Faraday Copper Corp. (“Faraday” or the “Company”) (TSX:FDY) (OTCQX:CPPKF) is pleased to announce the results of seven drill holes from its Phase III drill program at the Copper Creek Project, located in Arizona (“Copper Creek”). These holes targeted near-surface supergene copper mineralization with the goal of better understanding the distribution of oxide mineralization. Five holes were drilled near the Globe breccia and two near the Copper Giant breccia.
Paul Harbidge, President and CEO, commented, “These results demonstrate the continuity of supergene mineralization within the first 40 metres from surface. We have confirmed the presence of an enrichment blanket with high copper grades at Globe and expanded copper oxide mineralization to the north. Historically, there has been limited drilling targeting copper oxide mineralization across the deposit, and we see the potential to significantly expand the near-surface oxide resource through additional drilling, ultimately producing copper cathode early in the project life to significantly enhance shareholder returns.”
Highlights
- Expanded near-surface supergene oxide and secondary copper sulphide mineralization near the Globe and Copper Giant breccias.
- At the Globe breccia, intersected 10.08 metres (“m”) at 3.62% copper from 65.92 m (approximately 30 m below surface) in drill hole FCD-25-107. This intercept corresponds to a secondary chalcocite enrichment zone.
- North of the Globe breccia, intersected 38.90 m at 0.51% copper from 3.55 m in drill hole FCD-25-111. Copper in this intercept is largely contained in oxide minerals such as malachite and chrysocolla.
- At the Copper Giant breccia, intersected 27.46 m at 0.50% copper from 6.10 m in drill hole FCD-25-104. This intercept includes near-surface copper oxide, transitioning to copper sulphide mineralization from 21 m downhole.
(For true width information see Table 1)
Zach Allwright, VP Projects and Evaluations, commented, “The opportunity to delineate additional near-surface oxide mineralization in future drill programs is highly encouraging. These high-grade oxide domains have demonstrated excellent recoveries via heap leaching (refer to news release dated February 26, 2024) and offer the potential to optimize the project staging with high-margin cathode production upfront as part of the initial pre-strip, prior to transitioning to copper production from sulphides. I look forward to further exploration to target near-surface oxide resource growth in subsequent drill programs.”
Copper Oxide and Enrichment Zones
Seven short holes were drilled near the Globe and Copper Giant breccias to better understand the distribution of oxide mineralization and enrichment zones. Historically, there has been limited drilling targeting copper oxide across the deposit and there is the potential to expand the near-surface oxide resource as the project advances.
Copper oxide mineralization is a product of weathering of primary copper mineralization and generally occurs within the first 40 m from surface at Copper Creek. Copper oxide minerals such as malachite, chrysocolla or tenorite can be processed through heap-leaching (refer to news release dated February 26, 2024), which offers the potential to produce copper cathode early in the mine life and with low capital expenditure. Near the base of the oxide zone, secondary copper sulphides such as chalcocite precipitate and can form an enrichment blanket consisting of high-grade copper mineralization.
- Drill hole FCD-25-104 was collared north of Copper Giant and drilled to the west. It intersected hydrothermal breccia from surface to 32 m, and Glory Hole volcanics to the end of the hole except for two granodiorite dykes at 60 m to 62 m and 75 m to 77 m. Alteration is sericite-kaolinite affecting the breccia domain and chlorite-biotite in the volcanics with some magnetite and potassium feldspar near the breccia contact. Copper mineralization occurs as oxide, including chrysocolla and tenorite, in the top 20 m of the hole transitioning into a domain with chalcocite and relict chalcopyrite as well as chrysocolla and tenorite.
- Drill hole FCD-25-106 was collared northwest of Copper Giant and drilled to the northwest. The hole intersected Glory Hole volcanics with granodiorite dykes from 12 m to 16 m, from 24 m to 26 m and from 84 m to 86 m. Fine grained secondary biotite with variable amounts of chlorite, actinolite and carbonate make up the alteration of the volcanics. Mineralization, consisting of chalcopyrite with pyrite, is limited to localized porphyry style veins from 70 m to 72 m and from 117 m to 123 m downhole.
- Drill hole FCD-25-107 was collared west of the Globe breccia and drilled to the east. After 12 m of volcanics the hole entered hydrothermal breccia to 77 m and went back into volcanics to the end of the hole. Alteration associated with the breccia is sericitic with kaolinite being significant below 51 m. Primary sulphides are largely oxidized to goethite and hematite as well as subordinate jarosite to a depth of 68 m. Copper mineralization occurs as malachite, chrysocolla and tenorite near the top of the hole whereas chalcocite together with chrysocolla, tenorite and cuprite make up the high-grade mineralization starting at 66 m. The breccia interval is characterized by elevated silver and molybdenum.
- Drill hole FCD-25-109 was collared west of the Globe breccia and drilled to the southeast. It intersected hydrothermal breccia from 10 m to 57 m and Glory Hole volcanics at the top and bottom of the hole. Alteration associated with breccia is sericitic. Primary sulphides are oxidized to jarosite, goethite and lesser hematite to a depth of 58 m. Copper mineralization occurs as malachite, chrysocolla and tenorite. The breccia interval is characterized by elevated silver and molybdenum.
- Drill hole FCD-25-110 was collared west of the Globe breccia and drilled to the north. For the first 3 m, Glory Hole volcanics were intersected, followed by locally intensely fractured granodiorite to 62 m. Volcanics make up the remainder. The granodiorite is sericite altered. Sulphides are largely oxidized to goethite and hematite to 53 m.
- Drill hole FCD-25-111 was collared north of the Glory Hole breccia and was drilled to the southeast. It intersected Glory Hole volcanics for its entire length. Fine-grained biotite alteration overprinted by minor sericite and kaolinite is present throughout. Goethite and hematite coat fracture surfaces together with copper oxide minerals that include malachite, chrysocolla and tenorite. Chalcocite, native copper and tenorite occur from 41 m to 43 m.
- Drill hole FCD-25-112 was collared north of the Glory Hole breccia and was drilled to the north. It intersected Glory Hole volcanics for its entire length. Fine-grained biotite alteration overprinted by minor sericite is observed from 18 m to 45 m. Goethite and hematite coat fracture surfaces to a depth of approximately 40 m. Copper mineralization is contained in oxide minerals including chrysocolla and tenorite in the top 13 m of the hole.
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