Mr. Paul Harbidge reports

FARADAY COPPER INTERSECTS 117.00 METRES AT 0.40% COPPER NEAR SURFACE, INCLUDING 23.37 METRES AT 0.60% COPPER AT OLD RELIABLE AND DRILLING SUCCESS CONTINUES AT AREA 51

Faraday Copper Corp. has released the results of four drill holes from its phase 3 program at the Copper Creek project, located in Arizona, United States. One hole was drilled at Old Reliable to test resource expansion potential. Three holes were drilled at Area 51 as a follow-up to the recent Starship and Eclipse breccia discoveries (announced on Jan. 16, 2024, and March 4, 2024).

Paul Harbidge, president and chief executive officer, commented: "It is great to see our phase 3 drill program delivering on our objectives of adding mineral inventory near the existing resource and making new discoveries in the district. Specifically, drilling at Old Reliable has confirmed that the mineralization remains open at depth. At Area 51, drill hole FCD-24-048 at the Eclipse breccia adds to the previous successes by expanding the known mineralization and drill hole FCD-24-049 has identified elevated gold grades at the Starship breccia."

Highlights:

• At Old Reliable, intersected 23.37 metres at 0.60 per cent copper, 0.0242 per cent molybdenum and 2.92 grams per tonne (g/t) silver from 276.81 m in drill hole FCD-24-052. This intercept is within a longer intercept of 117 m at 0.40 per cent copper, 0.0285 per cent molybdenum and 1.72 g/t silver from 222.46 m:
  • This intercept at Old Reliable is outside the open pit mineral resource estimate (MRE) and confirms that the breccia-hosted mineralization is open at depth.
• At Area 51, intersected 43.24 m at 0.35 per cent copper and 0.83 g/t silver from 65.23 m in drill hole FCD-24-048 at the recently discovered Eclipse breccia. This hole expands the known mineralization of the breccia:
  • Demonstrated the potential for elevated gold grades at the Starship breccia with 0.22 g/t gold, 1.86 g/t silver and 0.12 per cent copper over 18.52 m from 113.24 m in drill hole FCD-24-049. This intercept contains the highest gold:copper ratio on the project to date.

Old Reliable was the site of small-scale underground mining for copper and molybdenum prior to the second world war. Starting in the 1970s, an experimental in situ leach operation recovered some of the near-surface copper oxide mineralization. The sulphide-hosted mineralization remains in place. During the 1990s, densely spaced vertical drilling led to resource definition to approximately 200 m below surface. Several of those drill holes end in mineralization and the resource is open at depth and laterally. Follow-up drilling is planned for this area:

• Drill hole FCD-24-052 was collared north of Old Reliable and drilled to the south. The hole was designed to test the depth extension of the mineralization and is entirely outside the open pit used to constrain the MRE. Mineralization is associated with chalcopyrite as cement within a hydrothermal breccia, as well as in veins surrounding the breccia domain. Molybdenite veins are also observed crosscutting the breccia and wall rock in the lower half of the drill hole. The drill hole intercepted Glory Hole volcanics with lesser granodiorite porphyry dikes from surface to 218 m, hydrothermal breccia to 324 m and granodiorite to the end of the hole at 409 m. Dominant alteration associated with the breccia is mainly sericite with locally abundant kaolinite. Similar alteration is common in other mineralized breccias.

Area 51 was identified as highly prospective by integrating airborne versatile time domain electromagnetic (VTEM) geophysical data and short-wave infrared spectral data, together with geological mapping and sampling. Area 51 encompasses a porphyry intrusion with nine mapped breccia bodies over an area of approximately 400 m by 400 m, including Starship and Eclipse. The breccias are interpreted to have been emplaced at a shallow crustal level in the hanging wall of the northwest-trending Holy Joe thrust fault, which brought Proterozoic metamorphic rocks in contact with younger sedimentary rock units to the east of Area 51. This fault is also thought to have controlled the emplacement of the Paleocene Glory Hole volcanics and Copper Creek granodiorite which host the mineral resource. Follow-up drilling is currently in progress:

• Drill hole FCD-24-048 was collared immediately east-southeast of the Eclipse breccia and drilled to the west-northwest. The mineralization consists of chalcopyrite and chalcocite. The highest grades are associated with chalcopyrite-pyrite and subordinate chalcocite cement in hydrothermal breccia. The hole intersected Glory Hole volcanics in the first 67 m, followed by 80 m of hydrothermal breccia and ends in granodiorite porphyry. Alteration within and near the breccia is sericite, which is associated with high-grade copper mineralization elsewhere on the property.
• Drill hole FCD-24-049 was collared close to the surface outcrop of the Starship breccia and drilled steeply the northwest. The mineralization occurs as chalcocite with subordinate chalcopyrite cement within a hydrothermal breccia, which also includes pyrite and quartz. This hole intersected 18.52 m at 0.22 g/t gold and 0.12 per cent copper from 113.24 m. This intercept has the highest gold:copper ratio on the project to date. The hole intersected 55 m of hydrothermal breccia from 82 m with a shorter breccia interval of five m from 57 m. The breccia intercepts are interpreted as representing the margin of Starship, which crosscuts granodiorite and porphyry. As with the Eclipse breccia, alteration within and near the Starship breccia is sericite, which, together with the localized occurrence of barite, suggests that the breccia was emplaced in the epithermal environment and may explain the elevated gold grades.
• Drill hole FCD-24-047 was collared southeast of the Starship breccia and drilled steeply to the northwest to test the depth extent of the Starship breccia. The hole remained outside the breccia. The hole intersected Glory Hole volcanics from surface to 282 m, which are intruded by granodiorite from 82 m to 129 m. Below 282 m, the hole intersected Proterozoic host rocks, including Dripping Springs quartzite, Pinal Schist and diabase.

Next steps

Phase 3 drilling continues and is focused on three objectives:

• Reconnaissance drilling on new targets;
• Expanding the MRE; and
• Better delineating high-grade mineralized zones.

As part of the phase 3 program, 21 drill holes have been completed and results for 14 have been released. Eight holes were drilled in Area 51, three in the Copper Prince-Copper Giant area, three in the Bald-American Eagle area and three near Old Reliable. Additional holes are currently being designed to further test Area 51 and other high-priority target areas.

Sampling methodology, chain of custody and quality assurance/quality control (QA/QC)

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, Ariz., was continuously monitored. The samples were taken as one-half core, over two m core length. Samples were crushed, pulverized and sample pulps were analyzed using industry standard analytical methods, including a four-acid ICP-MS (inductively coupled plasma mass spectrometry) multielement package and an ICP-AES (inductively coupled plasma atomic emission spectroscopy) method for high-grade copper samples. Gold was analyzed on a 30-gram aliquot by fire assay with an ICP-AES finish. A certified reference sample was inserted every 20th sample. Coarse and fine blanks were inserted every 20th sample. Approximately 5 per cent of the core samples were cut into one-fourth 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 its 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 have been reviewed and approved by Dr. Thomas Bissig, PGeo, Faraday's vice-president of exploration, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Faraday Copper Corp.

Faraday Copper is a Canadian exploration company focused on advancing its flagship copper project in Arizona, United States. 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 financed to deliver on its key milestones and benefits from a management team and board of directors with senior mining company experience and expertise.

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