Paul Harbidge President and CEO FARADAY COPPER
What were highlights from 2023 for Faraday Copper?
In 2023, we delivered an updated Mineral Resource Estimate on Copper Creek. We also delivered an initial base case PEA to demonstrate an economically viable project and highlight areas of focus to drive value: metallurgy, exploration, resource expansion, and adding gold to the flow sheet.
In 2023, we performed a 10,000 m drill program to expand the mineral resource, primarily the near-surface open pittable material. We are currently drilling a +20,000 m program. Additionally, in 2023 we started analyzing historical core for gold, which will be included in future resource estimates. How will results from 2024 metallurgical testing add value to the future technical report?
The new metallurgical results show the potential to increase throughput from the base case 30,000 t/day in the PEA to 45,000 t/day by adding a coarser grind size, as well as adding gold as a payable byproduct. The results also confirm high sulphide recoveries, above 94%, and a clean concentrate with grades above 30% copper. What results have recent drilling programs yielded?
The key focus of our current drilling is testing new targets along the Holy Joe structure in the east of the property. This structure is the main host to the breccia and porphyry mineralization associated with the mineral resource. The first new target we drilled, Area 51, has resulted in the discovery of a cluster of breccias exposed at surface with strong copper mineralization. Assay results include: 1.29% copper over 11.36 m within 45.75 m at 0.48% copper. We continue to drill laterally and at depth to fully define the mineralization.
We are currently drilling the near-surface area above the American Eagle porphyry mineralization. The first drill holes have returned broad zones of copper mineralization: 20.07 m at 1.20% copper within 100.29 m at 0.42% copper.
Elmer B. Stewart President and CEO COPPER FOX METALS
What are key highlights from Copper Fox’s projects?
Copper Fox’s project portfolio consists of two advanced stage and three exploration stage projects all located within the USA and Canada. Our advanced stage projects are our 100% owned Van Dyke project and our 25% interest in the Schaft Creek Joint Venture with Teck Resources. Both projects are transitioning to the PFS stage. On our exploration stage projects, the updated MRE on the Eaglehead project exceeded our expectation, yielding average metal grades typical of other porphyry copper deposits in British Columbia, and most importantly demonstrated the significant resource potential of this project. At Mineral Mountain this project has transitioned to the drilling stage and is currently in the permitting process to conduct a maiden drilling program to test the large porphyry footprint. Currently, our focus at the Sombrero Butte project is to advance this project to the drilling stage. What are the next steps for the Sombrero Butte project?
Sombrero Butte is located 3 km south of the Copper Creek porphyry deposit and covers a portion of the same Laramide age intrusive that hosts the Copper Creek porphyry copper deposit. In Our focus is to develop an updated geological/exploration model to guide future exploration activities with the objective of advancing the project to the drilling stage. What do the next 24 months hold?
Our Van Dyke project is significantly smaller than Schaft Creek but more economically attractive due to its lower capital and C1 costs per pound of copper. Both projects are working toward the PFS stage, a significant milestone in mineral resource development. At Eaglehead additional drilling could result in a significant increase in mineral resources. At Mineral Mountain and Sombrero Butte, assuming that drill permits are obtained, successful drill programs could lead to the discovery, of new, previously unknown Laramide age porphyry copper deposits.