INCLUDING 2 METERS AT 3.95% CU EQ AND MULTIPLE 2 METRES INTERSECTIONS OVER 1.00% CU EQ
Significant copper and molybdenum intersections include:
HM19: 116 m from near surface @ 0.54% CuEq
HM20: 26.00 m @ 0.44% CuEq
HM24: 44.00 m 0.32% CuEq
HM36: 207 m @ 0.49% Cu Eq including 92.00 m @ 0.58% CuEq
HM37: 255 m from surface @ 0.36% CuEq including 38.00 m @ 0.45% and 98.00 m @ 0.44% CuEq
All drill intercepts included multiple + 2 metre samples with > 1.00% CuEq with one interval returning 3.95% CuEq, the highest in the history of the project
VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- Koryx Copper Inc. ("Koryx" or “the Company") (TSX-V: KRY) announces the fifth assay results from its current drill 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 Léveillé, President & CEO of Koryx stated that: "We keep generating very positive results that demonstrate that the average grade of the deposit could be higher than the previous Mineral Resource Estimation. We are highly satisfied with those results which clearly add significant value to the deposit. We still have 9 holes that have been drilled with assays yet to be reported.”
The 5 holes for which assay results are reported here, cover 1,012.34 metres with 3 of the holes drilled in the centre of the Pit1 target area to close the sample spacing. The other 2 holes were drilled closer to the southern edge of the Pit1 target area primarily to better delineate the geometry of the multiple higher grade zones that have been shown to occur here and to close the sample spacing. Assay results of significant intersections are tabulated below:
Significant Intersections
Hole#
Zone
From (m)
To (m)
Width (m)1
CuEq (%)2
Cu (%)
Mo (%)
HM19
Main
14.00
22.00
8.00
0.36
0.34
0.005
Main
30.00
146.00
116.00
0.54
0.52
0.007
Including
36.00
44.00
8.00
1.06
1.03
0.010
Including
60.00
62.00
2.00
1.66
1.65
0.002
Including
90.00
92.00
2.00
1.50
1.29
0.062
Main
184.00
188.62
4.62
0.53
0.52
0.002
HM20
Main
62.00
88.00
26.00
0.44
0.42
0.006
Including
84.00
88.00
4.00
0.71
0.68
0.010
Main
92.00
104.00
12.00
0.33
0.32
0.004
Main
146.00
148.00
2.00
1.14
1.13
0.004
HM24
Main
48.00
52.00
4.00
0.58
0.55
0.010
Main
76.00
120.00
44.00
0.32
0.31
0.003
Main
170.00
178.00
8.00
0.57
0.53
0.011
Including
170.00
174.00
4.00
0.76
0.74
0.005
HM36
Main
4.00
96.00
92.00
0.58
0.55
0.010
Including
22.00
24.00
2.00
1.31
1.18
0.038
Including
38.00
40.00
2.00
3.95
3.94
0.002
Including
48.00
50.00
2.00
1.04
1.03
0.003
Including
80.00
82.00
2.00
1.71
1.70
0.004
Including
88.00
90.00
2.00
1.19
1.19
0.001
Main
106.00
204.00
98.00
0.51
0.50
0.002
Including
140.00
144.00
4.00
1.96
1.96
0.001
Including
166.00
170.00
4.00
0.85
0.85
0.001
Including
172.00
176.00
4.00
2.29
2.28
0.003
HM37
Main
0.00
40.00
40.00
0.32
0.31
0.003
Including
38.00
40.00
2.00
0.74
0.73
0.003
Main
56.00
94.00
38.00
0.45
0.44
0.004
Including
82.00
84.00
2.00
1.16
1.14
0.007
Main
110.00
138.00
28.00
0.41
0.39
0.005
Including
132.00
134.00
2.00
1.13
1.09
0.011
Main
154.00
252.00
98.00
0.44
0.40
0.011
Including
170.00
176.00
6.00
0.65
0.62
0.009
Including
204.00
210.00
6.00
0.56
0.53
0.008
Including
212.00
214.00
2.00
1.29
1.24
0.014
Including
222.00
224.00
2.00
1.51
1.35
0.047
Including
236.00
240.00
4.00
0.84
0.78
0.017
Width refers to intersection width; true widths have not been determined.
