American Marconi Wireless News - Faraday Copper Initiates Largest Ever Drill Program at the Copper Creek Project in Arizona

Paul Harbidge, President and CEO, commented, "I am excited to announce the start of our Phase IV drill program, the largest drill program ever planned on the project to date. From just nine pads on federal land, Phase III drilling in the American Eagle area resulted in the discovery of multiple mineralized breccias, including the high-grade Banjo breccia. Importantly, the recent approval of our Exploration Plan of Operations provides access to 67 drill pads on federal land, 48 of which are located in the American Eagle area. This now allows us to fully delineate multiple mineralized breccias and porphyry occurrences as well as near surface oxide mineralization. As a result, we have decided to focus on this exciting exploration upside to fully evaluate the American Eagle area and test other high-priority targets across the property. Growing the resource and maximizing the economic potential is our priority - and, therefore, we have deferred the updated resource and technical study until after this drill program is completed."

Phase IV Drill Program Overview

• An estimated 40,000 m diamond drill program has commenced with the goal of building on the Company's previous drilling success. The program will focus on the American Eagle area as well as new targets, infill, geotechnical, infrastructure, and hydrological drilling:

  • ~20,000 m focused on American Eagle near-surface mineralization.

  • ~10,000 m targeting oxide mineralization to increase the potential of copper cathode production, which provides optionality for early cash-flow and domestic copper production.

  • ~10,000 m for new discoveries in the Copper Creek district.

Assay results for completed drill holes will be released as they are received, analyzed and confirmed by the Company.

American Eagle Area

The recently approved Exploration Plan of Operations by the Bureau of Land Management includes up to 67 drill pads located on Federal land, 48 of which are in or near the American Eagle area (Figure 1). This approval substantially increases the opportunities for drill targeting the American Eagle area compared to the previously available nine drill pads. Phase III drilling from these nine drill pads identified several mineralized breccias in the American Eagle area, including the high-grade Banjo breccia. The additional approved pads will allow testing for further near-surface porphyry and breccia-hosted mineralization near American Eagle. Some drilling will be aimed at the collection of geotechnical and hydrological data. A combined total of approximately 20,000 m of drilling is allocated to these objectives.

Oxide Resource Growth

Supergene copper oxide and secondary sulphide mineralization occurs in the uppermost 20 m to 40 m at Copper Creek and a resource ¹ has been previously defined in breccias northwest of the American Eagle area. Recent Phase III drilling has highlighted the potential for expanding the oxide resource through shallow, low angle drilling. Copper oxide minerals and anomalous copper in iron oxides, which formed after oxidation of primary sulphide mineralization, have been widely documented beyond the known resource, including in the American Eagle area (Figures 2 and 3). Copper oxide provides the opportunity to generate early cash flow through low-cost, heap-leach copper recovery. Approximately 10,000 m of drilling is allocated to oxide resource growth.

District Exploration Upside

Significant exploration upside remains in the Copper Creek district with numerous breccias and porphyry targets yet to be drilled. Geological mapping, geophysical and geochemical data, as well as reconnaissance drilling, have highlighted various targets outside the resource area, including the Sunrise Trend, Bunker Hill and Sycamore (Figure 4). Mapping and geological data collection will continue throughout the district and is expected to highlight further exploration targets.

The American Eagle underground resource contains high-grade cores that may correspond to magmatic cupola zones or high-grade breccias. The underground resource at both Keel and American Eagle are open laterally and additional drilling has the potential to expand the mineralization and further define high-grade mineralization (Figure 5). Some drilling will be aimed at reconnaissance drilling for potential new porphyry centres. Approximately 10,000 m of drilling is allocated to these objectives.

Figure 1: Plan View Showing Drill Pads Approved on Federal Land and Selected Surface Geology

Figure 2: Plan View Showing Oxide Resource ¹ Expansion Potential

Note: Copper oxide detected at surface includes observations of copper oxide minerals and copper concentrations on iron oxide minerals in grab samples measured by a portable X-ray fluorescence device.

Figure 3: Photographs Showing Oxide Mineralization Exposed at Surface

Figure 4: Plan View Showing Exploration Target Areas and Surface Geology

Figure 5: Plan View of 2023 Resource Grade Distribution ¹

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").

Notes

¹ The Mineral Resource Estimate is 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.sedarplus.ca .

About Faraday Copper

Faraday Copper is an 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 significant district scale exploration 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 results, 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 extent of the quantum of the drilling program, the proposed locations for drilling 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 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 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 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.

SOURCE: Faraday Copper Corp.

View the original press release on ACCESS Newswire

Y.Nakamura--AMWN