Koryx Copper Inc. ("Koryx" or “the Company") (TSX-V: KRY) announces
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 Léveillé, President & CEO of Koryx
stated that: ""Those results are very positive and they are
well above the Indicated Resource average grade at 0.31% Cu of the
the previous Mineral Resource Estimation. We are highly satisfied
with those results that add value to the deposit.”
The 3 holes for which assay results are reported
here, cover 535.95 metres with all 3 holes drilled in centre of the
Pit 1 target area. These holes were positioned to close the sample
spacing of the previously identified shallow higher grade
mineralisation in the Pit 1 area, and to better define and
understand the geometry of mineralisation controls here. Assay
results of significant intersections are tabulated below:
Significant Intersections
Hole# |
Zone |
From (m) |
To (m) |
Width (m)1 |
CuEq (%)2 |
Cu (%) |
Mo (%) |
HM34 |
Main |
2.00 |
18.00 |
16.00 |
1.06 |
1.06 |
0.003 |
Including |
6.00 |
14.00 |
8.00 |
1.71 |
1.71 |
0.005 |
Main |
32.00 |
200.60 |
168.60 |
0.40 |
0.40 |
0.005 |
Including |
32.00 |
36.00 |
4.00 |
0.71 |
0.71 |
0.003 |
Including |
42.00 |
46.00 |
4.00 |
0.70 |
0.70 |
0.005 |
Including |
50.00 |
52.00 |
2.00 |
1.02 |
1.02 |
0.008 |
Including |
58.00 |
68.00 |
10.00 |
0.47 |
0.47 |
0.008 |
Including |
88.00 |
90.00 |
2.00 |
1.48 |
1.48 |
0.002 |
Including |
108.00 |
110.00 |
2.00 |
1.50 |
1.50 |
0.004 |
Including |
112.00 |
116.00 |
4.00 |
0.45 |
0.45 |
0.006 |
Including |
118.00 |
120.00 |
2.00 |
1.02 |
1.02 |
0.005 |
Including |
120.00 |
134.00 |
14.00 |
0.46 |
0.46 |
0.008 |
Including |
162.00 |
168.00 |
6.00 |
0.51 |
0.51 |
0.008 |
Including |
184.00 |
200.60 |
16.60 |
0.40 |
0.40 |
0.007 |
HM38 |
Main |
16.00 |
50.00 |
34.00 |
0.73 |
0.73 |
0.004 |
Including |
24.00 |
26.00 |
2.00 |
1.32 |
1.32 |
0.006 |
Including |
30.00 |
34.00 |
4.00 |
1.23 |
1.23 |
0.002 |
Including |
36.00 |
38.00 |
2.00 |
2.28 |
2.28 |
0.008 |
Including |
40.00 |
44.00 |
4.00 |
0.61 |
0.61 |
0.004 |
Including |
46.00 |
50.00 |
4.00 |
0.67 |
0.67 |
0.003 |
Main |
88.00 |
138.00 |
50.00 |
0.33 |
0.33 |
0.008 |
Including |
112.00 |
120.00 |
8.00 |
0.63 |
0.63 |
0.008 |
HM39 |
Main |
16.00 |
66.00 |
50.00 |
0.37 |
0.37 |
0.002 |
Including |
54.00 |
58.00 |
4.00 |
1.16 |
1.16 |
0.004 |
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1. Width refers to intersection width; true widths have not been
determined. |
2. 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]) |
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Borehole Locations (Figure
1)
HM34 was positioned in the
centre of Pit1, approximately half way up the southern slope from
the riverbed and drilled southwestwards to close the spacing of
samples in this area of Pit1.HM38 was located 60m
east of HM34 and drilled in the same direction. Also half-way up
the southern slope it too was positioned to close the sample
spacing in this part of Pit1.HM39 was drilled west
of and parallel to HM34 and was positioned to close the sample
spacing in this direction.
Figure 1 : Planview showing the positions of the boreholes being
reported here.
Discussion of Pertinent
Results
HM34Drilled in the centre of
the Pit 1 mineralised 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 16m @
>1% CuEq from surface with a peak grade of 2.69%. From 34m to
end of hole, a 168.60m zone was intersected averaging 0.40% CuEq
over the interval but with multiple higher grade intersections
(>0.7% CuEq) interspersed along the full interval.
HM38Results were very similar to HM34 with a wide
(34m) near-surface zone averaging 0.73% CuEq with a peak grade of
2.28% CuEq and a deeper wider zone averaging over 0.3%
CuEq.HM39A wide near-surface zone averaging 0.37%
CuEq was intersected with one 2m sample returning 1.16% Cu.
Drilling Program Update
Since the resumption of drilling in October
2023, 22 holes have been completed totaling 4,043 metres. All 22
holes have been sampled and submitted to ALS for assaying with the
results of 9 holes (1,107 samples) received to date from ALS. A
further 5 boreholes (1,000m) remain to be drilled from the current
programme, 4 of which expand are intended to trace the Pit1
mineralisation in the Pit2 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. A number
of these mineralized structures have been identified in the Pit1.
The revised drilling 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 the
policies of the TSX Venture Exchange) 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
An image accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d278cb28-0b14-4265-9f86-6d3e2fc5e7b8
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