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Koryx Copper files amended PEA for Haib

2024-01-22 11:39 ET - News Release

Mr. Pierre Leveille reports

KORYX COPPER FILES AN AMENDED PEA FOR ITS HAIB COPPER PROJECT

Further to its news release dated Feb. 7, 2023, confirming a continuous disclosure audit of Koryx Copper Inc. by the British Columbia Securities Commission (BCSC), it has filed an amended preliminary economic assessment (PEA) technical report for the Haib copper project near Noordover in the south of Namibia. The amendment has not impacted the material components of the PEA, notably resources, metallurgy, mine plan, cost estimates, economic analysis and environmental matters (see the company's news release dated Dec. 15, 2020, announcing the results of its PEA).

As disclosed in its Feb. 7, 2023, news release, because the company was in a legal dispute with the Ministry of Mines and Energy of Namibia over the licence renewal of the project, the company awaited to clarify the legal status of the licence before proceeding with the required amendments to the original technical report. Once the licence EPL 3140 Haib copper was renewed in July, 2023, by the ministry, in order to address the deficiencies noted by the BCSC and amend the report accordingly, the company engaged the services of Damian Connelly, BSc, AppSc, FAusIMM, FIEAust of METS Engineering Group of Australia, and Peter Walker, BSc (honours) geology, MBA, PrSciNat, of P & E Walker Consultancy, both independent qualified persons within the meaning of National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and contributing original co-authors of the February, 2021, technical report. The company has also appointed Mark Gallagher, Btech, FSIAMM of MSG Consulting of South Africa, an independent qualified person within the meaning of NI 43-101, for the purposes of Section 16 (Mining Methods) of the amended report.

The amended report dated Jan. 8, 2024, maintains an effective date of Feb. 1, 2021, and is available on SEDAR+ under Koryx's profile and on the company's website.

The principal modifications to the amended report are as follows: (i) adding a pit constraint in the mineral resource estimation, (ii) adding details to support the choice of the cut-off grade, (iii) removing five metal extraction options in order to keep only one base case, (iv) modifying the recommendations to propose to proceed with a prefeasibility instead of moving forward immediately with a feasibility study and (v) removing all the appendixes attached the original February, 2021, technical report.

A summary of the PEA highlights is provided in the attached table.

Qualified person

Damian E.G. Connelly, BSc (applied science), FAusIMM, CP (Met), principal consulting engineer of METS Engineering Group, is one of the main authors of the amended report and is responsible for the technical part of this press release and is the designated qualified person under the terms of National Instrument 43-101.

About Koryx Copper Inc.

Koryx Copper is a mineral exploration and development company. Koryx's growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries.

We seek Safe Harbor.

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