Koryx Copper Intersects 72 METERS at 0.38% CuEq; 80 Meters at 0.34% CuEq, Extending Limits of Mineralization at Haib Copper Project, Southern Namibia Significant copper intersections include:
Koryx Copper Intersects 72 METERS at 0.38% CuEq; 80 Meters at 0.34% CuEq,
Extending Limits of Mineralization at Haib Copper Project, Southern Namibia
Significant copper intersections include:
• HM25: 44m @ 0.32% CuEq (from surface) including 8m @ 0.51% CuEq
• HM40: 28m @ 0.31% (from surface) and 10m @ 0.80% CuEq from 104m
• HM41: 24m @ 0.34% CuEq including 6m @ 0.53%.
• HM44: 76m @ 0.33% CuEq and 48m from surface @ 0.31% CuEq
• HM45: 72m @ 0.38% CuEq including 10m @ 0.68% CuEq
• HM46: 80m @ 0.34% CuEq (from near surface) including 4m @ 0.58% CuEq
• HM47: 28m @ 0.39% CuEq (from near surface) and 40m @ 0.39% CuEq
VANCOUVER, British Columbia, Aug. 08, 2024 -- Koryx Copper Inc. ("Koryx" or “the Company") (TSX-V: KRY) announces the
sixth and final batch of assay results from the H1-2024 drill program at its Haib Copper project in southern Namibia.
The seven holes for which assay results are reported here, cover 1,430 metres and 716 sample assays. One of the holes
reported was drilled on Target1, two were drilled from Target1 towards Target2 and the remaining four were drilled in the
Target2 area. The primary purpose of this drill program was to close the sample spacing in Target1, define the mineralisation
between Target1 and Target2 and to delineate the grade limit above 0.3% Cu in the Target2 area.
Pierre Léveillé, President & CEO of Koryx stated that: “The final results from our 2024 drill program demonstrate that the
deposit can deliver grades over 0.3% Cu for substantial widths within the project area. They also indicate the potential
to significantly improve the average grade of the deposit compared to previous mineral resource estimates. These
results are also important in that they also indicate above average grades in the outer limits of the deposit. This bodes
well for the imminent, updated NI 43-101 Mineral Resource Estimate and follow up drill program due to start in
August 2024.”
Assay results of significant intersections are tabulated below:
Significant Intersections
Hole# Zone From (m) To (m) Width (m)1 CuEq (%)2 Cu (%) Mo (%)
HM25 Target1 0.00 44.00 44.00 0.32 0.30 0.003
Including 20.00 28.00 8.00 0.51 0.50 0.005
Target1 76.00 80.00 4.00 0.38 0.37 0.002
Target1 84.00 88.00 4.00 0.33 0.31 0.004
Target1 114.00 118.00 4.00 0.39 0.39 0.002
HM40 Target1 10.00 38.00 28.00 0.31 0.31 0.001
Target1 74.00 78.00 4.00 0.48 0.46 0.004
Target1 86.00 88.00 2.00 0.77 0.76 0.002
Target1 92.00 94.00 2.00 0.79 0.79 0.001
Target1 104.00 114.00 10.00 0.80 0.79 0.003
Including 104.00 106.00 2.00 0.80 0.80 0.001
Including 110.00 112.00 2.00 1.78 1.77 0.004
Target1 198.00 220.00 22.00 0.35 0.35 0.001
Including 216.00 218.00 2.00 1.01 1.01 0.001
HM41 Target1 0.00 6.00 6.00 0.37 0.37 0.001
Target1 22.00 46.00 24.00 0.34 0.33 0.001
Including 34.00 38.00 4.00 0.50 0.50 0.001
Including 42.00 44.00 2.00 0.69 0.68 0.001
Target1 108.00 114.00 6.00 0.53 0.53 0.001
HM44 Target1-2 2.00 50.00 48.00 0.31 0.30 0.002
Including 2.00 6.00 4.00 0.48 0.48 0.002
Target1-2 102.00 178.00 76.00 0.33 0.31 0.004
Including 124.00 128.00 4.00 0.44 0.43 0.004
HM45 Target2 36.00 50.00 14.00 0.36 0.33 0.009
Target2 88.00 160.00 72.00 0.38 0.34 0.012
Including 140.00 150.00 10.00 0.68 0.55 0.036
Target2 170.00 182.00 12.00 0.34 0.31 0.010
HM46 Target2 26.00 106.00 80.00 0.34 0.33 0.004
Including 28.00 32.00 4.00 0.58 0.50 0.023
Including 76.00 80.00 4.00 0.55 0.55 0.001
HM47 Target2 0.00 28.00 28.00 0.39 0.38 0.003
Target2 84.00 124.00 40.00 0.39 0.35 0.015
Target2 170.00 182.00 12.00 0.39 0.37 0.006
1. Widths are constrained to where the average assay grade ≥0.3% Cu. Within the interval width where grades are
between 0.2% and 0.3% Cu these intervals make up <40% of interval; where sample grades are between 0.2% and
0.3% Cu these intervals are ≤10m; where grades are below 0.2% Cu these intervals are <20% of the interval; no
consecutive grades <0.2% Cu are ≥ 4m.
