The holes intersected a newly identified breccia at the Area 51 target ('Starship'), which has the potential to increase the open pit Mineral Resource Estimate ('MRE'). The Company also provides Gold Program results from the Copper
Highlights
Intersected 72.01 metres ('m') at 0.37% copper, 0.02 grams per tonne ('g/t') gold and 1.35 g/t silver from 50.24 m, including 25.06 m at 0.78% copper, 0.03 g/t gold and 1.49 g/t silver from 50.24 m in drill hole FCD-23-042 at the previously undrilled Starship breccia.
Drill hole FCD-23-042 also intersected 225.52 m of hydrothermal breccia from 57.00 m which contains the following additional mineralized intersections: 9.43 m at 0.47% copper, 0.08 g/t gold and 1.91 g/t silver from 175.57 m and 11.45 m at 0.26% copper, 0.03 g/t gold and 1.28 g/t silver from 249.89 m.
Drill hole FCD-23-041 intersected 29.86 m at 0.26% copper, 0.08 g/t gold and 2.10 g/t silver from 185.29 m, including 13.94 m at 0.42% copper, 0.13 g/t gold and 2.29 g/t silver from 185.29 m. This intersection is contained within a 102.13-metre-long breccia intersection from 131.12 m.
The new Starship discovery has the potential to increase the open pit mineral resource and the mineralization remains open laterally and at depth. Sulphide mineralogy and trace element geochemistry, together with geophysical evidence, suggest that the drill holes intercepted a shallow part of the mineral system, which includes a near-surface supergene enrichment zone.
was identified as highly prospective by integrating airborne versatile time domain electromagnetic ('VTEM') data and short wave infrared spectral data together with geological mapping and sampling. It is a broad southwest-northeast trending zone, approximately 800 m southeast of the Copper Creek mineral resource. More than 15 breccia occurrences along with southwest trending vein zones and widespread sericite alteration are documented over an area of approximately 1,000 m by 400 m between the historical
The airborne VTEM data for Area 51 highlights an area of conductivity which is potentially sulphide-bearing. Known mineralized breccias at Mammoth and
Drill hole FCD-23-042 was collared south of the Starship breccia outcrop and drilled to the north-northwest. The mineralization occurs as chalcopyrite and chalcocite cement within a hydrothermal breccia, which also includes pyrite and quartz. The hole intersected over 225 m of hydrothermal breccia with several mineralized intervals. The mineralization and alteration suggest that the intersection is in the upper part of the mineralized system and remains open laterally and at depth.
Drill hole FCD-23-041 was collared approximately 125 m to the northeast from drill hole FCD-23-042 and was drilled to the west-northwest. The mineralization is similar to hole FCD-23-042 and occurs as chalcopyrite and chalcocite cement within hydrothermal breccia. It intersected over 100 m of hydrothermal breccia.
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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 exploration and open pit potential of the Copper Creek property and the possibility of adding gold in future Mineral Resource Estimates.
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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.
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