Koryx Copper Receives Additional Encouraging Drill Results at the Haib Copper Project, Southern Namibia
globenewswire.com
July 07, 2025 09:26 ET | Source: Koryx Copper Inc.
Highlights
- Completed a further 6 diamond drill holes for 1,808 m out of a planned 37 holes in Phase 2
- Results received generally have higher Cu grade than average MRE over large intercepts and include:
- HM73: 88m @ 0.41% Cu (12 to 100m)
228m @ 0.34% Cu (270 to 498m) - HM68: 46m @ 0.38% Cu (96 to 142m)
14m @ 0.52% Cu (172 to 186m)
60m @ 0.39% Cu (202 to 262m) - HM74: 46m @ 0.36% Cu (2 to 48m)
22m @ 0.34% Cu (96 to 118m) - HM69: 8m @ 0.97% Cu (40 to 48m)
14m @ 0.46% Cu (142 to 156m)
- HM70: 4m @ 0.40% Cu (32 to 36m)
46m @ 0.41% Cu (134 to 180m) - HM71: 8m @ 0.39% Cu (34 to 42m)
6m @ 0.35% Cu (64 to 70m)
- Mo and Au assaying continues to show by-product credits which will be incorporated into the next MRE update and will contribute to a higher average Cu equivalent grade.
- Extensive surface mapping and drill-core relogging ongoing with the assistance of a highly credible international porphyry consultant, aiming to improve our geological understanding and core logging consistency which will assist in improved drill targeting and mineral resource modelling.
- Drilling progressing well with 2 quality drill contractors on site with 2 track-mounted drill rigs each.
- A further 4 man-portable drill rigs are being mobilized to enable safe drilling in the deep valleys and steep terrain of the project area. 2 of the 4 rigs expected on-site by end-July 2025, with 2 additional rigs forecast to arrive in October.
- 11,100m of the planned 28,000m drill target for 2025 has been completed to date.
VANCOUVER, British Columbia, July 07, 2025 (GLOBE NEWSWIRE) -- Koryx Copper Inc. (“Koryx” or the "Company") (TSX-V: KRY) is pleased to announce assay results from six drill holes (1,808 m) 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 clean 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: "Our geological understanding keeps improving and with the aid of Dr. Warren Pratt, our internationally renowned consultant, we are very encouraged by what we are seeing, namely not only confirmation of the previously identified higher grade zones, but also indications of additional higher grade mineralization along previously unappreciated east-west and northwest-southeast structures related to breccias and shear zones. These near-surface, higher-grade intersections are very important as they may not only improve the grade of the overall mineral resource estimate, but they also have the potential to serve as a shallow, higher grade starter pit along this structure. With the arrival of the first two man-portable drill rigs expected in late-July, we will be able to drill test the continuity of these higher-grade structures at greater depths, in the topographically more challenging areas of the deposit, which is something we very much look forward to.”
Figure 1: Plan view indicating the six recent drill hole result locations
Figure 2. Long section looking northeast showing the six reported drill hole intersection depths relative to the model for Cu mineralization
Discussion of Drill Results
Target 2 Results
HM73 was drilled along the southwestern edge of Target 2 to test the downward extension of breccias mapped on surface. Excellent results were obtained with on-surface higher grade mineralization shown to be horizontally wider by some 50m. Currently this shallow mineralization has been modelled to 100m below surface but based on the greater width likely extends to greater depths. A second deeper higher-grade zone was shown to extend closer to surface by ~150m and up to about 100m below topography, while the main Target 2 deeper higher-grade mineralization was shown to be some 50m wider than previously modelled.
Transition Area between Target 3 and Target 2 Results
HM70 was drilled on the southern edge of the Target 3 and Target 2 transition area and has resulted in the expansion of the higher-grade zone south-westwards by as much as 100m. This result shows the potential to extend the wireframe in this gap area to increase tonnage at grades consistent with the Target 2 and Target 3 areas.
Target 4 Results
HM68 and HM69 were drilled in the east of Target 4 to test the possible extension to surface of deeper mineralization recorded here by the historical drilling. These holes confirm that this mineralization extends close to surface and is wider on surface by some 40m. HM71 and HM74 were drilled east of HM68 and HM69 by some 50m and 100m respectively. HM71 was positioned further north and appears to have missed the wider area of the main mineralization zone but intercepted narrow, good grades on the periphery of the wireframe. HM74 has successfully intersected good mineralization from surface which is expected to marginally increase the grade of the Target 4 area. The holes in the Target 4 area demonstrate the value of drilling inclined holes to better model the Haib mineralization, and further holes are currently being drilled in this area.
Surface Mapping
Koryx geological consultant Dr. Warren Pratt’s extensive expertise in porphyry and orogenic related mineralization systems makes him ideal for working on the deformed Haib porphyry copper deposit. Dr. Pratt’s recent visit to the Project focused on surface mapping in conjunction with Koryx geologists, to augment the more detailed logging of core implemented earlier this year. The surface mapping aimed to create strong surface control of lithology, structure and veining to assist with the ongoing revision of the geological model.
The mapping has confirmed the strong shallow-northeast dipping control of the higher-grade copper mineralization in the Target 1 area. In addition, the mapping has highlighted similar northeast dipping structures in the Target 2 area which had not been recognised previously, particularly south of the prominent east-west creek (Volstruis River) that passes through the middle of the Haib deposit.
