Koryx Copper Announces Further Highly Encouraging Drill Results at the Haib Copper Project, Southern Namibia
Koryx Copper Inc.
Suite 888, 700 West Georgia Street,
Vancouver. BC, V7Y 1G5
Canada
Koryx Copper Announces Further Highly Encouraging Drill Results
at the Haib Copper Project, Southern Namibia
Highlights
• Completed 29 drill holes out of a planned 37 holes in Phase 2 for 8,647m of diamond drilling.
• Many results received have higher Cu grade than average MRE over large intercepts and include:
• HM62: 572m @ 0.33% Cu (0 to 572m)
incl. 68m @ 0.53% Cu (76 to 114m)
incl. 34m @ 0.42% Cu (188 to 222m)
incl. 110m @ 0.41% Cu (232 to 342m)
incl. 54m @ 0.41% Cu (452 to 506m)
• HM51: 112m @ 0.32% Cu (20 to 132m)
12m @ 0.58% Cu and 0.09g/t Au (202 to 214m)
• HM64: 28m @ 0.42% Cu (44 to 72m)
26m @ 0.66% Cu and 0.05g/t Au (88 to 114m)
48m @ 0.46% Cu (370 to 418m)
• HM58: 92m @ 0.34% Cu (48 to 140m)
• HM66: 12m @ 0.41% Cu (68 to 80m)
20m @ 0.38% Cu (164 to 184m)
• HM67: 30m @ 0.36% Cu (78 to 108m)
incl. 8m @ 0.54% Cu (96 to 104m)
• Four additional man portable rigs expected to commence drilling second half of 2025,
complementing the two track mounted and two skid rigs currently turning
• Work is ongoing to produce updated geological model which will improve mineral resource
estimation later in 2025, and will include enhancements in lithology, structure and modelling of Mo
and Au by-products
• Met testwork, infrastructure, environmental and permitting studies proceeding as planned
Vancouver, B.C., Canada – May 26, 2025 – Koryx Copper Inc. (“ Koryx” or the " Company") (TSX-V: KRY) is
pleased to announce assay results from 12 drill holes (3,603m) received as part of the Phase 2 drill program
for its 2025 exploration and project development strategy on the wholly-owned Haib Copper Project (“Haib”
or the “ Project”) in southern Namibia. Haib is an advanced-stage copper/molybdenum/gold project that is
envisaged to produce a copper concentrate via a conventional crushing/milling/flotation metallurgical
process, with the potential for additional copper production via heap leaching.
Heye Daun, Koryx Copper’s President and CEO commented: "We are very encouraged by the latest drill results
which demonstrates that the Haib copper/molybdenum project continues to incrementally improve, albeit at
a slightly slower drilling and assaying pace than we expected earlier this year. We now have a bulked -up
technical team in place, with additional drill rigs expected to arrive within the next few weeks, which should
improve our drilling rate from the 2nd half of the year. In parallel with the drilling, we are making very significant
progress with the various met testwork components towards demonstrating the feasibility of a large -scale
conventional sulfide flotation concentration flowsheet. Together with the various engineering specialists we
have also made exceptional progress with the ancillary studies related to tailings deposition, site infrastructure,
power and water supply, and concentrate transportation, all towards an updated technical report to be
published late in 2025.”
- 2 -
Figure 1: Plan view indicating the twelve recent drill hole locations
Figure 2. Long section looking northeast showing the twelve reported drill hole intersection depths relative to the model
for Cu mineralization (true widths of the mineralization are unknown)
- 3 -
Discussion of Drill Results
Target 2 Results
HM51 was drilled to provide more detail on the contact of the shallow minerali zation identified here by
previous drilling. Results show the shallow minerali zation is present resulting in an approximate 50m
horizontal expansion of the model in this area. Mo grades are relatively high averaging >140ppm for over 92m
from 202m down -the-hole demonstrating the need for a separate model for Mo mineralization within the
system.
Transition Area between Target 2 and Target 4 Results
Three of the reported holes (HM65, HM66 and HM67) were drilled in the transition area between Target 2
and Target 4, two in the east and one in the west. The eastern holes correlated very well with existing results
and did not produce any material changes to tonnage or Cu grade in this area. Mo grades are shown to be
relatively high, maintaining >100ppm over 150m but are disassociated with Cu. In the west, higher grade Cu
mineralization is shown to extend to surface over an area 40m wider than previously modelled. Mo grades
are high, averaging over 180ppm for the full 200m of HM65.
Target 3 Results
Five of the reported holes were drilled in the west of Target 3 to close the sample spacing and better define
the geometry of the western and northern limits of the Target 3 minerali zation here. Results indicate the
following:
• The major vertical shear zone that is the northern limit for Target 3 is further north here than previously
modelled resulting in a tonnage and grade gain.
