Faraday Copper Discovers New Mineralized Breccia 800 Meters Southeast of the Existing Mineral Resource
NEWS RELEASE January 16, 2024
Faraday Copper Discovers New Mineralized Breccia 800 Meters
Southeast of the Existing Mineral Resource
January 16, 2024 – Vancouver, British Columbia – Faraday Copper Corp. (“Faraday” or the “Company”)
(TSX:FDY) (OTCQX:CPPKF) is pleased to announce the results from the first two reconnaissance drill holes
of its Phase III program at the Copper Creek Project, located in Arizona, U.S. (“Copper Creek”). The holes
intersected a newly identified breccia at the Area 51 target (“Starship”), which has the potential to increase
the open pit Mineral Resource Estimate (“MRE”). The Company also provides Gold Program results from
the Copper Prince breccia.
Paul Harbidge, President and CEO commented, “It’s exciting to start the Phase III drill program with a new
discovery that supports the district scale exploration upside at Copper Creek. The new Starship discovery is
interpreted to be related to a different mineralized system that is distinct from the Copper Creek MRE. Our
geophysical and spectral data demonstrates that the Starship breccia displays similar characteristics to other
known mineralized breccias at Copper Creek and suggests it is located at the top of a larger hydrothermal
system that is open both laterally and at depth. Follow up drilling during the Phase III program will target the
lateral extension and deeper parts of this breccia complex.”
Highlights
▪ Intersected 72.01 metres (“m”) at 0.37% copper, 0.02 grams per tonne (“g/t”) gold and 1.35 g/t silver
from 50.24 m, including 25.06 m at 0.78% copper, 0.03 g/t gold and 1.49 g/t silver from 50.24 m in
drill hole FCD-23-042 at the previously undrilled Starship breccia (Figure 1 and 2).
▪ Drill hole FCD-23-042 also intersected 225.52 m of hydrothermal breccia from 57.00 m which contains
the following additional mineralized intersections: 9.43 m at 0.47% copper, 0.08 g/t gold and 1.91 g/t
silver from 175.57 m and 11.45 m at 0.26% copper, 0.03 g/t gold and 1.28 g/t silver from 249.89 m
(Figure 1 and 2).
▪ Drill hole FCD-23-041 intersected 29.86 m at 0.26% copper, 0.08 g/t gold and 2.10 g/t silver from 185.29
m, including 13.94 m at 0.42% copper, 0.13 g/t gold and 2.29 g/t silver from 185.29 m (Figure 3). This
intersection is contained within a 102.13-metre-long breccia intersection from 131.12 m.
▪ The new Starship discovery has the potential to increase the open pit mineral resource and the
mineralization remains open laterally and at depth. Sulphide mineralogy and trace element
geochemistry, together with geophysical evidence, suggest that the drill holes intercepted a shallow
part of the mineral system, which includes a near-surface supergene enrichment zone.
(For true width information see Table 1.)
Area 51 (Figure 1) was identified as highly prospective by integrating airborne versatile time domain
electromagnetic (“VTEM”) data and short wave infrared spectral data together with geological mapping and
sampling. It is a broad southwest -northeast trending zone, approximately 800 m south east of the Copper
Creek mineral resource. More than 15 breccia occurrences along with southwest trending vein zones and
widespread sericite alteration are documented over an area of approximately 1,0 00 m by 400 m between
the historical Bunker Hill mine and east of the Starship breccia. The latter is part of the eastern breccia
trend which hosts the Copper Creek mineral resource. This breccia trend is interpreted to follow the hanging
wall of the northwest trending Holy Joe thrust fault, which brought Proterozoic metamorphic rocks in contact
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with younger sedimentary rock units to the east of Area 51. This fault is also thought to have controlled the
emplacement of the Paleocene Glory Hole volcanics and Copper Creek granodiorite which host the
mineralization at Copper Creek.
The airborne VTEM data for Area 51 highlights an area of conductivity which is potentially sulphide-bearing
(Figure 4A). Known mineralized breccias at Mammoth and Childs Aldwinkle are associated with areas of
elevated conductivity cross cutting more resistive surrounding rocks (Figure 4B). Figures 4A and 4B are
presented for comparative purposes.
Drill hole FCD-23-042 was collared south of the Starship breccia outcrop and drilled to the north-northwest.
The mineralization occurs as chalcopyrite and chalcocite cement within a hydrothermal breccia, which also
includes pyrite and quartz. The hole intersected over 225 m of hydrothermal breccia with several
mineralized intervals (Figures 1 and 2). The mineralization and alteration suggest that the intersection is in
the upper part of the mineralized system and remains open laterally and at depth.
Drill hole FCD-23-041 was collared approximately 125 m to the northeast from drill hole FCD -23-042 and
was drilled to the west -northwest. The mineralization is similar to hole FCD-23-042 and occurs as
chalcopyrite and chalcocite cement within hydrothermal breccia (Figure 3). It intersected over 100 m of
hydrothermal breccia.