2. CuEq (copper equivalent) has been used to express the combined value of copper and molybdenum and is provided for
illustrative purposes only. No allowances have been made for recovery losses that may occur should mining eventually
result. Calculations use metal prices of US$3.00/lb copper, US$10/lb molybdenum using the formula: CuEq% = Cu% +
(Mo% [$10/$3]). Small differences may exist due to rounding when converting assays reported in ppm to % values.
Drillhole Locations
All of the reported drillholes were completed in the vicinity of the Target1 and Target2 potential starter mining areas which have
historically shown better grade. The locations of the drillholes are show on the plan view (Figure 1) and associated long section
(Figure 2) below:
Figure 1: Plan view indicating recent drill hole locations and main mineralization outlines
Discussion of Pertinent Results
Drill holes HM25, HM40 and HM41 in the Target1 area demonstrate near surface mineralization at good grades, while HM25
also extends known mineralisation approximately 50m to the east of the limit defined by historical drilling (Rio Tinto drillhole
HB082). This encouraging mineralisation close to surface supports the Target1 area as a good target for early mining.
Drillhole HM44 is positioned between Target1 and Target2 and assays show that the shallow Target1 mineralisation extends
across this area into Target2. Grades are lower than seen in Target1 but are less variable and consistently above 0.3% Cu. A
previously unknown mineralization zone was intersected from 102m to 178m. This represents a significant extension of the
>0.3% mineralisation in the area between Target1 and Target2.
Figure 2. Long section looking northeast showing the drillhole intersection depths relative to the updated model for Cu
Mineralization
Moving to the northwest along the section, results from drill hole HM45 show a well-developed mineralized zone from ~90m in
the southwestern portion of Target2, extending the limit of >0.3% Cu mineralisation in this area. Similarly, drill hole HM46
shows the presence of a well-developed >0.3% Cu mineralized zone in an area considered low grade by historical drilling. The
net result of this is a ~100m horizontal westward extension of the Target2 mineralisation in the vicinity of drill hole HM46.
The final result to the northwest, drill hole HM47, again confirms the presence of a wide, high-grade mineralized zone from
surface. An additional lower grade zone was found that was not intersected by nearby historical drilling, which was in turn
followed by a second deeper high-grade intersection which has widened the overall >0.3% Cu zone at depth.
Drill Program Update
It was reported in the previous press release that assay results for 8 drillholes were still outstanding, however only 7 drillholes
had outstanding assays, all of which are now reported above. The 2024 drilling campaign was completed comprising 26
drillholes (including 1 redrill and deepening of the 2021 drillhole, HM23) totaling 2,861m of drilling. Altogether, 2,426 samples
were assayed.
A new drill program is currently being planned with the aim of identifying all remaining mineralized zones and their controls
within the main Haib area while also reducing the drill spacing to convert resources to Indicated level in the Target1, Target2
and Target3 area. Drill planning is far advanced, and the fieldwork program is expected to start in August 2024.
Mineral Resouce Update
All of the drill results received from the recently completed program have now been modelled to create an updated wireframe
for Cu mineralisation. All results have been validated and compiled and handed over to the MSA Group (“ MSA”) for resource
modelling and reporting. MSA is an independent technical consultancy providing high quality geology, exploration, mineral
resource, mining and environmental solutions to the international mining industry. MSA is the company’s independent
technical consultant who has been appointed to model, estimate and report an updated 43.101 compliant mineral resource
estimate (“MRE”). The updated MRE is currently underway and is planned to be reported before the end of September 2024.
Project Location
Figure 3. Plan view of EPL 3140 showing the position of the Haib project in the central part of the permit, and its location in
southern Namibia (insert)
Project Development Planning at Haib
The Haib project team is in the process of critically reviewing the historical technical studies with the aim of assessing the
potential viability of a conventional milling & flotation circuit to compare with the currently envisaged flotation of fine material
and bacterial leaching of the coarse material.