• The structural complexity increases near the western limit of Target 3 where the high-grade mineralization
is broken into two wide sub-vertical lobes.
• HM62 was thought to have been deflected from its planned trace into and subparallel to a minerali zed
domain or structure. However, comparison with historical data shows it has intersected an area drilled by
4 holes that did not intersect any meaningful grade. It has therefore resulted in a tonnage and grade gain.
Transition Area between Target 3 and Target 2 Results
Three holes (HM61, HM63 and HM64) were drilled to the north of Target 2. Minerali zation has been shown
to be present here which aligns with an eastward projection of the Target 3 mineralization and the purpose of
these holes was to test this. Results for HM61 and HM64 show high grade minerali zation is present in two
wide zones (~100m and 50m wide) separated by a lower grade zone. HM63 shows that the shear zone that
defines the northern limit of mineralization is slightly further south than previously modelled.
Interpretation of Results
The success of the drill program is demonstrated by the continuous nature of Cu mineralization within the
system. The successful drill holes being reported have either generated wide mineralized intercepts in line
with our expectation for the model or have intersected Cu grades above the average grade of the existing
resource model for Haib. HM63 was drilled outside the higher-grade domain between possible structures to
test the eastward extension of mineralization in the north of Target 2. It did not produce any significant
intersections but confirmed the existing model while improving the resolution of the eastern limit of
mineralization.
- 4 -
The high grade Cu mineralization of Target 3 extends northwestwards with high grade Cu mineralization at or
near surface. The southern limit of Target 3 also extends further southwards towards Target 4 than previously
modelled. Mo is relatively well developed in Target 3, increasing with depth and uncorrelated with Cu. Target
2 mineralization extends further westwards than modelled, particularly in the intersection areas with Target
3 and Target 4.
Target 2 is the best mineralized with respect to Mo showing multiple wide high grade (>0.01%) zones that
extend to surface. Two meter intercepts of Mo grades exceeding 0.1% and even >0.3% Mo are regularly
intersected here.
The majority of the reported intercepts are in the shallow to middle reaches of the resource pit, with a number
of the drill holes demonstrating higher grade Cu intercepts from surface. These intercepts will upgrade shallow
areas of the block model and are expected to produce a slight increase in the tonnage and the grade of the
overall resource.
The effects of the improved resources in the shallow areas of the block model are expected to provide
opportunities for selective starter pit mining in the initial years of the mine schedule.
Drill Program and Modelling Update
The team had initially planned to drill 55,000m over the Phase 2, 3 and 4 programs up until the end of 2025
which required additional man portable rigs to be mobilized during Q2 2025, and rigs operating on double
shift to achieve the meter rate required. The overall schedule has been pushed back due to the delayed
delivery of 4 of the newly manufactured man portable rigs, and many of the drill sites not being suitable for
safe night -time drilling because of the rugged nature of the terrain. In the current s chedule the Phase 2
program is now expected to be completed by mid -year, and the Phase 3 program by the end of Q1 2026.
Compared with the original drill plan, Koryx now expects to complete 28,000m by the end of 2025, with much
of the drilling being completed in the second half of the year. The final Phase 4 infill drilling program to convert
the entire mineral resource to Indicated category will then begin in 2026 Q2 and be completed by the end of
2026.
The key objectives of the drill programs are to firstly target higher grade areas of the system, and secondly to
perform full multi -element assa ys to model potential byproducts, in particular Mo and finally to improve
geological modelling.
The Phase 2 drill results indicate that inclined drilling on modelled structur al corridors has the potential to
provide continuity of improved grades, especially in the Target 2 and Target 3 areas that have been tested to
date.
The improved multi-element assay coverage of the deposit is defining byproduct potential and assisting with
better lithological characterization in the geological model . The wide and consistently mineralized Cu
intercepts continue to return areas of Mo mineralization which are not well correlated with the Cu but occur
in distinct vein sets. Additional logging and Mo assays will define a Mo-specific model.
A revised geology model is being developed that integrates lithological, geochemical and structural insights
from recent drilling. Relogging of historical drill holes is ongoing to reflect the improved logging systems and
ensuring consistency in the new geological model. This will improve our ability to identify and target higher-
grade areas with greater precision. Drill planning will be adapted continuously as new and improved geological
information becomes available. The ultimate aim of this improved geological modelling exercise is to ensure
consistency, enhance geological domaining, and ultimately produce an im proved geological model and
mineral resource estimate for the Haib project.
