Faraday Copper Intersects 45.89 Metres at 1.68% Copper, 0.33 g/t Gold and 5.55 g/t Silver Near Surface
NEWS RELEASE May 16, 2023
Faraday Copper Intersects 45.89 Metres at 1.68% Copper,
0.33 g/t Gold and 5.55 g/t Silver Near Surface
May 16, 2023 – Vancouver, British Columbia – Faraday Copper Corp. (“Faraday” or the “ Company”)
(TSX:FDY) (OTCQX:CPPKF) is pleased to announce the results from six drill holes at its Copper Creek
Project, located in Arizona, U.S. (“Copper Creek”).
Paul Harbidge, President and CEO, commented “The continued success of our Phase II drill program
confirms our view that there is significant upside to the open pit and underground resource utilized as the
basis for the PEA. In particular, drill hole FCD-23-023 returned high copper grades and enrichment in gold.
This highlights the potential to add gold credits to the current resource through both future drilling and our
ongoing assaying of historical core and pulps that were not analyzed in the past . We look forward to
providing updates as we progress.”
Highlights
▪ Intersected 45.89 metres (“m”) at 1.68% copper, 0.33 g/t gold, 5.55 g/t silver and 0.028%
molybdenum from 184.72 m at the Childs Aldwinkle breccia complex in drill hole FCD-22-023 (Figures
1 and 2). This hole highlights the potential gold upside on the property, which was not included in the
Mineral Resource Estimate (“MRE”) (see news release dated May 3, 2023).
▪ Intersected 136.48 m at 0.54% copper and 0.83 g/t silver from 278.61 m, including 66.26 m at 0.87%
copper and 1.22 g/t silver from 278.61 m, and 309.43 m at 0.31% copper and 0.83 g/t silver from 693.16
m in drillhole FCD-23-025 (Figures 1 and 3). The upper intersection from 278.61 m corresponds to the
Mammoth breccia whereas the lower portion of the hole was aimed at testing the gap between the Keel
and American Eagle underground footprints. The hole confirms mineralization in this gap, where drill
density remains limited.
▪ Commenced a gold assaying program of historical drill core to determine the potential for inclusion
in future resource updates. Samples will also be taken for metallurgical test work.
Drill hole FCD-22-023 was collared southwest of Childs Aldwinkle and drilled to the northeast (Figures 1
and 2). The results for this hole demonstrate the potential for significant gold mineralization in addition to
the high-grade copper mineralization within the open pit resource. Childs Aldwinkle forms a northwesterly
elongated subvertical to steeply southwest dipping breccia complex that has historically been drilled from
the northeast. The hole also provides geological and geotechnical information on the previously undrilled
hanging wall of the deposit.
Drill hole FCD-23-025 was collared west of Mammoth and drilled to the east-southeast (Figures 1 and 3).
It intersected the lower part of the Mammoth breccia and surrounding halo mineralization and crossed a
300-metre-long interval of mineralization between the Keel and American Eagle resource shapes. This hole
demonstrates the potential for continuous mineralization at or above cut -off grade between the two
underground footprints and merits follow-up drilling.
Drill holes FCD-23-021 and FCD -23-022 were drilled to the southwest and west, respectively, targeting
the previously undrilled Hilltop breccia, which is located immediately east of Copper Prince (Figure 1). Both
holes were drilled from the same location and intersected near -surface mineraliza tion above the cut -off
grade for the open pit mineral resource. Follow-up exploration is planned in this area.
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Drill holes FCD-22-019 and FCD -22-020 were both r econnaissance drill hole s testing the Gin breccia
(Figure 1), which is located to the north of the mineral resource area. The holes were drilled towards the
southwest and west, respectively, and both intersected over 100 m of pyrite cemented breccia. Anomalous
silver was identified in the drill holes with values up to 0.97 g/t . The abundance of pyrite, which commonly
occurs above copper bearing sulphides in an outer alteration halo, suggests that the holes remained in the
shallow portions of the mineral system. The Gin breccia remains prospective for copper mineralization
below the current depth of drilling.
Figure 1: Plan View Showing Drill Hole Reported in this News Release
Note: The open pit shells and underground shapes are based on constraints used in the MRE as reported in a news
release dated May 3, 2023.
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Figure 2: Cross Section Showing Drill Hole FCD-23-023
Note: The open pit shells and underground shapes are based on constraints used in the MRE as reported in a news
release dated May 3, 2023
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Figure 3: Cross Section Showing Drill Hole FCD-23-025
Note: The open pit shells and underground shapes are based on constraints used in the MRE as reported in a news
release dated May 3, 2023
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Table 1: Selected Drill Results from Copper Creek
Drill Hole ID From To Length True
width Cu Mo Au Ag
(m) (m) (m) (m) (%) (%) (g/t) (g/t)
FCD-23-023 184.72 230.61 45.89 35 1.68 0.028 0.33 5.55
FCD-23-025 278.61 415.09 136.48 88 0.54 0.001 <0.01 0.83
including 278.61 344.87 66.26 43 0.87 0.001 <0.01 1.22
and 462.47 506.08 43.61 43 0.20 0.001 <0.01 0.55
and 693.16 1,002.59 309.43 309 0.31 0.003 0.02 0.83
FCD-23-021 6.00 44.86 38.86 38 0.18 <0.001 N/A 0.54
FCD-23-022 8.89 69.24 60.35 60 0.16 <0.001 N/A 0.18
FCD-22-019 No significant intercepts
FCD-22-020 No significant intercepts
Notes: All intercepts are reported as downhole drill widths. True widths are approximate due to the inherently irregular
shape of mineralized domains. Gold values reported as <0.01 g/t indicate concentrations of less than 10 times the
analytical limit of detection (0.001 g/t). Molybdemun values of less than 10 parts per million are listed as < 0.001%.
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-23-023 548345 3623971 1,306 045 -47 Childs
Aldwinkle 813.8 267.00
FCD-23-025 548225 3623757 1,181 110 -60 American Eagle 3,195.9 1,048.51
FCD-23-021 548429 3624688 1,349 230 -45 Hilltop 457.3 150.04
FCD-23-022 548429 3624689 1,349 278 -45 Hilltop 384.8 126.25
FCD-22-019 547071 3625879 1,387 200 -53 Gin 610.9 200.44
FCD-22-020 547070 3625880 1,387 245 -50 Gin 761.8 249.94
Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84,
UTM12N).
Next Steps
Phase II drilling continues and is focused on expanding the MRE, better delineating high-grade zones and
testing new targets. Twenty-six drill holes have been completed and the results for fifteen drill holes have
been released to date. The assay results for additional completed drill holes will be released as they are
received, analyzed and confirmed by the Company.
Current and planned exploration activities beyond Phase II drilling include geological mapping, rock
sampling and collection of geophysical and mineralogi cal dataset to inform drill targeting for future drill
campaigns scheduled to initiate in the fourth quarter of 2023.
Faraday has c ommenced a g old assaying program of historical drill core , which was not previously
analyzed, to determine the potential for inclusion in future resource updates. Samples will also be taken for
metallurgical test work.
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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. 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
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 min ing 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”.
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.
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 potential of the Copper Creek property and the planned timeline for further exploration.
Although Faraday believes the exp ectations 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 o f detailed feasibility and technical analyses; lower than expected grades and quantities of
resources; receipt of regulatory approval; receipt of shareholder approval; mining rates and recovery rates; significant capi tal
requirements; price volatility in t he 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 explor ation 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 c ontests 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
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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.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.