Faraday Copper Reports Gold Assay Results from the Childs Aldwinkle Breccia at the Copper Creek Project in Arizona

VANCOUVER, BC / ACCESSWIRE / October 5, 2023 / Faraday Copper Corp. ("Faraday" or the "Company") (TSX:FDY)(OTCQX:CPPKF) is pleased to announce the results of gold assays from the Childs Aldwinkle breccia at the Copper Creek project in Arizona, USA. The Company analyzed archived material, which was not previously assayed for gold, with the aim of increasing data coverage. The results support the Company's belief that there is payable gold at the project which has the potential to unlock further value.

Paul Harbidge, President and CEO, commented "We are pleased to provide the first results of the gold program after completing analysis of the Childs Aldwinkle breccia. The results show near surface gold mineralization in the current resource pit shell and demonstrate the potential to add a gold by-product, further enhancing the value of the project. The team has been able to advance our thesis of payable gold in the resource by utilizing the historical drill core and pulps that previous operators did not analyze for gold. With Childs Aldwinkle assay results now received, the Company is currently preparing samples from other high-priority breccias and we look forward to presenting results as they are available."

Highlights

• Significantly increased analytical coverage for gold at Childs Aldwinkle with 743 new gold assay results in addition to 120 historical gold results.
• Examples of intercepts with new gold assays and re-assayed copper include:
  • 219.46 m ("metres") at 3.29% copper and 0.31 g/t gold from 24.38 m in drill hole CA-5R;
  • 94.49 m at 1.12% copper and 0.13 g/t gold from 341.38 m in drill hole CA30+3; and
  • 56.38 m at 1.32% copper and 0.29 g/t gold from 150.88 m in drill hole CC-2.
• A weighted average of 0.16 g/t gold and 1.52% copper is calculated for mineralized intercepts for which gold analytical data is available¹.
• Gold and copper are well-correlated on an intercept basis with an overall ratio of approximately 1:10 gold (g/t):copper (%) at Childs Aldwinkle.
• Historical metallurgical test work suggests high gold recoveries in the copper concentrate. The Company has initiated a metallurgical program to confirm gold recoveries.
• As part of the gold program, copper was re-assayed. These results confirm historical data, providing additional confidence in the database.
• Phase III drill program is expected to commence in October 2023.

The Gold Program

Historically, only a small portion of all samples analyzed for copper were also analyzed for gold. The Company is analyzing archived sample material for gold with the aim of increasing data coverage for potential inclusion in future resource updates. In addition to gold assays, samples are being re-analyzed for copper, silver and molybdenum to further validate historical results. Childs Aldwinkle is the first breccia to be analyzed as part of this program.

Gold and copper results for Childs Aldwinkle are presented in Table 1. Gold values were calculated for a total of 28 drill hole intercepts and the results improve spatial coverage for the Childs Aldwinkle breccia (Figure 1).

The gold and copper intercept values have a strong correlation with a 1:10 gold (g/t):copper (%) ratio within Childs Aldwinkle (Figure 2). The Childs Aldwinkle breccia domain is estimated to contain approximately 3.3 million tonnes of mineralized material, based on the Mineral Resource Estimate ("MRE"), as presented in the report titled "Copper Creek Project NI 43-101 Technical Report and Preliminary Economic Assessment" with an effective date of May 3, 2023 (the "Technical Report") and the associated resource pit shell constraints.

The strong correlation between copper and gold at Childs Aldwinkle suggests that precious metals are mineralogically associated with copper and are expected to report to a copper concentrate. The Company has initiated a metallurgical program to obtain additional data on gold recoveries, including variability test work across multiple breccia domains.

The gold:copper ratio for the Childs Aldwinkle breccia should not be applied to other breccias. The gold occurrence has not undergone metallurgical and economic assessment, and therefore it does not currently qualify as part of a mineral resource.

Next steps

The Company is continuing the re-assaying of historical material for potential inclusion of gold in future mineral resource updates. Additional areas are expected to include the Copper Prince and Pole breccias and the Keel underground zone.

The Phase III Drill Program is expected to commence in October 2023 with the following three objectives:

• Expanding the MRE;
• Better delineating high-grade mineralized zones; and
• Reconnaissance drilling on new targets.

The Company has commenced a metallurgical program focused on grind size optimization to test viability of coarse particle flotation, gold deportment to concentrate and further test work on near surface mineralization.

The Company is targeting an updated technical report in the first half of 2025, which will include results from the Phase II and III drill programs, the gold program, and metallurgical studies.

Figure 1: Long section of Childs Aldwinkle breccia domain with gold intercepts

Note: The open pit shell is based on constraints used in the MRE as presented in the Technical Report, which is available on the Company's website at www.faradaycopper.com and on the Company's SEDAR+ profile at www.sedarplus.ca.

Figure 2: Correlation of copper and gold intercepts at the Childs Aldwinkle breccia

Table 1: Intercept values at the Childs Aldwinkle breccia