- 5 -
Table of Significant Intersections (True Widths of the Mineralization are Unknown)
Hole# Zone From (m) To (m) Width (m)1 Cu (%) Mo (%) Au (g/t)
HM51
Entire Hole 0 293.2 293.2 0.29 0.007 0.026
Main 20 132 112 0.32 0.005 0.026
Including 88 98 10 0.48 0.001 0.034
Including 112 124 12 0.53 0.002 0.035
Main 202 214 12 0.58 0.012 0.085
Main 228 234 6 0.79 0.015 0.034
Main 248 256 8 0.75 0.018 0.067
Main 284 292 8 0.42 0.029 0.051
HM57
Entire Hole 0 299.3 299.3 0.20 0.003 0.019
Main 2 54 52 0.32 0.003 0.025
Including 10 16 6 0.63 0.001 0.033
Main 130 134 4 0.41 0.000 0.025
Main 216 234 18 0.35 0.005 0.021
HM58
Entire Hole 0 193.5 193.5 0.24 0.003 0.014
Main 48 140 92 0.34 0.004 0.014
Including 54 60 6 0.53 0.004 0.020
Including 100 116 16 0.49 0.009 0.018
HM59
Entire Hole 0 119.1 119.1 0.24 0.002 0.013
Main 46 96 50 0.30 0.003 0.014
Including 60 68 8 0.43 0.005 0.020
HM60
Entire Hole 0 182.8 182.8 0.23 0.002 0.014
Main 0 112 112 0.30 0.003 0.017
Including 64 68 4 0.68 0.005 0.024
HM61
Entire Hole 0 341.7 341.7 0.20 0.003 0.015
Main 178 184 6 0.37 0.002 0.022
Main 194 208 14 0.39 0.002 0.026
Main 240 244 4 0.41 0.003 0.023
Main 280 336 56 0.41 0.006 0.025
HM62
Entire Hole 0 572.0 572.0 0.33 0.009 0.019
Main 16 20 4 0.43 0.001 0.027
Main 28 32 4 0.43 0.001 0.033
Main 76 144 68 0.53 0.006 0.028
Including 102 108 6 0.97 0.003 0.043
Including 110 122 12 0.67 0.006 0.034
Including 124 136 12 0.69 0.005 0.036
Including 138 142 4 0.66 0.043 0.030
Main 188 222 34 0.42 0.021 0.022
Including 190 194 4 0.74 0.028 0.033
Main 232 342 110 0.41 0.008 0.021
Including 252 256 4 0.66 0.019 0.029
- 6 -
Including 280 292 12 0.63 0.002 0.034
Including 300 306 6 0.57 0.004 0.022
Including 328 334 6 0.67 0.006 0.023
Main 378 428 50 0.33 0.017 0.020
Including 408 414 6 0.48 0.066 0.031
Main 452 506 54 0.41 0.006 0.025
Including 464 470 6 0.60 0.005 0.044
Including 490 494 4 0.70 0.004 0.035
Including 498 506 8 0.50 0.005 0.033
HM63 Entire Hole 0 227.2 227.2 0.06 0.011 0.008
HM64
Entire Hole 0 443.9 443.9 0.24 0.009 0.014
Main 44 72 28 0.42 0.003 0.028
Including 44 46 2 1.08 0.004 0.042
Including 58 62 4 0.59 0.002 0.054
Including 68 72 4 0.57 0.009 0.038
Main 88 114 26 0.66 0.013 0.045
Including 90 96 6 0.81 0.006 0.058
Including 98 104 6 0.90 0.019 0.058
Including 108 112 4 0.85 0.029 0.059
Main 134 146 12 0.39 0.016 0.014
Main 202 216 14 0.31 0.080 0.017
Main 290 296 6 0.38 0.025 0.023
Main 370 418 48 0.46 0.021 0.026
Including 390 394 4 0.67 0.028 0.036
Including 398 412 14 0.78 0.014 0.046
HM65
Entire Hole 0 200.4 200.4 0.20 0.018 0.009
Main 22 84 62 0.32 0.016 0.013
Including 72 78 6 0.55 0.007 0.018
HM66
Entire Hole 0 359.3 359.3 0.15 0.009 0.000
Main 36 40 4 0.59 0.000 0.000
Main 68 80 12 0.41 0.013 0.000
Main 164 184 20 0.38 0.015 0.000
Main 328 344 16 0.31 0.001 0.000
HM67
Entire Hole 0 372.1 372.1 0.16 0.014 0.014
Main 40 48 8 0.31 0.024 0.009
Main 78 108 30 0.36 0.026 0.055
Including 96 104 8 0.54 0.004 0.168
1. Widths are interval widths and not true widths. True widths of the mineralization are unknown. The reported intervals are calculated using the
following parameters:
a. Only Cu(%) was used to determine the intervals
b. The target composite grade is ≥0.30% Cu.
c. Composites start and end with samples ≥0.30% Cu.
d. Grades between 0.20% and 0.30% are included in interval but generally constitute <40% of the interval.
e. Consecutive samples between 0.20% and 0.30% should be fewer than 5 samples (10m).
f. Grades below 0.20% are included but generally constitute <20% of the interval.
g. Consecutive grades <0.2% should be fewer than 2 samples (4m).
