Faraday Copper Intersects 36.0 Metres at 3.02% Copper, Within 361.7 Metres at 0.87% Copper, Expanding Mineralization at Copper Creek in Arizona
NEWS RELEASE October 18, 2022
Faraday Copper Intersects 36.0 Metres at 3.02% Copper, Within 361.7
Metres at 0.87% Copper, Expanding Mineralization
at Copper Creek in Arizona
October 18, 2022 – Vancouver, British Columbia – Faraday Copper Corp. (“Faraday” or the “Company”)
(CSE:FDY) (OTCQX:CPPKF) is pleased to announce results from an additional three drill holes (2,540
metres) of its nine-drill-hole (6,000-metre) Phase I diamond drill program (the “Drill Program”) at its Copper
Creek project, located in Arizona, U.S. (“Copper Creek”).
Paul Harbidge, President and CEO commented “I am excited to see these high -grade intercepts, which
remain open and confirm significant exploration upside in proximity to the current mineral resource. Copper
Creek is a large mineralized system with the potential to be one of the next generation U.S. copper mines
supporting the clean energy transition . We are targeting the delivery of an updated Mineral Resource
Estimate and related Preliminary Economic Assessment in Q2 2023.”
Highlights
▪ Intersected significantly higher-grade mineralization in the underground footprint at the
Keel zone compared to the Mineral Resource Estimate (“MRE”) in drill hole FCD-22-007
▪ Intercepted 361.7 metres (“m”) at 0.87% copper and 6.63 grams per tonne (“g/t”) silver
from 928.0 m, including 117.6 m at 1.13% copper and 8.94 g/t silver from 1,100.0 m and
36.0 m at 3.02 % copper and 23.20 g/t silver from 1,253.8 m.
▪ 19.3 m at 4.37% copper of the above intercept from 1,270.5 m occurs below the
underground footprint used for the MRE reported on July 6, 2022 and demonstrates the
potential to increase the mineral resource at depth.
▪ The first 90.0 m of the mineralized 361.7-metre intercept occur outside and to the northwest
of the current underground resource footprint, thus providing the potential for further
resource expansion with additional drilling.
▪ Mineralization remains open at Keel with planned follow up drilling.
▪ Expanded mineralization at the American Eagle zone
▪ Intersected 40.0 m at 0.58% copper from 597.0 m in drill hole FCD-22-009.
▪ This intersection is located over 100 m southeast from known mineralization and fills a gap
in the American Eagle mineral resource.
The Company has received assay results for a total of eight drill holes (5,524 m) with results for the first
five drill holes (2,984 m) reported in a news release dated September 7, 2022 . Assay results for drill hole
(FCD-22-001) are pending and will be released when received. All intercepts are reported as downhole drill
widths.
The results from the Drill Program will be incorporated into an updated MRE in conjunction with the
Preliminary Economic Assessment (“PEA”) for Copper Creek, expected to be completed and issued in the
second quarter of 2023.
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Drill hole FCD-22-007 was collared to the northeast of the Old Reliable breccia and was drilled to the
southeast towards the western margin of the Keel magmatic cupola zone (Figures 1, 2 and 3). This hole
crosses a gap in historical drilling and provides critical geotechnical information for future underground mine
development. Two piezometers for ongoing groundwater monitoring were installed in this drill hole.
Highlights include:
▪ 36.0 m at 3.02 % copper and 23.20 g/t silver from 1,253.8 m.
▪ 117.6 m at 1.13 % copper and 8.94 g/t silver from 1,100.0 m.
▪ The above intercepts are within a longer intercept of 361.7 m at 0.87% copper and 6.63 g/t silver
from 928.0 m to 1,289.8 m.
This intersection has a higher copper grade than the average copper grade of the mineral resource in the
Keel zone. Some of the highest-grade samples, including 19.3 m at 4.37% copper from 1,270.5 m, have
the potential to expand the mineral resource at depth.
The first 90.0 m of the mineralized 361.7-metre intercept occur outside and to the northwest of the
underground footprint, providing the potential for further resource expansion with additional drilling.
This drill hole has demonstrated that mineralization remains open at Keel and warrants follow-up drilling.
Figure 1: Plan View of the Three Phase I Drill Holes Reported in this News Release
Notes: Open pit shell and underground footprint is based on the constraints used in the MRE as presented in a technical
report titled “NI 43-101 Technical Report Mineral Resource Estimate Copper Creek Project, Arizona” dated August 18,
2022 (the “August 2022 Technical Report”).
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Figure 2: Cross Section Showing Drill Hole FCD-22-007 at the Keel Zone
Notes: Pit shell and underground footprint is based on constraints used in the MRE as reported in the August 2022
Technical Report.
