VANCOUVER, BC / ACCESSWIRE / November 19, 2024 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce the results of three drill holes from its ongoing Phase III drill program at the Copper Creek Project, located in Arizona ("Copper Creek"). One hole was drilled to target near-surface mineralization at the Rum area and two were drilled as reconnaissance holes in the American Eagle area, further testing the potential for near-surface mineralization.
Paul Harbidge, President and CEO, commented "It is encouraging to intersect strong near-surface mineralization with Faraday's first drill hole in the Rum area, which is 700 metres north of the current mineral resource. This result further supports the prospectivity along the interpreted Holy Joe Fault, which extends across the property. This fault and related structures controlled the emplacement of multiple breccias and porphyries, many of which remain untested and will be the focus of our ongoing drill program."
Highlights
At Rum, drill hole FCD-24-078 intersected 57.73 metres ("m") at 0.85% copper from surface. This intercept includes a zone of supergene copper enrichment of 23.25 m at 1.58% copper from 24.25 m.
East of American Eagle, drill hole FCD-24-076, targeting near-surface vein-hosted mineralization, intersected 24.20 m at 0.45% copper and 1.51 grams per tonne ("g/t") silver from 176.36 m, within 69.45 m at 0.29% copper and 1.01 g/t silver from 160.55 m.
(For true width information see Table 1.)
The Rum area is located approximately 700 m northwest of the resource area (Figures 1, 2, 4 and 5). It features several breccias and porphyries intruding Glory Hole volcanics over an area of approximately 250 m by 400 m, with copper oxide mineralization observed at surface. There is very limited historical drilling in this area with one vertical drill hole (RUM-1), drilled in the late 1990s, intercepting 48.8 m at 1.07% copper.
Drill hole FCD-24-078 was collared in porphyry, approximately 20 m from the Rum breccia surface contact and drilled toward the northeast. It starts in granodiorite porphyry and intersects hydrothermal breccia from 16 m to 58 m. It crosses a fault and, in the footwall, enters Glory Hole volcanics, intruded by a granodiorite porphyry dyke from 68 m to 105 m. Copper oxide mineralization occurs in cavities and on fracture surfaces within the porphyry at the top of the hole, whereas secondary copper sulphides (chalcocite) are abundant from 25 m to 58 m.
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 (Figures 1 and 3). 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 thirteen 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, August 21, 2024, September 24, 2024, and October 17, 2024). These results provide a broad framework of the geology, structure, and alteration and confirm the potential for significant near-surface copper mineralization. Drilling continues in the area to test additional undrilled breccias and follow-up drilling on recent discoveries.
Drill hole FCD-24-075 was collared approximately 250 m east of the American Eagle breccia. It was drilled steeply to the northwest to test the Boomerang breccia, which is located south of Banjo, and the vein hosted mineralization between American Eagle and Banjo. The hole started in granodiorite porphyry and intersected hydrothermal breccia from 83 m to 103 m and 118 m to 171 m with porphyry between the two breccia intervals. Granodiorite dominates below the breccia to the end of the hole. The hydrothermal breccia is characterized by variably intense sericite, tourmaline and kaolinite alteration. The dominant sulphide in the breccia cement is pyrite with chalcopyrite present from 155 m to 171 m, demonstrating that Boomerang has increasing copper mineralization at depth below the pyrite zone. Within granodiorite, chalcopyrite and pyrite are hosted in early halo veins overprinted by quartz sericite pyrite alteration.
Drill hole FCD-24-076 was collared approximately 400 m east of the American Eagle breccia and drilled steeply to the west. The dominant lithology throughout the hole is granodiorite. Mineralization occurs as chalcopyrite in early halo veins variably overprinted by quartz sericite pyrite alteration.
Next Steps
Phase III drilling continues with the current focus on near-surface mineralization in the American Eagle and Rum areas.
To date, through the combined Phase II and Phase III drill programs, which are not included in the Mineral Resource Estimate, the Company has released results from 68 drill holes as follows:
41 drill holes were drilled on new targets that are entirely outside of the resource boundary;
20 drill holes were step-out holes testing extensions to the mineral resource; and
7 drill holes were drilled within the resource area, targeting expansion of the higher-grade cores.
The Company expects to include over 30,000 metres of incremental drilling in a mineral resource update planned for 2025, with the new targets representing a significant opportunity to enhance the project value.
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 shell 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.
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-24-078
547275
3625755
1,399
35
60
Rum
699.9
229.61
FCD-24-075
549224
3623279
1,309
328
65
Boomerang
2,003.9
657.45
FCD-24-076
549254
3623431
1,375
280
78
American Eagle East
1,545.4
507.03
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.