Indications are that these shallow northeast dipping structures are shear zones which are associated with breccias, or the contacts of breccias, and host higher grade copper mineralization, which is observable in the core assays where they have been intersected. The recent mapping confirms the Company’s earlier interpretations that there are strong structural controls and remobilization of primary porphyry copper mineralization at Haib. These structures represent excellent drill targets to define high grade copper mineralization using southwest oriented drill holes, in many cases in the opposite directions to existing drill holes but using the same drill pads.
Mapping is ongoing, focusing on the Target 3 and Target 4 areas.
Table of Significant Intersections
| Hole# | Zone | From (m) | To (m) | Width (m)1 | Cu (%) | Mo (%) | Au (g/t) | HM68
| Entire Hole | 0 | 305 | 305 | 0.20 | 0.005 | 0.017 | | Main | 96 | 142 | 46 | 0.38 | 0.008 | 0.018 | | Including | 100 | 104 | 4 | 0.86 | 0.000 | 0.021 | | Including | 110 | 114 | 4 | 0.59 | 0.004 | 0.017 | | Including | 138 | 142 | 4 | 0.55 | 0.007 | 0.014 | | Main | 172 | 186 | 14 | 0.52 | 0.006 | 0.024 | | Including | 176 | 182 | 6 | 0.76 | 0.003 | 0.034 | | Main | 202 | 262 | 60 | 0.39 | 0.010 | 0.043 | HM69
| Entire Hole | 0 | 204 | 204 | 0.20 | 0.013 | 0.009 | | Main | 40 | 48 | 8 | 0.97 | 0.006 | 0.003 | | Including | 44 | 46 | 2 | 1.23 | 0.001 | 0.003 | | Main | 62 | 78 | 16 | 0.29 | 0.018 | 0.014 | | Main | 142 | 156 | 14 | 0.46 | 0.004 | 0.022 | HM70
| Entire Hole | 0 | 216 | 216 | 0.22 | 0.005 | 0.021 | | Main | 32 | 36 | 4 | 0.40 | 0.003 | 0.033 | | Main | 134 | 180 | 46 | 0.41 | 0.007 | 0.033 | | Including | 140 | 144 | 4 | 0.66 | 0.008 | 0.042 | | Including | 162 | 170 | 8 | 0.57 | 0.005 | 0.046 | | Main | 196 | 206 | 10 | 0.30 | 0.004 | 0.029 | HM71
| Entire Hole | 0 | 113 | 113 | 0.17 | 0.010 | 0.010 | | Main | 34 | 42 | 8 | 0.39 | 0.001 | 0.013 | | Main | 64 | 70 | 6 | 0.35 | 0.004 | 0.010 | HM73
| Entire Hole | 0 | 758 | 758 | 0.24 | 0.008 | 0.021 | | Main | 12 | 100 | 88 | 0.41 | 0.016 | 0.030 | | Including | 16 | 26 | 10 | 0.97 | 0.006 | 0.060 | | Main | 178 | 188 | 10 | 0.31 | 0.051 | 0.029 | | Main | 270 | 498 | 228 | 0.34 | 0.007 | 0.021 | | Including | 290 | 296 | 6 | 0.64 | 0.003 | 0.032 | | Including | 328 | 334 | 6 | 0.59 | 0.004 | 0.029 | | Including | 460 | 466 | 6 | 0.53 | 0.001 | 0.013 | | HM74 | Entire Hole | 0 | 210 | 210 | 0.20 | 0.022 | 0.019 | | Main | 2 | 48 | 46 | 0.36 | 0.005 | 0.023 | | Main | 96 | 118 | 22 | 0.34 | 0.010 | 0.023 | | | | | | | | | |
- Widths are interval widths and not true widths. True widths of the mineralization are unknown. The reported intervals are calculated using the following parameters:
- Only Cu (%) was used to determine the intervals
- The target composite grade is =0.30% Cu.
- Composites start and end with samples =0.30% Cu.
- Grades between 0.20% and 0.30% are included in interval but generally constitute <40% of the interval.
- Consecutive samples between 0.20% and 0.30% should be fewer than 5 samples (10m).
- Grades below 0.20% are included but generally constitute <20% of the interval.
- Consecutive grades <0.2% should be fewer than 2 samples (4m).
Drill Program Discussion
Koryx has appointed 2 highly professional and independent contractors to complete 28,000m of diamond core drilling over the course of 2025. Each contractor has 2 track mounted drill rigs on site, and for the year to date, a total of 11,100m has been drilled.
The drilling contractors are mobilizing a further 4 man-portable drill rigs to site. The man-portable drill rigs will allow for safe drilling of holes located in the deep valleys and steep terrain of the project area. Two man-portable drill rigs are expected on-site by end-July 2025, with the remaining 4 man-portable drill rigs forecast to arrive on site in October.
Koryx remains confident in its ability to complete the 2025 plan of 28,000m before the end of the year, and to complete the total drill plan (55,000m) in H2 2026.
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 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.
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 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.
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 globenewswire.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
jbecker@koryxcopper.com
+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.
Photos accompanying this announcement are available at:
globenewswire.com
globenewswire.com
|