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Figure 3: Example of High Grade Mineralization from Drill Hole FCD-22-007 in the Keel Zone
Notes: This image represents a selection of high grade assay results from drill hole FCD -22-007 from 1,285.9 m to
1,288.7 m. Core size is HQ (63.5 mm diameter).
Drill hole FCD-22-009 was collared south of American Eagle and drilled towards the north at a 45 degree
angle (Figures 1 and 4), covering an area where historical drilling density was limited and most historic al
drill holes were subvertical in orientation. Highlights include:
▪ 40.0 m at 0.58% copper from 597.0 m.
▪ Two shorter intercepts of 11.5 m at 0.51% copper from 157.5 m and 10.0 m at 0.48% copper from
510.0 m.
The 40.0-metre drill intercept is located approximately 100 m southwest from the nearest historical drill hole
with significant copper grade and fills a gap in the upper portions of the American Eagle underground
resource. The mineralization is hosted in a series of steeply south dipping veins and highlights the
exploration potential for vertically exten ding mineralized zones , which historical subvertical drilling likely
missed.
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Figure 4: Cross Section Showing Drill Hole FCD-22-009 at the American Eagle Zone
Notes: Underground footprint is based on constraints used in the MRE as reported in the August 2022 Technical Report.
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Drillhole FCD-22-006 was collared at the same location as FCD-22-007 but drilled towards the southwest
to test mineralization below the known extent of the Old Reliable breccia (Figure 1). While this hole did not
intersect significant mineralization, it provided critical geological insight for future exploration and drilling in
the Old Reliable zone.
Table 1: Select Results from Additional Three Drill Holes at Copper Creek
Drill Hole ID From To Length Cu Mo Ag
(m) (m) (m) (%) (ppm) (ppm)
FCD-22-006 No significant assay results
FCD-22-007 928.1 1,289.8 361.7 0.87 132 6.63
including 1,100.0 1,217.6 117.6 1.13 201 8.94
and including 1,253.8 1,289.8 36.0 3.02 166 23.20
including 1,270.5 1,289.8 19.3 4.37 172 29.88
FCD-22-009 157.5 169.0 11.5 0.51 16 0.89
and 510.0 520.0 10.0 0.48 4 1.67
and 597.0 637.0 40.0 0.58 16 1.46
Notes: Intercepts are calculated using a 0.23% copper grade with a maximum 10-metre internal dilution with no top cap
applied. All intercepts are reported as downhole drill widths.
Table 2: Collar Locations from the Phase I Drill Program at Copper Creek
Drill Hole ID Easting Northing Azimuth Dip Target Depth Depth Results
Status
(°) (°) (ft) (m)
FCD-22-001 547841 3624744 130 -45 Copper Prince 1,476 484 Pending
FCD-22-002 547677 3624910 170 -45 Glory Hole 1,653 542 Reported
FCD-22-003 548098 3624490 012 -45 Copper Giant 1,626 533 Reported
FCD-22-004 548207 3624684 175 -45 Copper Prince 1,512 496 Reported
FCD-22-005 548405 3624126 180 -50 Mammoth 2,489 816 Reported
FCD-22-006 547908 3624177 230 -50 Old Reliable 1,412 463 Reported
FCD-22-007 547906 3624175 135 -45 Keel 4,017 1,317 Reported
FCD-22-008 548217 3624009 150 -45 Mammoth 1,820 597 Reported
FCD-22-009 548856 3622947 000 -45 American Eagle 2,318 760 Reported
Total 18,324 6,008
Notes: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84,
UTM12N).
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Next Steps
The final hole from the Drill Program is expected to be received shortly, after which all assay and geotechnical
data will be incorporated into an updated MRE as part of the PEA, expected to be completed and issued in
the second quarter of 2023.
In addition, a 10,000 -metre Phase II drill pro gram is expected to commence in November 2022, with the
following objectives:
▪ To expand the open pit mineral resource;
▪ To infill the underground resource and better constrain the high-grade mineralized zones;
▪ To provide additional material for future metallurgical testwork and geotechnical studies ;
▪ To install additional piezometers for ongoing groundwater monitoring; and
▪ Commence reconnaissance drilling on new targets outside of the current mineral resource.
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. A certified
reference sample was inserted every 20th sample. Coarse blanks were inserted every 20th sample as well.
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 two copper projects in The
United States of America. The Copper Creek project, located in Arizona, is one of the largest undeveloped
copper projects in North America with open pit and bulk underground mining potential. The Contact Copper
project, located in Nevada, provides potential for a low -cost open pit, heap leach, oxide project. 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. Fara day trades on the CSE 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.
Page 8
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 expected timing for the PEA, and the timing of future dri lling of the Copper Creek property, 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 a ny 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
resources; receipt of regulatory a pproval; 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 accommodati ng
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 th e
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 availa ble at
www.sedar.com.
This news 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 news 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 news release, and any representation to the contrary is an offence.