- 7 -
Quality Control
All drill core was logged, photographed, and cut in half with a diamond saw. Half of the core was bagged and
sent to ALS Laboratories Ltd. in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory,
No. T0387), while the other half was quartered with one quarter archived and stored on site for verification
and reference purposes while the other quart er will be used for metallurgical test work. 33 elements are
analyzed by Induced Coupled Plasma (ICP) utilizing a 4 -acid digestion and gold is assayed for using a 30g fire
assay method. Duplicate samples, blanks, and certified standards are included with e very batch and are
actively used to ensure proper quality assurance and quality control (“ QA/QC”) The QA/QC frequency is 1 in
20 for each of blanks, duplicates and standards.
Qualified Person
Mr. Dean Richards Pr.Sci.Nat., MGSSA – BSc. (Hons) Geology is the Qualified Person for the Haib Copper
Project and has reviewed and approved the scientific and technical information in this news release and is a
registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr.
Sci. Nat. No. 400190/08) .Mr. Richards is independent of the Company and its mineral properties and is a
Qualified Person for the purposes of National Instrument 43-101.
AGM Results
The Company is pleased to confirm that all items of business presented to the Company's shareholders pursuant to
the Company's management information circular dated April 7, 2025 (the "Circular") at its Annual General & Special
Meeting (the "Meeting") held on May 22, 2025 were duly approved by shareholder resolutions passed at the
Meeting.
Pursuant to the Meeting, Heye Daun, Alan Friedman, Alfredo Luis Riviere and Charles Loots were re -elected as
directors; MNP LLP was appointed as auditors of the Company; and the Company's amended and restated omnibus
securities based plan (the " Plan", as described in the Circular) was approved, including disinterest shareholders
approval of the grant of 2,750,000 restricted share units under the Plan.
About Koryx Copper Inc.
Koryx Copper Inc. is a Canadian copper development Company focused on advancing the 100% owned Haib
Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia. Haib is a
large, advanced (PEA-stage) copper/molybdenum porphyry deposit in southern Namibia with a long history of
exploration and project development by multiple operators. More than 80,000m of drilling has been
conducted at Haib since the 1970’s with significant exploration programs led by companies including
Falconbridge (1964), Rio Tinto (1975 ) and Teck (2014). Extensive metallurgical testing and various technical
studies have also been completed at Haib to date.
Additional studies are underway aiming to demonstrate Haib as a future long-life, low-cost, low-risk open pit,
sulphide flotation copper project with the potential for additional copper production from heap leaching. Haib
has a current mineral resource of 414Mt @ 0.35% Cu for 1,459Mt of contained copper in the Indicated
category and 345Mt @ 0.33% Cu for 1136Mt of contained copper in the Inferred category (0.25% Cu cut-off).
Mineralization at Haib is typical of a porphyry copper deposit and it is one of only a few examples of a
Paleoproterozoic porphyry copper deposit in the world and one of only two in southern Africa (both in
Namibia). Due to its age, the deposit has been subjected to multiple metamorphic and deformation events
but still retains many of the classic mineralization and alteratio n features typical of these deposits. The
mineralization is dominantly chalcopyrite with minor bornite and chalcocite present and only minor secondary
copper minerals at surface due to the arid environment.
- 8 -
Further details of the Haib Copper Project are available in the corresponding technical report titled, "NI 43 -101
Technical Report – August 2024 Mineral Resource Estimate for the Haib Copper Project, Namibia" dated effective
August 31, 2024 (the "Technical Report"). The Technical Report and other information is available on the Company's
website at https://koryxcopper.com and under the Company's profile on SEDAR+ at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
"Heye Daun"
President, CEO and Director
Additional information is also available by contacting the Company:
Julia Becker
Corporate Communications
+1-604-785-0850
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds
from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-
looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does
not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are
necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently
subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results,
performance, or achievements to be materially different from those expressed or implied by forward-looking
statements. Although the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, other factors may cause results not to be as
anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information. Other factors which could materially
affect such forward-looking information are described in the risk factors in the Company's most recent annual
management discussion and analysis. The Company does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.