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.
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
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.
The gold and copper intercept values have a strong correlation with a 1:10 gold (g/t):copper (%) ratio within
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
The Phase III Drill Program is expected to commence in
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.
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Cautionary Note on Forward-Looking Statements
Some of the statements in this news release, other than statements of historical fact, are 'forward-looking statements' and are based on the opinions and estimates of management as of the date such statements are made and are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of Faraday to be materially different from those expressed or implied by such forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning the possibility of adding payable gold in future Mineral Resource Estimates, the thesis that precious metals are mineralogically associated with copper within the
Although Faraday believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Factors that could cause actual results to differ materially from those in forward-looking statements include without limitation: market prices for metals; the conclusions of detailed feasibility and technical analyses; lower than expected grades and quantities of mineral resources; receipt of regulatory approval; receipt of shareholder approval; mining rates and recovery rates; significant capital requirements; price volatility in the spot and forward markets for commodities; fluctuations in rates of exchange; taxation; controls, regulations and political or economic developments in the countries in which Faraday does or may carry on business; the speculative nature of mineral exploration and development, competition; loss of key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous peoples and other groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements, including those associated with the
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This press release is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities in Faraday in
1 Data from two historical metallurgical drill holes (MET-2CA and MET-3CA), totaling 230.12 m, drilled vertically through the high-grade portions of the breccia, were not included in the weighted average calculation due to their high gold content and spatial proximity to each other, which could skew the results. 'Mineralized intercepts' refers to intercepts within the breccia volume with values greater than 0.13% copper.
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