Faraday Copper Reports 17.70 Metres at 0.96% Copper and 0.12 g/t Gold Within 101.31 Metres at 0.45% Copper at Copper Creek in Arizona
NEWS RELEASE July 12, 2023
Faraday Copper Reports 17.70 Metres at 0.96% Copper and 0.12 g/t
Gold Within 101.31 Metres at 0.45% Copper
at Copper Creek in Arizona
July 12, 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”). The holes were drilled to target the potential expansion
of the open pit mineral resources.
Paul Harbidge, President and CEO, commented “ The results from our Phase II drill program continue to
show the exploration upside to the existing resource that formed the basis for the PEA . Three drill holes
have identified the opportunity to expand the near-surface mineral resource along the eastern breccia trend
and combine two open pits. Additionally, we have identified the potential for payable gold at the Pole
breccia.”
“With our Phase II drill program now completed and the results from 26 of 28 holes released, our focus in
the third quarter will be on integrating and analy zing airborne magnetic, electromagnetic , drill core,
geochemical and spectral data to rank and prioritize targets for a 20,000-metre Phase III drill program
planned to commence in the fourth quarter of 2023 . We are continuing to analyze historical drill core for
gold and will be commencing a metallurgical program shortly. We look forward to providing updates as
results are received.”
Highlights
▪ Intersected 101.31 metres (“m”) at 0.45% copper and 6.69 g/t silver from surface, including 17.70 m at
0.96% copper, 3.33 g/t silver and 0.12 g/t gold from 68.16 m in drill hole FCD-23-032 at the Pole
breccia.
▪ Intersected 42.03 m at 0.35% copper and 2.99 g/t silver from 74.03 m and 28.97 m at 0.24% copper
and 0.99 g/t silver from 130.83 m in drill hole FCD-23-033 at the Pole breccia, outside of the Mineral
Resource Estimate (“MRE”).
▪ Intersected 43.29 m at 0.29% copper and 1.13 g/t silver from 75.58 m at the B-24 breccia in drill hole
FCD-23-034, outside of the MRE.
▪ These three drill holes demonstrate the potential for near-surface resource expansion between the
Copper Prince and Mammoth open pit shells.
(For true width information see Table 1)
Drill hole FCD-23-032 was collared west of the Pole breccia and drilled to the northeast at a 50-degree dip
(Figures 1 and 2). The mineralization starts from surface and occurs in sheeted veins and transitions into
mineralized hydrothermal breccia from 68.16 m to 85.86 m. The Pole breccia is situated between the
Copper Prince and Mammoth open pit shells used to constrain the MRE.
Drill hole FCD-23-033 was collared west of the Pole breccia and drilled to the northeast, at a steeper angle
than FCD-23-032, to test the southwestward extension of the vein -hosted mineralization surrounding the
Page 2
Pole breccia (Figures 1 and 2) . The hole inter sected three mineralized intervals , of which two, totalling
70.00 m, are located outside the MRE pit shell. Both holes drilled at the Pole breccia demonstrate the
potential for resource expansion and open pit consolidation along the eastern breccia trend, which includes
the Copper Prince and Mammoth breccias.
Drill hole FCD-23-034 was collared west of B-24 breccia and includes two mineralized intersections in an
area between the Copper Prince and Mammoth open pit shells previously considered as waste in the MRE
(Figures 1 and 2). The hole ends in mineralization and has the potential to connect these two resource pits.
Drill hole FCD-23-030 was collared in the previously undrilled Rye area and drilled to the northwest (Figure
1). This hole intersected short intervals of igneous cemented breccia and several zones of disseminated
pyrite including one at a grade of 1.00 g/t silver over 22.30 m from 242.49 m in a sericite altered granodiorite
porphyry. The abundance of pyrite, which commonly occurs above copper bearing sulphides in an outer
alteration halo, suggests that the hole remained i n the shallow portions of the mineral system . The area
warrants additional drilling.
Drill hole FCD -23-031 was collared in the Rye area and drilled to the south (Figure 1) . It intersected
granodiorite porphyry in the upper half of the hole and veinlets containing pyrite cutting glory hole volcanics
in the lower half of the hole. No copper mineralization was identified.
