Faraday Copper (TSX:FDY) says the results of ongoing drilling at the American Eagle prospect could support an increase in the open pit resources at its flagship Copper Creek Project in Arizona.
The C$162.2 million ($179.5 million) market capitalised explorer has released the results of a further four holes.
At the Prada breccia, drill hole FCD-24-069 demonstrates that near-surface mineralisation is present and confirms the potential for resource growth, Faraday says.
Drilling intersected 29.08 @ 0.62% copper and 1.14 grams per tonne (g/t) silver from 145.69m within a broader 190.25m @ 0.23% copper and 0.66g/t silver from 15m.
Three additional drill holes intersected near-surface, early halo vein mineralisation outside of breccias.
CEO Paul Harbidge says the ongoing drilling success at the American Eagle area, which is situated above the underground resource, increases Faraday’s confidence that there is “significant near-surface mineralisation present”.
“This could support an increase in the open pit resource of the project. It is particularly encouraging that we are encountering wide intervals of mineralisation above our resource cut-off grade, which are open in all directions,” he says.
“Drilling continues in the area with a focus on testing previously undrilled breccias, including the Banjo, Jailhouse, and Giuseppe breccias, which we expect to drill test over the coming months.”
The American Eagle prospect covers about 800m by 1,000m and is host to several prospective breccias and porphyries which have strong copper geochemical signatures, according to Faraday.
These surface expressions are located above the large underground porphyry resource, which is around 500m to 1.1km below surface.
Faraday says historically the near-surface mineralisation was not adequately tested because previous drilling was vertical to steeply inclined.
Phase-three drilling is continuing and is aimed at expanding the resource and better defining high-grade mineralised zones.
The current 36-hole program also includes reconnaissance and follow-up drilling of new targets.
Faraday has reported the results for 32 holes so far, with 15 drilled in the Bald-American Eagle area, 13 in Area 51, three in the Copper Prince-Copper Giant area, three near the Old Reliable breccia and two in the Titan breccia.
Faraday is a Canadian exploration company advancing the Copper Creek Project, which the company says is one of the largest undeveloped copper projects in North America with “significant district-scale potential”.
Write to Angela East at Mining.com.au
Images: Faraday Copper
