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.
Table
1: Mineral Resource Estimate for Haib as
at 31 August 2024 at a 0.25% Cu cut-off
Category |
Zone |
Tonnes (Mt) |
Cu Grade (%) |
Cu Content (Mlbs) |
Cu Content (kt) |
Indicated |
Northwest |
300 |
0.35 |
2,310 |
1,048 |
Southeast |
115 |
0.36 |
906 |
411 |
Low
Grade |
- |
- |
- |
- |
Total |
414 |
0.35 |
3,216 |
1,459 |
Inferred |
Northwest |
283 |
0.33 |
2,052 |
931 |
Southeast |
47 |
0.34 |
359 |
163 |
Low
Grade |
16 |
0.27 |
93 |
42 |
Total |
345 |
0.33 |
2,503 |
1,136 |
Notes:
- All tabulated data have been
rounded and as a result minor computational errors may occur.
- Mineral Resources, which are not
Mineral Reserves, have no demonstrated economic viability. There is
no guarantee that that all or any part of the Mineral Resource will
be converted into a Mineral Reserve. The estimate of Mineral
Resources may be materially affected by geology, environment,
permitting, legal title, taxation, socio-political, marketing, or
other relevant issues.
- Mt = Million tonnes, kt = thousand
tonnes, Mlbs = Million pounds
- The Mineral Resource Statement for
Haib as of 31 August 2024 is reported at a cut-off grade of 0.25%
Cu within a conceptual pit shell using the following assumed
parameters:
- Base Copper Price USD/lb Cu: 4.50
- Average Mining Cost at reference elevation (AISC) USD/tonne:
USD 2.35 / tonne waste mined at pit rim - USD 2.50 / tonne ore
mined at pit rim
- Average Processing Cost USD/tonne ore processed: 6.00
- Average G&A Overheads USD/tonne ore processed: 1.00
- Process Overall Recovery % Cu Recovery: 80%
- Selling Cost Transport of Concentrate to Smelter USD/lb Cu:
0.10
- Low Grade zone refers to the
portion of the block model outside the modelled 0.2% Cu grade
shells
- From the assumed parameters, a 0.1%
Cu in-situ marginal cut-off grade was calculated, which together
with the conceptual pit shell demonstrates reasonable prospects for
eventual economic extraction (RPEEE) for the Mineral Resource. The
assessment to satisfy the criteria of RPEEE is a high-level
estimate and is not an attempt to estimate Mineral Reserves.
From the assumed parameters a 0.1% Cu in-situ
marginal cut-off grade was calculated, which, together with the
optimised pit shell demonstrates reasonable prospects for eventual
economic extraction (“RPEEE”) for the Mineral
Resource. The assessment to satisfy the criteria of RPEEE is a
high-level estimate and is not an attempt to estimate Mineral
Reserves. The Haib RPEEE pit shell illustrated together with the
block model in Figure 3. and Figure 4 has a strip ratio of 3.9.
While the RPEEE pit shell demonstrates
reasonable economic prospects for a resource it is expected that
mining and opex cost will increase as the technical team start to
define the appropriate process route and mine design layout during
the next phase of studies.
In comparison with the resource which was
declared in the PEA report published in 2021 the updated Mineral
Resource Estimate shows a decrease in tonnes by 9% for Indicated
material but an increase in grade by 13%. The Inferred material
shows both an increase in tonnes by 1% and an increase in grade by
14%.
|
2021 PEA Resource |
2024 Updated Resource |
% change |
Class |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Indicated |
457 |
0.31 |
1,416 |
414 |
0.35 |
1,459 |
-9% |
13% |
3% |
Inferred |
342 |
0.29 |
993 |
345 |
0.33 |
1,136 |
1% |
14% |
14% |
|
|
|
|
|
|
|
|
|
|
The Mineral Resource is presented at various
cut-off grades in Table 2 and Figure 1 (Indicated), and Table 3 and
Figure 2 (Inferred).