CuEq (copper equivalent) has been used to express the combined value of copper and molybdenum and is provided for illustrative purposes only. No allowances have been made of recovery losses that may occur should mining eventually result. Calculations use metal prices of US$3.00/lb copper, US$10/lb molybdenum using the formula: CuEq% = Cu% + (Mo% [$10/$3])
Borehole Locations (Figure 1)
HM19 was positioned in the centre of the Pit1 target area, approximately halfway up the southern slope from the riverbed and drilled northwestwards to close the sample spacing of the near-surface high grade zone identified here in this direction. HM20 was drilled northeastwards on the eastern edge of the Pit1 target area, to close the sample spacing of the shallow high-grade zone here and to test for deeper higher-grade zones. HM24 was drilled southwestwards on the eastern edge of the Pit1 target area, to close the sample spacing of the shallow high-grade zone here and to test for deeper higher-grade zones. HM36 was drilled southwestwards along the southern edge of the Pit1 target area. The primary purpose was to test the eastward extension of the deeper high-grade zones reported from the Directors Perch drill fan (HM21, HM22 and HM23) as well as to test the southward extension of the shallow high-grade zone in Pit1. HM37 was drilled almost westwards along the southern edge of the Pit1 target area. As for HM37, the primary purpose was to test the eastward extension of the deeper high-grade zones reported from the Directors Perch drill fan well, to test the southward extension of the shallow high-grade zone in Pit1 and to close the sample spacing.
Planview showing the positions of the boreholes being reported here.
Figure 1: Planview showing the positions of the boreholes being reported here.
Discussion of Pertinent Results
HM19 With an average Cu grade of 0.40% for the full 188.62m of the hole, results for HM19 were excellent and in line with expectations as the primary purpose was to close the sample spacing of the shallow high-grade zone in Pit1. Along with HM34 (previously reported) it shows a significant widening of the high-grade zone eastwards for some 100m eastwards from the historical close spaced holes that first identified this mineralization. HM20 Drilled 125m east of HM19, results show that the shallow mineralization in HM19 may develop a plunge moving further eastwards as the higher-grade mineralization was only detected from 62m. HM24 Drilled from the same drill pad as HM20, results are very similar to HM20 with the higher-grade zone only appearing from 76m. Again, this could be indicative of the shallow mineralization developing a slight plunge towards the east. HM36 Averaging 0.49% Cu for the total 206.74m of this hole, the results for HM36 are significant for a couple of reasons. First it shows that the deep high-grade mineralization detected in Directors Perch fan trends southeastwards, but it is not yet clear whether this is a vertical structure or a northward dipping zone or a combination of both. Secondly, it is the first hole in this area that has intersected the shallow mineralization in the Pit1 target area and the deeper mineralization as none of the Directors Perch fan holes show the shallow mineralization. HM37 Averaging 0.36% Cu for the total 254.68m of this hole, the results for HM37 are significant for the same reasons described for HM36. Drilled from the same drilling pad but in different directions, HM37 shows the shallow high-grade mineralization as well as the deeper mineralization.
Drill Program Update
Since the resumption of drilling in October 2023, 25 holes have been completed totaling 4,629 metres. All 25 holes have been sampled and submitted to ALS for assaying with the results of 19 holes (2,388 samples) received to date from ALS. One borehole (1,000m) remain to be completed (120m).
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. A number of these mineralized structures have been identified in the Pit1. The revised drill program looks to close the sample spacing in the Pit1 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. 33 elements are analyzed by Induced Coupled Plasma (ICP) utilizing a 4-acid digestion and gold is assayed using a 30g 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
Mr. Dean Richards Pr.Sci.Nat. , MGSSA – BSc. (Hons.) 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 kilometers from the southern boundary of Namibia. The license covers 370 square kilometers (37,000 hectares). Over the years the project has seen 70,000 meters of drilling, several metallurgical test work programmes, geophysical surveys, geological mapping, mine modeling 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 licenses 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain "forward-looking statements," as identified in Koryx’s periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties.
There can be no assurance that such statements prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
This News Release contains forward-looking statements, which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "will", "may", "should", "expects", "plans", or "anticipates" or the negative of these terms or other comparable terminology. All statements included herein, other than statements of historical fact, are forward looking statements, including but not limited to the Company’s plans regarding the Haib Copper project. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Such uncertainties and risks may include, among others, actual results of the Company's exploration activities being different than those expected by management, delays in obtaining or failure to obtain required government or other regulatory approvals or financing, inability to procure equipment and supplies in sufficient quantities and on a timely basis, equipment breakdown and bad weather. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of its business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, the Company does not intend to update any forward-looking statements to conform these statements to actual results.
More information is available by contacting Pierre Léveillé, President & CEO at +1-819-340-0140 or at: info@koryxcopper.com
