Faraday Copper (TSX:FDY) ended Q1 2025 with C$7.55 million ($8.47 million) cash and cash equivalents at hand, as it focuses on exploring the Copper Creek Project in Arizona, US.
In its latest quarterly report ending on 31 March 2025, Faraday says it is also continuing to advance technical studies, environmental data gathering, and stakeholder outreach. An updated technical report is due to be released near the end of Q3 2025.
The C$164.41 million ($184.6 million) market capitalisation company in Q1 2025 awarded scopes of work to independent consultants to deliver an updated resource estimate and preliminary economic assessment (PEA) near the end of Q3 2025 at Copper Creek.
This news comes after the company received assays from a phase two drilling program, which confirmed the potential for gold in economic concentrations of the mineralisation.
Faraday notes that while gold is not included in the current resource estimate, a sampling program has been completed to test for gold inclusion in future technical studies.
Results from the Keel underground zone, as well as Childs Aldwinkle and Copper Prince breccias have been released.
“The company continues to evaluate other areas for potential inclusion of gold in future mineral resource updates,” Faraday reports in the quarterly.
As reported by Mining.com.au on 7 May 2025, the company discovered blind Winchester breccia in the American Eagle area, within the Copper Creek Project.
Further, a phase three drilling program comprising 30,069m was conducted in mid-April, with results from 63 of the 79 total drillholes released. Remaining results are expected shortly.
The structure of phase three was developed from the results of phase one and phase two, along with consideration of historical work, knowledge from the geological and structural model, geophysical and airborne spectral data sets, and the economic criteria established in the preliminary economic assessment (PEA) base case.
Faraday Copper has released 91 results from drill holes between phase two and phase three, with 63 drillings on new targets outside of the resource boundary. The company will incorporate the results from these programs, including an additional 40,000m of drilling, into the upcoming updated resources estimate and PEA at the end of September 2025.
Faraday Copper is focused on advancing copper exploration at its flagship Copper Creek Project in Arizona, US.
Write to Maddison Elliott at Mining.com.au
Images: Faraday Copper
