Faraday is doing a hard sell on their phase 3 drill program on LinkedIn and Twitter.
Below are their posts. Press release available here.
While it is known that Faraday has submitted plans to BLM to drill on 60+ pads on federal land, they will say that Phase 3 commenced with drilling on private land. Which, currently, is a true statement.
But, it is my understanding the Phase 3 drill programming is a 20,000 meter program. And according to their own numbers in the Copper Creek Collars Database, Faraday has drilled 23 holes in 2022 and 2023. With no hole being deeper than 1200 meters and the average depth of all holes being 382 meters. Total depth of all holes 8794 meters.
If you maintain an average depth of 382 meters, you will need approximately 52 sites to reach 20,000 meters. I am certain there are not 52 drill locations on their land.
So, how can they complete a 20,000 meter drill program without those BLM sites? I don’t think they can.
Faraday, if any of these numbers are incorrect, please contact us.
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