite. The breccia domain is characterized by intense sericite alteration. Copper mineralization occurs in breccia cement and in veins cross-cutting granodiorite outside the breccia domain.
Next Steps
Phase III drilling continues with the following objectives:
Reconnaissance and follow-up drilling on new targets;
Expanding the Mineral Resource Estimate ("MRE"); and
Better delineating high-grade mineralized zones.
The current focus of drilling is on near-surface mineralization in the American Eagle area.
As part of the Phase III program, 38 drill holes have been completed and results for 36 have been released. Twelve holes were drilled in the American Eagle area, thirteen in Area 51, five in the Bald area, three in the Copper Prince - Copper Giant area, three near Old Reliable and two in the Titan breccia. The assay results for additional completed drill holes will be released as they are received, analyzed and confirmed by the Company.
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.
Note: The field of view represents an approximately 700-metre-thick slice. 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. For drill holes not reported herein, refer to news releases dated June 25, 2024, July 25, 2024, and August 21, 2024.
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-24-072
549254
3623431
1373
295
62
Banjo
1,230.6
375.09
FCD-24-073
549111
3623542
1336
160
70
Banjo
1,607.7
490.03
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").
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".
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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.
