Expansion Of Mineralization At Copper Creek Project

VANCOUVER - Faraday Copper Corp. reported the results from an additional three drill holes (2,540 meters) of its nine-drill-hole (6,000-meter) Phase I diamond drill program at its Copper Creek project, located in Arizona.

Paul Harbidge, President and CEO, said, "I am excited to see these high-grade intercepts, which remain open and confirm significant exploration upside in proximity to the current mineral resource. Copper Creek is a large mineralized system with the potential to be one of the next generation U.S. copper mines supporting the clean energy transition. We are targeting the delivery of an updated Mineral Resource Estimate and related Preliminary Economic Assessment in Q2 2023."

The Company has received assay results for a total of eight drill holes (5,524 m) with results for the first five drill holes (2,984 m). Assay results for drill hole (FCD-22-001) are pending and will be released when received. All intercepts are reported as downhole drill widths. The results from the Drill Program will be incorporated into an updated MRE in conjunction with the Preliminary Economic Assessment ("PEA") for Copper Creek, expected to be completed and issued in the second quarter of 2023.

Drill hole FCD-22-007 was collared to the northeast of the Old Reliable breccia and was drilled to the southeast towards the western margin of the Keel magmatic cupola zone (Figures 1, 2 and 3). This hole crosses a gap in historical drilling and provides critical geotechnical information for future underground mine development. Two piezometers for ongoing groundwater monitoring were installed in this drill hole.

This intersection has a higher copper grade than the average copper grade of the mineral resource in the Keel zone. Some of the highest-grade samples, including 19.3 m at 4.37% copper from 1,270.5 m, have the potential to expand the mineral resource at depth. The first 90.0 m of the mineralized 361.7-meter intercept occur outside and to the northwest of the underground footprint, providing the potential for further resource expansion with additional drilling.

The 40.0-meter drill intercept is located approximately 100 m southwest from the nearest historical drill hole with significant copper grade and fills a gap in the upper portions of the American Eagle underground resource. The mineralization is hosted in a series of steeply south dipping veins and highlights the exploration potential for vertically extending mineralized zones, which historical subvertical drilling likely missed.

The final hole from the Drill Program is expected to be received shortly, after which all assay and geotechnical data will be incorporated into an updated MRE as part of the PEA, expected to be completed and issued in the second quarter of 2023.