Drill hole FCD -23-035 was collared east of Copper Knight breccia and drilled towards the east to test a
previously undrilled breccia target (Figure 1) . It intersected a n approximately 39-metre-wide zone of
elevated copper from 84.80 m at 0.11% copper and 0.45 g/t silver associated with intense sericite alteration
affecting granodiorite and breccia zones. Although this hole did not identify mineralization above the cut off
grade used for th e MRE, the results indicate that this area remains prospective for copper mineralization
and merits follow-up.
Page 3
Figure 1: Plan View Showing Drill Holes Reported in this News Release
Note: The open pit shell 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 available on
the Company’s website at www.faradaycopper.com and on the Company’s SEDAR profile at www.sedar.com.
Page 4
Figure 2: Long Section Showing Drill Holes FCD-23-032, FCD-23-033 and FCD-23-034
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-23-032 0.00 101.31 101.31 72 0.45 0.002 0.04 6.69
including 8.36 36.97 28.61 20 0.69 0.004 0.04 11.89
and including 68.16 85.86 17.70 12 0.96 0.001 0.12 3.33
FCD-23-033 9.91 45.94 36.03 36 0.26 0.002 0.02 1.57
and 74.03 116.06 42.03 42 0.35 0.001 0.02 2.99
130.83 159.80 28.97 28 0.24 0.001 0.02 0.99
FCD-23-034 75.58 118.87 43.29 28 0.29 <0.001 0.02 1.13
and 140.44 152.10 11.66 11 0.18 0.001 0.02 0.63
FCD-23-030 No significant intercepts
FCD-23-031 No significant intercepts
FCD-23-035 No significant intercepts
Page 5
Notes: All intercepts are reported as downhole drill widths. Mineralization includes bulk porphyry -style zones and
breccia mineralization. Porphyry-style zones true widths are interpreted to be close to drilled widths. Breccia true widths
are approximate due to the irregular shape of mineralized domains.
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-23-030 548130 3625511 136 335 -46 Rye N 965.8 294.38
FCD-23-031 548027 3625492 1344 193 -48 Rye S 883.7 269.35
FCD-23-032 548295 3624213 1246 70 -50 Pole Breccia 548.8 167.27
FCD-23-033 548294 3624213 1246 60 -78 Pole Breccia SW 822.4 250.67
FCD-23-034 548252 3624335 1280 80 -60 B-24 499.0 152.10
FCD-23-035 548378 3624465 1326 50 -50 E Copper Knight 530.0 161.54
Note: Coordinates are given as World Geodetic System 84, Universal Transverse Mercator Zone 12 north (WGS84,
UTM12N).
Next Steps
Phase II drilling, which includes a total of twenty-eight drill holes was completed in June 2023. The results
for twenty-six drill holes have been released to date. The assay results for the remaining two completed
drill holes will be released as they are received, analyzed and confirmed by the Company.
To rank and prioritize targets for the 20,000-metre Phase III drill program, the Company is integrating and
interpreting multiple datasets, including geological mapping , drill core, airborne magnetic ,
electromagnetic, spectral and geochemical data. The Phase III drill program is scheduled to commence
in the fourth quarter of 2023 with the following three objectives:
▪ Reconnaissance drilling on new targets;
▪ Expanding the MRE; and
▪ Better delineating high-grade mineralized zones.
An assaying program of historical drill core samples has been initiated to determine the potential for
inclusion of gold in future resource updates . Historically, approximately 12 percent of all core samples
analyzed for copper were also analyzed for gold. As part of the program, the first breccia to be analyzed is
Childs Aldwinkle, for which we have submitted 453 samples to the laboratory. Results will be released as
they are received, analyzed and confirmed by the Company. Upon completion of the Childs Aldwinkle
assaying, the Copper Prince, Pole, and Copper Giant breccias as well as the Keel underground zone will
be prioritized for gold analysis.
The Phase II metallurgical program will commence in the third quarter of 2023 and will focus on grind size
optimization to test viability of coarse r particle flotation, gold deportment to concentrate and further test
work on near surface oxide material.
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,
Page 6
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
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 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 i nformation specifically include, but are not limited to,
statements concerning 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 guarantee s 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 approval; receipt of sharehold er 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 r eclamation 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 available at
www.sedar.com.
Page 7
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.