Faraday Copper (TSX:FDY) says exploration upside still remains at the Copper Creek Project in Arizona, US, with over 200,000m of drilling and modest past production.
As such, the Canadian explorer expects to include more than 30,000m of drilling in a resource update, which is planned for later this year. Further, Faraday anticipates a data cut-off by the end of Q1 2025.
An updated technical study will also be released in the second half of this year.
There are hundreds of known breccia occurrences mapped at surface, of which less than 20% have been drill tested and only 17 are incorporated in the resource estimate.
Faraday says gold is not currently included in the resource estimate and as such, is continuing to evaluate other areas for potential inclusion of gold in future resource updates.
In parallel, Faraday is continuing to advance technical studies, environmental data gathering, and stakeholder outreach.
An ongoing phase three drilling program, which began in Q4 2023, is focused on the near-surface mineralisation in the American Eagle and Rum prospect areas. To date, 79 drillhole assay results have been released.
Meanwhile, in reporting its 2024 financial results, as of 31 December, the company had about C$17 million ($18.71 million) in cash and cash equivalents.
During 2024, Faraday spent C$19.56 million on operating activities, to C$18.98 million the previous year. The company spent C$501,182 in investing activities compared to $14.66 million during 2023.
Faraday says it will need to raise additional funding to finance its day-to-day operations, as well as to enable the company to achieve its long-term business objectives.
Write to Aaliyah Rogan at Mining.com.au
Images: Faraday Copper
