Canadian owned, but developing a copper-molybdenum project in Arizona, United States Faraday Copper (TSX:FDY) completed a $25 million (C$23 million) financing deal, and now the company is fully funded for the next 12-18 months. Faraday has an extensive 20,000m drill program underway at the Copper Creek Project in Arizona, with 4.2 billion pounds of copper in the measured and indicated categories.
The company has upgraded the resource to include gold as a byproduct, but President and CEO Paul Harbidge says there is still lots of expiration upside. “Altogether we’ll have 30,000 metres of new drilling, we’ll have new metallurgical data and we’ll wrap this up into a new mineral resource and then a new updated PEA [preliminary economic assessment],” he says.
