Faraday Copper (TSX:FDY) is more confident of the potential for a large near-surface resource at its American Eagle deposit after drilling resulted in a new discovery and a peak copper hit.
The results of two holes in an ongoing phase-three drilling shows a top intercept of 117.9m @ 1.01% copper and 1.87 grams per tonne (g/t) silver from 323.52m, including 15.89m @ 2.15% copper and 2.48g/t silver from 390m.
This intercept is within a broader 269.65m @ 0.64% copper and 1.32g/t silver from 229.49m. The mineralisation remains open.
CEO Paul Harbidge says drilling in the American Eagle area has uncovered the Banjo breccia, which returned the best grade-width intercept of this drill campaign so far.
“The phase-three drilling shows the potential for a large near-surface resource to be defined above the current underground resource,” he says.
“The current interpretation suggests characteristics similar to the Mammoth breccia. Mammoth connects with the Keel underground zone and is the most vertically continuous mineralised system defined so far on the property.
“Drilling continues with the emphasis on both delineation of the Banjo breccia and testing additional breccias in the American Eagle area.”
At the American Eagle breccia, drilling intersected 88.16m @ 0.39% copper and 1.43g/t silver from 188.34m, including 15.8m @ 0.93% copper and 3.71g/t silver from 188.34m.
Faraday says it has now confirmed the vertical continuity of the near-surface breccia-hosted mineralisation to the porphyry mineralisation at depth in the American eagle area.
American Eagle forms part of the 3km-long Copper Creek Project in Arizona, which currently hosts combined open pit and underground measured and indicated resources totalling 421.9 million tonnes @ 0.45% for 4.2 billion pounds of contained copper.
The measured and indicated open pit resource currently sits at around 127.1 million tonnes @ 0.40% copper for 1.1 billion pounds of copper.
The American Eagle area spans about 800m by 1km and hosts several prospective breccias and porphyries demonstrating strong copper geochemical signatures, according to Faraday.
These surface expressions are located above the underground porphyry resource, which sits about 500m to 1.1km below surface.
Historically, the near-surface mineralisation was not adequately tested because previous drilling was vertical to steeply inclined.
Phase-three drilling is continuing in the American Eagle area with the goal of following up new targets, expanding the resource and better defining the high-grade zones.
Faraday, which is aiming to release an updated resource in the first half of 2025, has so far completed 36 holes, with the results for 34 already released.
Write to Angela East at Mining.com.au
Images: Faraday Copper
