VANCOUVER, British Columbia, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Koryx Copper Inc. (“Koryx” or the "Company") (TSX-V: KRY) is pleased to announce that it has appointed Heye Daun as President and Chief Executive Officer (“CEO”) and Trevor Faber as Chief Operating Officer (“COO”). Heye Daun will also retain his board position as Chairman and Pierre Léveillé steps down as President and remains on the Board as Executive Director.
Heye Daun, incoming President & CEO of Koryx Copper commented: “As Koryx has completed its private placement of $18M and being more than sufficiently financed to conduct Phase 2 of its drilling and study operations, I am honoured to be appointed President and CEO of the Company, which more accurately represents my day-to-day role of managing the Company. In addition, we are very pleased with the appointment of Trevor Faber as COO. Trevor is a highly experienced mining engineer and projects specialist with a wealth of experience especially in copper and base metals projects delivery in Africa. Trevor has a very strong reputation as a driven and skilled mining project manager and technical leader, and he is a major addition to our team.
We are also very pleased that Pierre Léveillé remains involved with the Company in the capacity as Executive Director. He has lead the transition to the new Koryx and was instrumental in the transformation of the Company. After investing a very significant amount of our own capital into Koryx earlier in 2024, and with the continued strong financial support from family members and close associates, Alan Friedman and I together with the rest of the Board and executive management, look forward to leading and implementing our vision for Koryx Copper. That vision is to demonstrate the technical and economic feasibility of the Haib Copper Project as the next great copper development asset in Africa. We plan to achieve this by financing the company, building a competent management team and then permitting and advancing the project to construction readiness in as short a timeframe as possible.”
Trevor Faber – Chief Operating Officer
Trevor is a Mining Engineer with over 30 years of experience in project development and the mining industry in Africa. He is the former CEO of Luma Africa; COO for Alphamin Resources and Project Manager of the Bisie Tin project in the Democratic Republic of Congo (“DRC”).
Trevor is also the former Projects and Operations Executive for Metorex and was the Project Manager of the Ruashi Copper/Cobalt Project and the Kinsenda Copper Project in the DRC; Technical Director for Ridge Mining and Project Manager of the Blue Ridge Platinum mine in South Africa. He holds a Bsc (Honors) Mining Engineering degree from the University of Witwatersrand in South Africa.
Trevor will spend the next few months getting exposed to the complete breadth and depth of project work that has already been completed by prior operator since the 1970’s plus the wide range of new activities which have been initiated and are being advanced by the existing Koryx technical team, led by Charles Creasy and Steve Burks (refer to the press release dated September 24, 2024), whilst he is completing the hand-over of his existing role at Luma.
Once that is completed, Trevor’s role will be to help organize and direct all Koryx technical activities, in conjunction with our strong team of in-house technical specialists and the group of external engineering and study groups who are already involved with the Haib project. Trevor will also be responsible for significantly growing our Namibian presence and infrastructure with a view to fast-tracking our drilling, study and corporate initiatives.
As part of this new role Trevor is expected to also spend a significant part of his time assisting in promoting the company and its projects to our local and international shareholders but also other Namibian stakeholders, especially the Namibian government and local authorities and communities, with a strong focus on responsible mining practices and building social license to operate.
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) and a Qualified Person for the purposes of National Instrument 43-101.
The resource estimates described below are more fully disclosed in the Company's current technical report titled “NI 43-101 Technical Report – August 2024 Mineral Resource Estimate for the Haib Copper Project, Namibia” dated effective August 31, 2024 and signed October 23, 2024 (the “Report”). The Report is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
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 and advanced (PEA-stage) copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators. More than 70,000m 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). Teck remains a strategic and supportive shareholder.
Mineralization at Haib is typical of a porphyry copper deposit. Porphyry copper deposits are a major global source of copper with the best-known examples being concentrated around the Pacific Rim, North America and South America. Haib is one of 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.
In addition to extensive drilling and metallurgical testing various technical studies have been completed at Haib to date. 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).
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.
