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Koryx Copper Inc
Symbol KRY
Shares Issued 201,951,296
Close 2024-04-04 C$ 0.105
Market Cap C$ 21,204,886
Recent Sedar Documents

Koryx Copper drills 168.6 m of 0.4% CuEq at Haib

2024-04-04 11:07 ET - News Release

Mr. Pierre Leveille reports

KORYX COPPER INTERSECTS 168.60 METRES AT 0.40% CU EQ INCLUDING MULTIPLE 2 M INTERSECTIONS & 1.00% CU EQ AND 34.00 M AT 0.73% CU EQ INCLUDING 2 M AT 2.28% CU EQ

Koryx Copper Inc. has released the third assay results from its current drilling program at its Haib copper project in southern Namibia. The company's latest four 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 Koryx, stated that: "Those results are very positive and they are well above the indicated resource average grade at 0.31 per cent Cu [copper] of the previous mineral resource estimation. We are highly satisfied with those results that add value to the deposit."

The three holes for which assay results are reported herein, cover 535.95 metres with all three holes drilled in the centre of the Pit 1 target area. These holes were positioned to close the sample spacing of the previously identified shallow higher-grade mineralization in the Pit 1 area, and to better define and understand the geometry of mineralization controls. Assay results of significant intersections are shown in the table entitled "Significant intersections."

Borehole locations:

  • HM34 was positioned in the centre of Pit 1, approximately halfway up the southern slope from the riverbed and drilled southwestward to close the spacing of samples in this area of Pit 1.
  • HM38 was located 60 metres east of HM34 and drilled in the same direction. Also halfway up the southern slope, it too was positioned to close the sample spacing in this part of Pit 1.
  • HM39 was drilled west of and parallel to HM34, and was positioned to close the sample spacing in this direction.

Discussion of pertinent results

HM34

Drilled in the centre of the Pit 1 mineralized area, the purpose of this hole was to close the sample spacing in this direction of the shallow higher-grade mineralization identified here, and to test the lateral extension of the deeper higher-grade zones identified in this area. Results confirm the presence of the shallow mineralization with 16 m at more than 1 per cent copper equivalent (CuEq) from surface, with a peak grade of 2.6 per cent. From 34 m to the end of hole, a 168.6 m zone was intersected averaging 0.4 per cent CuEq over the interval, but with multiple higher-grade intersections (more than 0.7 per cent CuEq) interspersed along the full interval.

HM38

Results were very similar to HM34, with a wide (34 m) near-surface zone averaging 0.73 per cecnt CuEq, with a peak grade of 2.28 per cent CuEq and a deeper, wider zone averaging over 0.3 per cent CuEq.

HM39

A wide near-surface zone averaging 0.37 per cent CuEq was intersected with one two m sample returning 1.16 per cent Cu.

Drilling program update

Since the resumption of drilling in October, 2023, 22 holes have been completed totalling 4,043 metres. All 22 holes have been sampled and submitted to ALS for assaying, with the results of nine holes (1,107 samples) received to date from ALS. A further five boreholes (1,000 m) remain to be drilled from the current program, four of which are intended to trace the Pit 1 mineralization in the Pit 2 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 Cu and Mo (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 assurance/quality control (QA/QC)

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 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.

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. Deep-South holds all the historical data.

About Koryx Copper Inc.

Koryx Copper is a mineral exploration and development company. Koryx 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 Copper embraces the green revolution.

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