Faraday Copper Announces Positive Metallurgical Results at its Copper Creek Project in Arizona
NEWS RELEASE February 26, 2024
Faraday Copper Announces Positive Metallurgical Results
at its Copper Creek Project in Arizona
February 26, 2024 – Vancouver, British Columbia – Faraday Copper C orp. (“ Faraday” or the
“Company”) (TSX:FDY) (OTCQX:CPPKF) is pleased to announce the results of its metallurgical program at
its Copper Creek project in Arizona, USA (“Copper Creek”).
Paul Harbidge, President and CEO, commented “The positiv e results from our metallurgical program
continue to support our work towards advancing the Copper Creek project by significantly improving the
economic returns and future metal production profile. In addition, the Phase III drill program is underway with
a focus on testing new targets and expanding the Mineral Resource. I am excited about the exploration
upside, especially with the initial reconnaissance drill results from the Area 51 target, which identified a new
near-surface mineralized breccia.”
Metallurgical Program Highlights
The metallurgical program was designed to evaluate grind size optimization, gold recoveries, and test
additional samples from the near-surface mineralization to further enhance project economics compared to
the Preliminary Economic Assessment 1 (“PEA”). Key highlights include:
▪ Achieved copper rougher 2 recoveries of 95% in the sulphide composite by applying a
substantially larger grind size 3. The increased grind size confirms the following benefits:
▪ Opportunity to increase copper rougher recoveries to over 97% by utilizing Coarse
Particle Flotation (“CPF”) scavenging. CPF supports a potential increase to mill
throughput without increasing the tailings pressure filtration requirement;
▪ Significant reduction in ball mill grinding energy compared to the PEA (approximately
50%); and
▪ Maintained copper concentrate quality with a consistently high average concentrate
grade of 30.5% copper.
▪ Confirmed gold recoveries in copper concentrate of over 75% supporting the potential for
payable gold in the copper concentrate, which was not considered in previous studies.
▪ Significantly improved near-surface oxide recovery through column leach tests, which returned
copper recoveries of 84% to 92% in 43 days with net acid consumption <12 kg/t, compared to 75%
in 60 days with net acid consumption of 20 kg/t utilized in the PEA.
Zach Allwright, VP Projects and Evaluations, stated “The metallurgical program has uncovered significant
upside, indicating that mill throughput in future technical studies could increase substantially from the PEA
base case , while maintaining or enhancing metal recoveries. In addition , the test work highlights the
opportunity to reduce operating costs and supports the potential for payable gold in the copper concentrate.
Importantly, the Company’s strategy of minimizing water consumption and limiting the surface footprint is
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supported by these favorable processing characteristics. We look forward to further increasing the value of
the Copper Creek project.”
Next Steps
Based on the outcomes of the metallurgical program and ongoing exploration results, the Company is
targeting the following steps to continue to enhance the value of the project:
▪ Exploration Drilling: Phase III drilling continues and is focused on reconnaissance drilling on new
targets, expanding the Mineral Resource and better delineating high-grade mineralized zones.
▪ Gold Assay Program: The Company continues to advance the gold assay program , currently
focused on the Keel underground zone. Assay results from this program , paired with existing gold
data, could support the inclusion of gold in future resource updates and project economics.
▪ Metallurgical Assessments: Test work will be conducted as new resource targets are delineated.
In addition, continued assessments will include further CPF flowsheet evaluation and a material type
characterization program.
▪ Technical Report Update: To i ncorporate updated geological, geotechnical, economic and
metallurgical datasets.
For an overview of the metallurgical program and additional technical details, refer to the Appendix at the
end of this news release.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by Faraday’s Vice President, Projects and Evaluations, Zach Allwright, P.Eng., who is considered a
Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43 -
101”).
The information in this report relating to metallurgical test work results is based on and fairly reflects
information reviewed by Mr. Peter Mehrfert, P.Eng. (Ausenco Engineering’s consultant to Faraday). Mr.
Mehrfert is a qualified metallurgist and has sufficient experience which is relevant to the management and
interpretation of test work activities undertaken to qualify as Competent Person under NI 43-101. Mr.
Mehrfert consents to the inclusion in the release of the matters based on their information in the form and
context in which it appears.
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 open pit and bulk underground mining potential. The Company is well -funded to deliver on
its key milestones and benefits from a management team and board of directors with senior min ing
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]
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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 res ults,
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 potential increase to copper recoveries and mill throughput, the expected copper concentrate quality, the
potential for reduction in ball mill grinding energy, the expected gold and copper recoveries , the possibility of adding gold in future
Mineral Resource Estimates and studies, the potential to reduce expected processing operating costs, and 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 capi tal
requirements; price volatility in the spot and forward markets for commodities; fluctuations in rates of excha nge; 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 mi neral claims
or property or contests over claims to mineral properties; unexpected delays and costs inhe rent 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 require ments, 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.