Figure 1: Plan View Showing Surface Geology and Target Location
Note: The open pit design 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
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“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-23-042
Figure 3: A typical core sample from drill hole FDY-23-041 (187.4 m to 187.6 m)
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Figure 4A: Inversion model of airborne VTEM data highlighting conductive areas in warm colours, which
are potentially sulphide-bearing
Note: The underground footprint is based on constraints used in the MRE as reported in the Technical Report.
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Figure 4B: Inversion model of airborne VTEM data highlighting conductive areas in warm colours, which
are potentially sulphide-bearing. Presented for comparative purposes with Figure 4A.
Note: The open pit shell and underground footprint are based on constraints used in the MRE as reported in the
Technical Report.
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-23-042 50.24 122.25 72.01 51 0.37 0.02 1.35 0.0003
including 50.24 75.30 25.06 18 0.78 0.03 1.49 0.0003
and 175.57 195.00 19.43 14 0.28 0.09 1.61 0.0003
including 175.57 185.00 9.43 7 0.47 0.08 1.91 0.0005
and 213.22 235.00 21.78 15 0.19 0.03 0.94 0.0001
and 249.89 261.34 11.45 8 0.26 0.03 1.28 0.0003
FCD-23-041 185.29 215.15 29.86 21 0.26 0.08 2.10 0.0004
including 185.29 199.23 13.94 10 0.42 0.13 2.29 0.0003
Notes: All intercepts are reported as downhole drill widths. Due to the insufficiently constrained geometry and irregular
shape of mineralized domains, true widths are approximate.
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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-23-042 549759 3622259 1390 340 45 Starship
Breccia 916.2 300.59
FCD-23-041 549845 3622350 1372 282 45 Starship
Breccia 808.7 265.33
Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84,
UTM12N).
Gold Program Update
The Company is continuing the re -assaying of historical material for potential inclusion of gold in future
mineral resource updates. Several historical drill holes from Copper Prince have been analyzed for gold and
results are show n in Table 3. In addition to gold assays, samples were re-analyzed for copper and
molybdenum and the results validate historical analysis. The Company continues to advance the re-assay
program with current focus on the Keel underground zone.
Table 3: Results for Intercepts for the Copper Prince Breccia
Drill Hole ID From To Length True
Width Cu Au Ag Mo
(m) (m) (m) (m) (%) (g/t) (g/t) (%)
CP1 79.25 161.54 82.29 56 1.54 0.07 2.84 0.007
CP2 109.73 140.21 30.48 23 1.67 0.09 4.63 0.001
CP3 0.00 97.54 97.54 38 2.37 0.07 5.44 0.029
CP4 76.20 106.68 30.48 7 1.67 0.03 5.38 0.001
CP5 No significant values
CP6 No significant values
RCP-08-026 29.57 65.23 35.66 25 1.10 0.02 3.91 0.008
RCP-08-027 16.46 53.34 36.88 9 1.33 0.03 3.16 0.009
RCP-08-028 34.75 92.45 57.70 29 0.56 0.02 1.37 0.007
RCP-08-030 123.75 138.68 14.93 4 0.53 0.03 1.38 0.018
and 143.87 156.36 12.49 3 0.39 0.02 1.09 0.011
and 227.08 243.54 16.46 4 0.46 0.03 2.27 0.027
RCP-08-038 7.01 37.49 30.48 8 1.27 0.03 3.94 0.016
FCD-22-013 234.27 249.28 15.01 11 10.83 1.65 55.62 0.014
FCD-22-018 103.17 155.55 52.38 37 1.05 0.03 1.35 0.010
Notes: All intercepts are reported as downhole drill widths. True widths are approximate due to the irregular shapes of
the mineralized domains. Drill holes CP1 through CP6 are re -analyzed holes; drill holes named RCP are holes
historically analyzed by Redhawk Copper Corp.; drill holes named FCD correspond to Faraday’s previously reported
intercepts. Intercepts greater than 0.13% copper are listed in this table.
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Next Steps
Phase III drilling continues and is focused on three objectives:
▪ Reconnaissance drilling on new targets;
▪ Expanding the MRE; and
▪ Better delineating high-grade mineralized zones.
As part of the Phase III program, three drill holes have been completed in Area 51 and the results for two
holes have been released to date . Additional holes are currently being designed to test the lateral and
depth extent of this new mineralization. Three holes were drilled in the Bald area and two holes near the
Copper Prince area and the assay results will be released as they are received, analyzed and confirmed
by the Company.
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 blanks were inserted every 20th sample. Approximately 5% of the core samples were cut
into ¼ core and submitted as field duplicates. For the gold program, samples were taken from archived
pulverized rock material (“pulps”). Pulps were re-blended and analyzed using the same methods as detailed
above. A certified reference sample was inserted every 15th to 20th sample, whereas blanks were inserted
every 10th sample. 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 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 mini ng
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]
Website: www.faradaycopper.com
To receive news releases by e-mail, please register using the Faraday website at 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 exploration and open pit potential of the Copper Creek property and the possibility of adding gold in future
Mineral Resource Estimates.
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 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 mi neral claims
or property or contests over claims to mineral properties; unexpected delays and costs inherent to consultin g 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 disclo sure 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.
.