Faraday Copper Unveils Promising Assay Results from Copper Creek Project
Faraday Copper has announced the latest assay results from its Copper Creek project in Arizona, revealing exciting possibilities for expanding the open-pit resource base. The phase two drilling program, comprising six drill holes, has highlighted the potential to connect two conceptual open pits, Copper Prince and Mammoth, in the upcoming resource estimate.
Three of the drill holes have shown promising mineralization results. Hole FCD-23-032 at the Pole breccia intersected 101.31 meters at 0.45% copper and 6.7 grams of silver per tonne from the surface, including a high-grade section of 17.7 meters at 1% copper, 3.3 g/t silver, and 0.1 gram of gold per tonne from 68.16 meters downhole. Holes FCD-23-033 and FCD-23-034, situated outside the current resource estimate area, also showed significant mineralization.
The company's focus for the third quarter will be on integrating and analyzing various data sets to prioritize targets for a Phase III drill program. This program, set to commence in the fourth quarter, will cover a 20,000-meter area and aims to further expand the resource base.
Drill results have increased the possibility of connecting the Pole breccia between the Copper Prince and Mammoth pits in the resource estimate, potentially extending the open pit mine life. The Copper Creek project currently boasts a combined open-pit and underground resource of 421.9 million measured and indicated tonnes, with 4.2 billion lbs. of copper, 74.6 million lbs. of molybdenum, and 15.5 million oz. of silver.
Faraday's share price has seen notable growth, with Canaccord Genuity analyst Dalton Baretto setting a target price of C$1.75 per share based on a fully risked net asset value. Despite the recent dip from its high at C$1.18, the stock remains 62% up over the past 12 months, showcasing the market's positive response to the project's potential. The company's market capitalization stands at C$142 million ($107 million).
Overall, the latest assay results at the Copper Creek project underscore Faraday Copper's progress in discovering and expanding mineralization, making it an attractive prospect for investors seeking significant returns.
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