Koryx Copper Announces Updated Mineral Resource for the Company’s Flagship Haib Copper Development Project in Namibia

In This Article:

Koryx Copper Inc.
Koryx Copper Inc.

VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Koryx Copper Inc. (“Koryx” or the "Company") (TSX-V: KRY) today announced an updated resource statement for the Haib Copper Project completed by the Company’s independent technical consultant MSA Group (“MSA”) following all results being received from the 2024 drilling program.

Highlights

  • Indicated mineral resource of 414Mt @ 0.35% Cu for 3,216 Mlbs Cu at 0.25% cut-off

  • Inferred mineral resource of 345Mt @ 0.33% Cu for 2,503 Mlbs at 0.25% cut off

  • Sensitivities at 0.3% Cu cut off and 0.5 revenue factor of 116 MT at 0.41% Cu for 1,058 Mlbs Cu

  • Follow-on diamond core drill program comprising 8,200m will commence shortly, targeting higher grade areas and potential mineral resource extensions

  • Additional significant drill program planned for later in 2024 or early 2025 to investigate areas of down dip extension with no previous drilling but the potential for significant mineral resource expansion

Heye Daun, Koryx Copper’s Executive Chairman, stated:We are delighted with the results of the recently completed drill program, which have now been modelled and have resulted in an overall grade increase of 13-14% of the entire Haib deposit. This is a very significant improvement and has been achieved by focusing the drilling on structurally controlled, higher grade portions of especially the Target 1 area of the Haib deposit. This success is even more remarkable, given the relatively limited amount of new drilling which was completed as part of this program. It is testament to the quality of the technical work which the team carried out and which continues to identify further areas of potential grade improvement and mineral resource growth of the Haib deposit. As the incoming management team we are very excited about the positive base which has been established. The next step is to build on this by planning & executing a significantly upsized follow-on drill program, initiating the additional met testwork to hopefully demonstrate the feasibility of a more conventional process route to generally continue to de-risk and to fast-track the development of the Haib copper deposit.”

Updated Haib Mineral Resource Statement

The Mineral Resource was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines and is reported in accordance with the 2014 CIM Definition Standards, which have been incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The Mineral Resource is classified into Indicated and Inferred categories and is reported at a cut-off grade of 0.25% copper (Cu). A summary of the Mineral Resource estimate is presented in Table 1.