Faraday Copper (TSX: FDY) got the go-ahead from the Bureau of Land Management for the next phase of exploration at its Copper Creek project in Arizona. That pushed the stock to a 12-month high.
The approval unlocks 67 drill pads for testing open-pit and oxide targets, the company said in a press release. This comes from a ‘finding of no significant impact’ on the record of decision dated June 30. The Copper Creek approval was expedited under the current administration, Canaccord Genuity analyst Dalton Baretto said in a note.
“[It’s] reflective of momentum building in the US to secure domestic critical metal supplies,” a dynamic that “bodes well for future permitting efforts at Copper Creek as well,” Baretto said.
Faraday plans to design its next drill phase around these newly approved pads and target both sulphide and oxide…
