06:05:10 EDT Thu 02 May 2024
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Faraday Copper Corp
Symbol FDY
Shares Issued 176,585,575
Close 2024-02-23 C$ 0.465
Market Cap C$ 82,112,292
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Faraday talks metallurgical testing at Copper Creek

2024-02-26 15:57 ET - News Release

Mr. Paul Harbidge reports

FARADAY COPPER ANNOUNCES POSITIVE METALLURGICAL RESULTS AT ITS COPPER CREEK PROJECT IN ARIZONA

Faraday Copper Corp. has released the results of its metallurgical program at its Copper Creek project in Arizona, United States.

Paul Harbidge, President and CEO, commented "The positive results from our metallurgical program continue to support our work towards advancing the Copper Creek project by significantly improving the economic returns and future metal production profile. In addition, the Phase III drill program is underway with a focus on testing new targets and expanding the Mineral Resource. I am excited about the exploration upside, especially with the initial reconnaissance drill results from the Area 51 target, which identified a new near-surface mineralized breccia."

Metallurgical Program Highlights

  • The metallurgical program was designed to evaluate grind size optimization, gold recoveries, and test additional samples from the near-surface mineralization to further enhance project economics compared to the Preliminary Economic Assessment 1 ("PEA"). Key highlights include:
  • Achieved copper rougher 2 recoveries of 95% in the sulphide composite by applying a substantially larger grind size 3. The increased grind size confirms the following benefits:
  • Opportunity to increase copper rougher recoveries to over 97% by utilizing Coarse Particle Flotation ("CPF") scavenging. CPF supports a potential increase to mill throughput without increasing the tailings pressure filtration requirement;
  • Significant reduction in ball mill grinding energy compared to the PEA (approximately 50%); and
  • Maintained copper concentrate quality with a consistently high average concentrate grade of 30.5% copper.
  • Confirmed gold recoveries in copper concentrate of over 75% supporting the potential for payable gold in the copper concentrate, which was not considered in previous studies.
  • Significantly improved near-surface oxide recovery through column leach tests, which returned copper recoveries of 84% to 92% in 43 days with net acid consumption <12 kg/t, compared to 75% in 60 days with net acid consumption of 20 kg/t utilized in the PEA.

Zach Allwright, VP Projects and Evaluations, stated "The metallurgical program has uncovered significant upside, indicating that mill throughput in future technical studies could increase substantially from the PEA base case, while maintaining or enhancing metal recoveries. In addition, the test work highlights the opportunity to reduce operating costs and supports the potential for payable gold in the copper concentrate. Importantly, the Company's strategy of minimizing water consumption and limiting the surface footprint is supported by these favorable processing characteristics. We look forward to further increasing the value of the Copper Creek project."

Next Steps

Based on the outcomes of the metallurgical program and ongoing exploration results, the Company is targeting the following steps to continue to enhance the value of the project:

  • Exploration Drilling: Phase III drilling continues and is focused on reconnaissance drilling on new targets, expanding the Mineral Resource and better delineating high-grade mineralized zones.
  • Gold Assay Program: The Company continues to advance the gold assay program, currently focused on the Keel underground zone. Assay results from this program, paired with existing gold data, could support the inclusion of gold in future resource updates and project economics.
  • Metallurgical Assessments: Test work will be conducted as new resource targets are delineated. In addition, continued assessments will include further CPF flowsheet evaluation and a material type characterization program.
  • Technical Report Update: To incorporate updated geological, geotechnical, economic and metallurgical datasets.

For an overview of the metallurgical program and additional technical details, refer to the Appendix at the end of this news release.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Faraday's Vice President, Projects and Evaluations, Zach Allwright, P.Eng., who is considered a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The information in this report relating to metallurgical test work results is based on and fairly reflects information reviewed by Mr. Peter Mehrfert, P.Eng. (Ausenco Engineering's consultant to Faraday). Mr. Mehrfert is a qualified metallurgist and has sufficient experience which is relevant to the management and interpretation of test work activities undertaken to qualify as Competent Person under NI 43-101. Mr. Mehrfert consents to the inclusion in the release of the matters based on their information in the form and context in which it appears.

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".

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