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.
Figure 1: Planview showing the positions of the
boreholes being reported here.
Discussion of Pertinent
Results
HM19With 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. HM20Drilled 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.HM24Drilled 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.HM36Averaging 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.HM37Averaging 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 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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5d49ed7-1299-44a4-9369-0d5b99e9d5d9
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