Preliminary Economic Assessment And Mineral Resource Estimate For Copper Creek Project

VANCOUVER - Faraday Copper Corp. reported on the Preliminary Economic Assessment (PEA) and Mineral Resource Estimate (MRE) for the Copper Creek Project, located in Arizona.

Updates are: 1) Completed a comprehensive mine-to-mill assessment focused on maximizing the economic potential of the project to deliver a capital efficient PEA targeting a mill feed of 30,000 tonnes per day. 2) Investigated preferred mining methods, conceptual open pit and underground mineral inventories, metallurgical characteristics of the deposit as well as infrastructure placement and sizing. 3) Awarded scopes of work to independent consultants to deliver an updated MRE and PEA in the second quarter of 2023. 4) The updated MRE will incorporate the phase I drill results, relogging of historical core, assay data from previously unsampled core, updated specific gravity, and high-resolution topographic surveys. 5) Completed open pit and underground geotechnical studies. 6) Commenced metallurgical test work to complement the existing data within the open pit. 7) Initiated conceptual dry stack tailings design and collection of necessary supporting data.

Zach Allwright, VP Projects and Evaluations, said, "The PEA will be a foundational milestone for the Company. Since the release of the combined open pit and underground MRE for Copper Creek in July 2022, the Company has enhanced the datasets across all technical areas. This included incorporating results from the phase I drill program, completion of a comprehensive geotechnical study and the assimilation of all historical metallurgical data to design a test work program that supports the proposed operational strategy."

"All existing data has been integrated through the mine-to-mill assessment to determine the base case, which contemplates a processing rate of 30,000 tonnes per day. We are excited to continue to make progress towards delivering a U.S. domestic copper source that will assist with the green energy transition currently underway."

The PEA is expected to be completed in the second quarter of 2023 and will be based on an updated MRE and leverage outcomes of an internal mine-to-mill assessment completed in the third quarter of 2022.