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APPENDIX: OVERVIEW OF METALLURGICAL PROGRAM AND ADDITIONAL TECHNICAL DETAILS
Metallurgical Program Overview
The metallurgical program utilized samples from the Phase I and II drilling, to complement previous test
work as summarized in the PEA. The metallurgical program was conducted by ALS Metallurgy, Kamloops,
with oversight by Ausenco Engineering.
This test work program was designed to complete the following scope using samples taken throughout the
resource area, with primary focus (and targeted sample coverage) on the open pit mill feed material:
▪ SAG mill comminution and Bond Mill Work Index (“BMWi”) testing completed on all samples.
▪ Mineralogical composition assessment on three oxide, three transition and nine sulphide variability
samples.
▪ Detailed mineralogy particle mineral analysis ( “PMA”) completed on sulphide master composite
and coarse fractions of CPF sulphide composite.
▪ Flotation testing on sulphide composites and both sulphide and transition variability samples.
▪ Hydrofloat testing on a CPF sulphide composite.
▪ Column leach tests and oxide bottle roll tests on oxide samples.
▪ Gold analyses on feed samples and test products.
The outcomes of the metallurgical test work will be assimilated with the historical test work to form the basis
of the process design criteria for future technical study updates.
Sample Selection and Spatial Context
The metallurgical program comprised of 15 samples across the three material type domains, designed to
complement historical sample coverage and ultimately result in an improved representation of the mine
plan production profile envisaged in the PEA. While the focus of this program was on open pit materials ,
two underground samples were also included. Sample details are presented in Table 1.
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Table 1: Metallurgical Sample Details
Material Met ID Area Domain Drill
hole ID
Depth (m) Cu Mo Ag Au
from to % % g/t g/t
Oxide
MET23-01 White bear OP 22-008 8 26 0.58 0.001 1.0 0.02
MET23-02 Copper
Knight SE OP 23-026 20 37 0.18 0.001 1.0 0.02
MET23-03 Hilltop OP 23-021 8 23 0.24 <0.001 1.0 0.02
Transition
MET23-04 Copper
Knight OP 22-016 61 70 0.67 0.001 1.3 0.01
MET23-05 Copper
Prince OP 22-018 107 124 0.83 0.009 1.2 0.02
MET23-06 Copper
Giant OP 22-015 8 14 2.01 0.008 3.4 0.26
Sulphide
MET23-07 Copper
Giant OP 22-012 33 43 0.34 0.002 0.4 0.02
MET23-08 Copper
Giant OP 22-012 62 80 0.40 0.001 0.7 0.03
MET23-09 Childs
Aldwinkle OP 23-023 188 208 0.91 0.020 3.8 0.13
MET23-10 Childs
Aldwinkle OP 23-023 223 239 0.42 0.026 1.0 0.02
MET23-11 Keel UG 23-024 751 765 0.47 0.003 3.5 0.07
MET23-12 Keel UG 23-024 939 949 0.62 0.004 5.9 0.02
MET23-13 Pole OP 23-032 75 91 0.59 <0.001 4.0 0.05
MET23-14 Bald OP 23-037 222 232 0.48 0.001 1.8 0.02
MET23-15 Mammoth OP 22-008 493 507 0.79 0.001 1.0 <0.01
Note: Open pit domain is referenced as “OP” and underground domain is referenced as “UG”.
Comminution Results
SAG and ball mill energy assessment tests were conducted on the variability samples, which included
industry standard SAG mill comminution and BMWi measurements, respectively. Grind sizes stated herein
refer to 80% passing (“P80”) the specified particle size. Results are presented in Table 2.
Table 2: Comminution Results
Material
A x b BMWi (kwh/t)
Min / Max Average Min / Max Average
Oxide 32 / 59 45 - -
Transition 41 / 49 45 9.9 / 12.0 10.9
Sulphide 30 / 42 37 12.3 / 14.3 13.3
The outcomes of the comminution test work are confirmatory of the PEA design basis and are within the
design tolerances. BMWi results are marginally lower than the averages measured in the previous program.
Increasing the primary grind size to 220 µm could result in approximately a 13% reduction in ball mill
grinding energy compared to the PEA estimate. Further increasing the grind size to 350 µm could result in
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a 50% reduction in ball mill grinding energy. Ball mill grinding energy was estimated in the PEA to account
for roughly 24% of the total consumed power in the concentrator.
Flotation Performance – Sulphide Material
Flotation testing on the sulphide master composite culminated in a locked cycle test conducted at a primary
grind size of 210 µm. It was determined that low dosages of potassium amyl xanthate ( “PAX”), a less
expensive and non -selective collector compared to what was considered in the PEA , was suitable for
cleaner performance and improved recovery. Results are presented in Table 3.
