Faraday Copper Announces Updated Mineral Resource Estimate for the Copper Creek Project in Arizona; Measured and Indicated Mineral Resources Exceed…

VANCOUVER, BC / ACCESSWIRE / July 6, 2022 / Faraday Copper Corp. ("Faraday" or the "Company") (CSE:FDY) is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Copper Creek project, located in Arizona, U.S. ("Copper Creek"). The MRE was prepared by SRK Consulting (U.S.) Inc. ("SRK") in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Paul Harbidge, President and CEO, commented "The delivery of the first combined open pit and underground resource for Copper Creek marks another key milestone in the advancement of the project. With over 355 million tonnes of Measured and Indicated Mineral Resources, the project has the potential to provide a U.S. domestic supply of copper for decades, supporting the decarbonization of the global economy."

"The geological model, completed earlier this year, provided the foundation to accurately segregate and estimate the updated resources. The deposit remains open along strike and at depth. With the recent completion of the 6,000 metre Phase I drilling program, which was not included in this MRE, there exists the potential for an increase to the resources as part of the technical work for the upcoming Copper Creek Preliminary Economic Assessment, expected to be issued in Q2 2023."

Mineral Resource Estimate Highlights

1 See Notes to Table 1 (Mineral Resources Estimate) in this news release for the calculation of copper equivalency.

Mineral Resource Estimate

This MRE for Copper Creek is based on data with a cut-off date of April 30, 2022 and excludes the majority of drill results currently pending from the Phase 1 drill program. This MRE is reported with an effective date of July 6, 2022, in Table 1.

Table 1: Combined Open Pit and Underground Mineral Resource Estimate, Copper Creek Project

Tonnes (Mt)

Grade

Contained Metal

Cu

Mo

Ag

CuEq

Cu

Mo

Ag

CuEq

(%)

(%)

(g/t)

(%)

(Mlbs)

(Mlbs)

(Moz)

(Mlbs)

38.9

0.68

0.010

1.8

0.72

584.2

8.7

2.2

614.6

45.7

0.44

0.007

0.9

0.46

446.4

7.2

1.3

467.8

84.6

0.55

0.009

1.3

0.58

1,030.6

16.0

3.6

1,082.5

29.3

0.35

0.004

0.8

0.36

224.6

2.9

0.8

233.0

26.1

0.50

0.012

1.5

0.54

288.7

7.0

1.3

312.7

244.4

0.48

0.007

1.2

0.51

2,587.8

39.9

9.7

2,731.1

270.5

0.48

0.008

1.3

0.51

2,876.5

46.9

11.0

3,043.8

45.6

0.41

0.009

0.9

0.44

410.3

9.2

1.3

440.5

65.1

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Faraday Copper Announces Updated Mineral Resource Estimate for the Copper Creek Project in Arizona; Measured and Indicated Mineral Resources Exceed...