Last month, Faraday Copper (FDY.TO) released the assay results of three holes drilled on its flagship Copper Creek project in Arizona. We expect to see the assay results of the seven remaining holes within the next few weeks.
Of the three holes, one came up empty, one hole returned good copper values but over very narrow widths and one hole was very strong. Faraday highlighted the results of hole FDC-22-012 in its release and used the results in the title of its press release. Rightly so, as encountering 100 meters of 0.69% copper is a pretty strong interval (there aren’t a whole lot of by-products as the gold, silver and moly grades are quite low) and even the true width of 71 meters still makes this a very respectable hole.
As a reminder, the Copper Creek project currently contains an open pit resource of 85 million tonnes in the measured and indicated categories at an average grade of 0.55% copper (and 0.58% copper-equivalent) with an additional 29 million tonnes in the inferred resource category with an average grade of 0.35% copper. The underground resource is larger with in excess of 270 million tonnes of rock at an average grade of 0.48% copper (and 0.51% copper-equivalent but at that grade, the gross rock value is just around US$42/t at a $4 copper price. Faraday promised to release a PEA on Copper Creek in the current quarter so it will be very interesting to see what the development scenario and the economics will look like.
Disclosure: The author has no position in Faraday Copper. Please read our disclaimer.