In preparation for this, a follow-on metallurgical test work program has been designed which will include crushing, milling and
flotation testwork for higher-grade material as well as coarse particle flotation and bacterial heap leaching of lower grade
samples.
In conjunction with the new metallurgical program, the team is defining additional scopes of work needing to be completed
before further feasibility studies can commence. Trade off studies will focus on value chain optimisation and mine planning of
the updated mineral resource estimate (MRE) when it becomes available, geotechnical, hydrological studies, provision of water
and power supply to the proposed future mine site and logistics studies of routes to transport flotation concentrate to market.
Environmental and social impact assessments have begun and certain of the baseline studies are underway with preliminary
investigations of the project sites. The ongoing specialist baseline studies will function as a screening study to identify
aspects of the project that will be targeted during the detailed ESIA as the project details become more defined.
The lead time for the metallurgical test work is expected to be approximately six months and the results will provide the basis
for follow-on economic assessments and feasibility studies. It is intended to use the results of all of these programs to update
the PEA design with options that improve the process route.
The inclusion of milling and flotation into the process route is expected to improve the technical robustness of the overall
process flowsheet and in conjunction with the expected higher processing grades it may have a positive effect on overall
project economics in the updated PEA. Following this, further metallurgical trade-off studies are then planned to be
incorporated into a bankable feasibility study process in due course.
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
quarter 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 every 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 as defined
by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
Other matters
The Company has granted a total of 250,000 incentive stock options (the " Options") to purchase common shares of the
Company (" Common Shares ") to certain Directors, Officers, Consultants and Employees of the Company pursuant to the
Company's long-term incentive plan (the "LTIP"). Each Option is exercisable into one Common Share at an exercise price of
$0.70 per Common Share for a period of three (3) years from the date of grant. One half (1/2) of the Options shall vest after
twelve(12) months of the grant date and 1/4 every 6 months thereafter. All of the Options expire on August 8, 2027.
Additionally, the Company has issued a total of 2,395,000 restricted share units (the " RSUs") to certain Directors and Officers,
Consultants and Employees of the Company in accordance with the LTIP. Each RSU entitles the holder to acquire one
Common Share on vesting. One half (1/2) of the RSUs shall vest after twelve (12) months of the grant date and 1/4 every 6
months thereafter.
The Company has also extended 100,000 options issued to a consultant in 2021. The options will now expire on June 2, 2025
at an exercise price of $1.00 per Common Share.
The grant of the Options and RSUs is subject to the approval of the TSX Venture Exchange
About Koryx Copper Inc.
Koryx Copper Inc. is a Canadian copper development Company focused on advancing the 100% owned, PEA-stage Haib
Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia.
Haib is a large and advanced copper/molybdenum porphyry deposit in southern Namibia with a history of exploration and
project development by multiple operators. Mineralization at Haib is typical of a porphyry copper deposit and the deposit
remains intact. Porphyry copper deposits are a major global source of copper with the best-known examples being
concentrated around the Pacific Rim, North America and South America. Haib is one of the 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 alteration 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.
More than 70,000m 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). Teck remains a strategic and supportive
shareholder. In addition to extensive drilling, metallurgical testing, geophysics and geological mapping, various mine modeling
and technical studies have been completed to date.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: [email protected]
Forward Looking Statement and Disclaimer
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. This press release contains certain
"forward-looking statements," as identified in Koryx’s periodic filings with Canadian Securities Regulators that involve a
number of risks and uncertainties. There can be no assurance that such statements prove to be accurate and actual results
and future events could differ materially from those anticipated in such statements. This News Release contains forward-
looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology
such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable
terminology. All statements included herein, other than statements of historical fact, are forward looking statements, including
but not limited to the Company’s plans regarding the Haib Copper project. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity,
performance or achievements to be materially different from any future results, levels of activity, performance, or
achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among
others, actual results of the Company's exploration activities being different than those expected by management, delays in
obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and
supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking
statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current
judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by
applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual
results.
Note: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource
Estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates are based on
Indicated Mineral Resources that are considered too speculative geologically to have the economic considerations applied to
them that would enable them to be categorized as Mineral Reserves. However, there is no certainty that these Indicated
Mineral Resources will be converted to Measured categories through further drilling, or into Mineral Reserves, once economic
considerations are applied. There is no certainty that the preliminary economic assessment will be realized.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/58d71179-fd6a-468b-8d57-323200ce250d
https://www.globenewswire.com/NewsRoom/AttachmentNg/3240adaa-0112-4736-a947-1ed2435729c1
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bbeff5a-2c28-4e11-b189-ec16a211ae28