Faraday Copper, DevEx Resources, and Arras Minerals Announce Promising Results
Faraday Copper Corp. recently announced the results of the three additional drill holes in its nine-drill-hole Phase I diamond drill program. These results are from the Copper Creek project located in Arizona, US. Copper Creek is an important mineralized system because of its size and the fact that it can potentially become a next-generation US copper mine which supports the clean energy transition.
The highlight of Faraday Copper’s (OTCQX: CPPKF | CSE: FDY) results was undoubtedly the announcement that the company found higher-grade mineralization in the underground footprint at the Keel zone compared to the Mineral Resource Estimate in drill hole FCD-22-007. Faraday Copper also found expanded mineralization at the American Eagle zone.
The President and CEO of the company, Paul Harbidge, added that he was, “…excited to see these high-grade intercepts, which remain open and confirm significant exploration upside in proximity to the current mineral resource.” The company is currently targeting the delivery of an updated Mineral Resource Estimate and related Preliminary Economic Assessment in Q2 2023.
Promising news also came from “down under” as DevEx Resources announced that its 2022 drilling program continued to intersect several zones of strong uranium mineralization at the company’s 100%-owned Nabarlek Uranium Project. This project is located in the Alligator Rivers Uranium Province (ARUP) in the Northern Territory in Australia.
DevEx’s tenement package in the ARUP centres on, and includes, the former Nabarlek Uranium Mine, considered Australia’s highest-grade uranium mine. Currently, there are two drill rigs on the site to test multiple uranium prospects surrounding Nabarlek including Nabarlek South, U42, Coopers, the U40-to-Zeus Trend, the KP Prospect, and the recently defined Overload Prospect.
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DevEx’s Managing Director, Brendan Bradley, stated that the Nabarlek Uranium Project was emerging as an important growth opportunity. “We expect this work to generate a strong pipeline of news flow as assay results are returned over the coming weeks and months, leading into a greatly expanded drilling program in Q2 2023 aimed at defining resources and underpinning economic assessments” he added.
Arras Minerals Corp. also announced promising assay results from holes Bg21007 and Bg21008 of its ongoing exploration drill program. This program focuses on the Beskauga copper-gold deposit in northeastern Kazakhstan and surrounding areas, including “Beskauga South” located approximately 3.2 kilometres south of the Beskauga deposit.
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Commenting on the results, Tim Barry – the CEO of Arras Minerals – stated, “The Beskauga Project continues to produce thick, high-grade, near-surface intercepts. Bg21007 successfully demonstrated the continuity of the copper-gold mineralization over a 1-kilometre vertical depth, with high-grade mineralization dipping to the SSW of the deposit and remaining open at depth. Bg21008 demonstrates the presence of high-tenor quartz-magnetite-bornite-chalcopyrite veins hosted within the potassic altered monzodiorite, suggesting that with continued drilling the margins of this essentially undrilled intrusion could add significant volume to the Beskauga mineral resource estimate which we published in March 2022.”