Faraday drills 1.05% copper over 165.8 metres at Copper Creek, Arizona

Faraday Copper Corp. [FDY-CSE] reported results from five drill holes (2,984 metres) of its nine-drill-hole (6,000-metre) phase 1 diamond drill program at the 100%-owned Copper Creek project in Arizona, United States.

Paul Harbidge, president and CEO, commented: “I am pleased with the first set of results from our phase 1 drill program, which was designed to increase the data coverage in previously undrilled areas between known breccia-hosted mineralization, to collect geotechnical information and to confirm historic drill results.

“The results to date confirm the high-grade nature of the near-surface breccia pipes, as well as a lower grade mineralized material envelope, previously classified as waste. These results, together with the recently published mineral resource estimate, have focused the upcoming phase 2 drill program on the expansion of the open pit resource, infilling the underground mineralization and testing generative targets.”

Highlights include high-grade copper mineralization intercepted at the Mammoth breccia: Intercepted 1.05% copper over 165.8 metres from 431 metres, including 2.61% copper over 34 metres from 451 metres, in drill hole FCD-22-008 and 0.76% copper over 26 metres from 0 metres.

Drilling defined new near-surface mineralized zones within 60 metres from Childs Aldwinkle: Intercepted 0.34% copper over 34 metres from 14 metres, including 0.53% copper over 16 metres from 18 metres in drill hole FDC-22-005.

Expanded the upper Keel zone: Intercepted 0.35% copper over 99.2 metres from 717.1 metres, including 0.44% copper over 24 metres from 744 metres in drill hole FDC-22-005.

Confirmed mineralization in the Glory hole breccia and adjacent halo: Intercepted 0.47% copper over 40 metres from 4 metres and 0.51% copper over 67 metres from 78 metres, with the latter interval also containing 1.42% copper over 5.7 metres from 100.3 metres.

Identified copper mineralization in the newly discovered, blind Copper Duchess breccia: Intercepted 0.31% copper over 6.4 metres from 328.6 metres and 0.23% copper over 8 metres from 347 metres in drill hole FDC-22-004.

The results from the drill program are based on a cut-off grade of 0.23% copper and will be incorporated into an updated mineral resource estimate (MRE) in conjunction with the preliminary economic assessment (PEA) for Copper Creek, expected to be completed by the end of the second quarter of 2023.

The company has received assay results for the following five drill holes, with assay results for the remaining four drill holes still pending. All intervals are reported as drill widths.

Drill hole FCD-22-008 was collared at the White Bear breccia and drilled to the southeast towards the Mammoth breccia. This drill hole crosses a gap in previous drilling and provides critical geotechnical information for open pit development.

Highlights include 2.61% copper and 7.35 g/t silver over 34 metres from 451 metres, within a longer interval of 1.05% copper and 2.29 g/t silver over 165.8 metres from 431 metres to the end of the drill hole and mineralization remains open. This high-grade intercept further defines the mineralization and identifies exploration upside at the Mammoth breccia; 0.76% copper and 0.67 g/t silver over 26 metres from surface, confirming mineralization at the White Bear breccia.

Drill hole FCD-22-005 was collared approximately 60 m northwest of the Childs Aldwinkle breccia and drilled to the south, aimed at infilling the gap between the Mammoth and Childs Aldwinkle breccias. These intercepts demonstrate that copper mineralization is present in previously undrilled areas between breccias. In addition, key geotechnical information was collected to optimize the open pit design and to define the pit-to-underground transition. Highlights include 0.34% copper and 1.08 g/t silver over 34 metres from 14 metres, including 0.53% copper and 1.53 g/t silver over 16 metres from 18 metres. This intercept identifies near-surface mineralization that was previously unrecognized; 0.26% copper and 0.91 g/t silver over 12.5 metres from 259.5 metres. This intercept indicates a previously unrecognized mineralized area with the potential to convert waste to ore within the proposed open pit; 0.35% copper and 0.83 g/t silver over 99.2 metres from 717.1 metres to the end of the drill hole at 816.3 metres, including 0.44% copper and 0.94 g/t silver over 24 metres from 744 metres. This intercept defines the shallow portion of the Keel cupola zone and expands known mineralization to the south of the lower Mammoth breccia. Mineralization remains open; 0.34% copper and 0.69 g/t silver over 21.6 metres from 533.4 metres. This intercept confirms mineralization above the cut-off grade in the lower portion of the Mammoth breccia.

Drill hole FDC-22-002 was collared north of the Glory hole breccia and drilled towards the south. Highlights include 0.47% copper and 0.23 g/t silver over 40 metres from 4 metres, including 0.67% copper and 0.2 g/t silver over 22 metres from 14 metres; 0.51% copper and 1.87 g/t silver over 67 metres from 78 metres, including 1.42% copper and 4.14 g/t silver over 5.7 metres from 100.3 metres. This drill hole intercepted the lower part of the Holly breccia from 404 metres to 482 metres which is elevated in silver (0.81 g/t silver over 78 m) and warrants further exploration.

The new drill results, the MRE and a target generation study will guide the design of the phase 2 drill program, expected to start in Q4 2022.