Table 3: Locked Cycle Test Results
Sample
Primary
Grind
(µm)
Regrind
(µm)
Feed Assay
(%)
Concentrate
Grade (%) Recovery (%)
Cu Mo Cu Mo Cu Mo
Sulphide Master
Composite 210 33 0.56 0.007 31.2 0.33 94.2 85.2
Grind series testing suggested that coarser primary grinds compared to the PEA (190 µm) can be applied.
More aggressive primary grind sizes were evaluated on the CPF sulphide composite and the variability
samples. Test work confirms that targeting 350 µm resulted in only marginally lower copper recover ies.
Rougher circuit copper recoveries were consistently high at the grind sizes tested . Results are presented
in Table 4.
Table 4: Sulphide Rougher Flotation Results
Sample ID
Primary
Grind
(µm)
Rougher
Mass (%)
Feed (%) Rougher Recovery (%)
Cu Mo Cu Mo
MET23-07 420 6.1 0.33 0.002 80.7 53.9
MET23-08 343 5.1 0.43 0.001 95.1 54.7
MET23-09 319 9.3 0.95 0.016 96.5 94.5
MET23-10 276 8.4 0.42 0.023 97.4 96.0
MET23-11 278 5.5 0.43 0.003 98.0 84.4
MET23-12 222 9.7 0.72 0.005 98.6 91.3
MET23-13 316 14.6 0.52 0.001 88.6 14.6
MET23-14 280 18.1 0.45 0.001 95.8 45.9
MET23-15 283 13.1 0.69 0.001 98.0 57.5
Variability Sample Average 304 10.0 0.55 0.006 94.3 65.9
Sulphide Master Composite 210 10.5 0.52 0.007 96.0 93.2
CPF Composite 372 8.3 0.68 0.004 95.8 77.1
Open circuit cleaner flotation tests were completed on the sulphide variability samples using low dosages
of PAX. Copper concentrate grades were consistently high, averaging 30.5% copper. Cleaner circuit copper
recoveries are expected to average 98%, based on locked cycle test results. Cleaner circuit molybdenum
recoveries are similarly expected to range between 86 % to 92% for feed grades above 0.003%
molybdenum.
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Coarse Grind and CPF Performance Overview
CPF is a technique that combines the upward flow of a hydrosizer with flotation bubbles to recover coarse
mineralized particles that would otherwise report to tailings in conventional froth flotation. It is applied in a
scavenging application on rougher flotation tails that have passed through hydrocyclone size separation to
remove lower grade fine material. The coarse material enters a Hydrofloat cell which recovers a coarse
scavenger concentrate. The thickened underflow, depleted of any fines, is essentially free-draining and can
be dewatered using a low energy system such as a sieve bend screen or a high-capacity belt filter.
Three bulk rougher flotation tests were conducted on a sulphide CPF composite at primary grind sizes
ranging from 350 µm to 450 µm. Results are presented in Table 5.
Table 5: CPF Results
CPF Test Primary
Grind (µm)
Copper Recovery (%) % of Rougher
Tails to
Hydrofloat Tails
Conventional
Rougher
Hydrofloat
Contribution
Net
Rougher
P1 356 94.9 2.5 97.4 42.4
P2 445 93.4 2.8 96.2 45.3
P3 431 92.6 3.3 95.9 44.1
Note: After recovering 93%-95% of the feed copper to a rougher concentrate, the rougher tails were classified such that
approximately 50% of the mass reported to a +150 µm fraction with elevated copper levels. These coarse tails were
then treated in a laboratory Hydrofloat cell that recovered a pproximately 60% of the copper and molybdenum in the
CPF feed to a concentrate containing about 12% of the feed mass.
The CPF concentrate requires regrinding prior to returning to the rougher feed or similar conventional
flotation stage. A simplified flowsheet incorporating CPF is presented in Figure 1.
CPF performance confirms that a coarser grind does not compromise copper recoveries. Applying CPF
scavenging on the rougher tails of a 350 µm primary grind appears to return the same overall rougher circuit
copper recovery as a conventional flotation circuit with a 200 µm primary grind as proposed in the PEA.
Additional grinding energy is only applied to a targeted 6% of the feed mass returning as CPF concentrate.
While the incremental copper recovery improvement is modest, a significant benefit of the CPF circuit is
removing tonnage from the tailings filtration circuit. In this arrangement , only about 57% of the total mill
tailings reports to the thickening and filtration circuit. The tailings processing opportunity of this flowsheet is
presented graphically in Figure 2. Preliminary results suggest that a CPF circuit could potentially allow for
an increase in throughput to 45 ktpd without increasing the tailings filtration requirements.
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Figure 1: Potential Coarse Grind Flowsheet
Figure 2: Tailings Processing Comparison between Conventional Floatation and CPF Addition
Flotation Performance – Transition Variability
Flotation testing on the transitional material variability samples supports the current understanding of
copper recovery as a function of feed mineralogy. Metallurgical performance was generally better on these
three samples compared to those tested in Phase I for the PEA design basis, however the average copper