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Koryx Copper Inc
Symbol KRY
Shares Issued 201,951,296
Close 2024-02-14 C$ 0.07
Market Cap C$ 14,136,591
Recent Sedar Documents

Koryx Copper drills 18 m of 0.32% CuEq at Haib

2024-02-15 11:19 ET - News Release

Mr. Pierre Leveille reports

KORYX COPPER INTERSECTS 124.44 METRES AT 0.36% CU EQ, INCLUDING 26 METERS AT 0.45% CU EQ AND 2 METRES AT 1.17% CU EQ

Koryx Copper Inc. has released second assay results from its current drilling program at its Haib copper project in southern Namibia. The company's latest two drill holes continue to confirm that the deposit can deliver high grades over substantial widths within the known historical resource.

Pierre Leveille, president and chief executive officer of Deep-South, stated that: "We are extremely enthusiastic by the results from the drill program. We continue to demonstrate that the drilling results of the previous companies have seriously underestimated the average grade of the deposit. Our drilling is a game changer and will strongly add value to the deposit."

The two holes for which assay results are reported herein, cover 472.92 metres with both holes drilled in the Pit 1 target area. These holes were positioned to close the sample spacing of the previously identified higher-grade mineralization in the Pit 1 area, and to better define and understand the geometry of mineralization controls here. Assay results of significant intersections are shown in the table entitled "Significant intersections."

Borehole locations

HM16 was positioned in the dry riverbed and drilled southward along the eastern edge of the Pit 1 target area, to delineate the eastward extension of the near-surface shallow-dipping mineralization intersected in the hill to the south.

HM21 was positioned as part of a fan with HM22 and HM23 due to limited access resulting from the extreme topography in this area. It was planned to test the southward extension of the shallow mineralization identified to the immediate north, and to test for and close the sample spacing of the deeper mineralization seen in HM22, HM23 and some historical boreholes.

Discussion of pertinent results

HM16

Assay results show that the near-surface shallow-dipping mineralization here continues eastward for at least 90 m. Although slightly lower grade, the mineralization thickness is maintained.

HM21

Results confirm that shallow mineralization does occur below the so-called Directors Perch, in line with results for HM22 and HM23. Whether this is a southward extension of the wide, shallow-dipping mineralization in the centre of Pit 1 is uncertain at the moment. As more close-spaced drilling is completed, and mineralization controls are better resolved, this will become more evident. Significantly the very wide (more than 100 m), deeper mineralization intersected in HM22 and HM23 is shown to continue more than 200 m eastward to historical boreholes, which also show mineralized intersections more than 100 m. The preservation of these thicknesses over significant lateral distances (more than 450 m) are very encouraging.

Drilling program update

Since the resumption of drilling in October, 2023, 14 holes have been completed totalling 2,511 metres. Twelve holes (2,322 m) have been sampled and submitted to ALS for assaying with the results of five holes (502 samples) received to date from ALS. A further nine boreholes (1,600 m) remain to be drilled from the current program, all of which are in the Pit 1 target area.

At 1.8 billion years (Archean), the Haib copper deposit is one of the oldest deposits in the world. Over time, it has seen several transformations, including shearing and faulting events that appear to have further concentrated copper and molybdenum. A number of these mineralized structures have been identified in the Pit 1. The revised drilling program looks to close the sample spacing in the Pit 1 area and better delineate the extent and grades of these.

Quality control

All drill cores were logged, photographed and cut in half with a diamond saw. Half of the cores were 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. Thirty-three elements are analyzed by induced coupled plasma (ICP) utilizing a four-acid digestion and gold is assayed using a 30-gram 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.

Please note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for minability, 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.

Qualified person

Dean Richards PrSciNat, MGSSA, BSc (honours) geology, is the qualified person for the Haib project as defined by National Instrument 43-101, and has approved the technical disclosure contained in this news release.

About the Haib copper project

The Haib copper deposit is a large copper/molybdenum deposit situated 40 kilometres from the southern boundary of Namibia. The licence covers 370 square kilometres (37,000 hectares). Over the years, the project has seen 70,000 metres of drilling, several metallurgical test work programs, geophysical surveys, geological mapping, mine modelling and even a feasibility study in 1996. Koryx Copper holds all the historical data.

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. The company holds the Haib copper project in Namibia and holds an interest in three exploration licences in the copperbelt in Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Koryx embraces the green revolution.

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