Table
2: Indicated Resource
Grade-Tonnage – 31 August 2024
Cut-off Cu % |
Tonnes (Mt) |
Cu (%) |
Cu (Mlbs) |
Cu (kt) |
0.10 |
531 |
0.32 |
3,797 |
1,722 |
0.15 |
531 |
0.32 |
3,796 |
1,722 |
0.20 |
523 |
0.33 |
3,763 |
1,707 |
0.25 |
414 |
0.35 |
3,216 |
1,459 |
0.30 |
266 |
0.39 |
2,318 |
1,052 |
|
|
|
|
|
Figure 1:
Grade-Tonnage Curves for Indicated Resource
Table
3: Inferred Resource
Grade-Tonnage – 31 August 2024
Cut-off Cu % |
Tonnes (Mt) |
Cu (%) |
Cu (Mlbs) |
Cu (kt) |
0.10 |
2,416 |
0.17 |
9,301 |
4,219 |
0.15 |
1,228 |
0.22 |
6,004 |
2,724 |
0.20 |
533 |
0.29 |
3,428 |
1,555 |
0.25 |
345 |
0.33 |
2,503 |
1,136 |
0.30 |
182 |
0.38 |
1,517 |
688 |
|
|
|
|
|
Figure 2: Grade-Tonnage Curves for
Inferred Resource
A sensitivity analysis was performed to
determine the robustness of reducing revenue received from lower Cu
commodity prices. Using a Revenue Factor of 0.5 to simulate halving
the Cu price to USD 2.25 /lb produces an Indicated Resource of 116
Mt @ 0.41% Cu for 1,058 Mlbs. This higher-grade potential starter
pit would be attractive for the capital payback period.
Table 4: Grade Cut-off sensitivity at different Revenue
Factors
Cut-off Grade (% Cu) |
0.20 |
0.25 |
0.30 |
Pit Revenue Factor |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
0.5 |
179 |
0.36 |
641 |
156 |
0.38 |
588 |
116 |
0.41 |
480 |
32 |
0.32 |
104 |
28 |
0.34 |
93 |
16 |
0.38 |
62 |
Pit Revenue Factor |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
Tonnes (Mt) |
Cu (%) |
Metal (kt) |
1.0 |
523 |
0.33 |
1,707 |
414 |
0.35 |
1,459 |
266 |
0.39 |
1,052 |
533 |
0.29 |
1,555 |
345 |
0.33 |
1,136 |
182 |
0.38 |
688 |
Figure 3: Haib Resource
pit shell and block model – plan view
Figure 4: Haib Resource pit shell and
block model – oblique view to the north
In many areas the resource estimate remains
constrained by a lack of drilling, both within and below the RPEEE
pit shell. Model updates show areas within the pit where east-west
cross cutting structures intersect the northwest trending
mineralised continuity, and where areas of higher-grade
mineralization can be expected. See orange stars in Figure 4
above.
The current drill program will test this model
for higher grade and greater volumes in an east-west orientation as
well as targeting gaps where previous drillholes are greater than
150m apart.
Drilling in the Target 2 and 3 areas is limited
to approximately 350m depth below surface. In this area the block
model is constrained at depth by the lack of data, which is also
limiting the shape of the RPEEE pit shell.
Below the Target 1 area (to the east) the RPEEE
pit achieves a depth of 800m and highlights the upside potential
for further drilling to significantly expand Targets 2 and 3 to
depth. The mineralization in the Target 1 area has a shallow dip to
the northeast, and holes are planned down dip to extend this
resource area. The potential extensions to this mineralization are
shown by the yellow arrows in Figure 4 above.
Previous Drill Programs
The Haib Mineral Resource estimate included
information obtained from diamond drillholes completed between 1963
and 2024 with drilling comprising a total length of 78,934 m. In
addition, one underground adit was channel sampled over a length of
126 m. The historical data was extensively validated, and all data
collected by Rio Tinto Zinc (120 drillholes from 1972 to 1975),
Great Fitzroy Mines (13 drillholes from 1995 to 1999) and Teck (32
drillholes in 2010) were accepted for use in the Mineral Resource
Estimate.
Samples from two drill campaigns (King Resources
and Falconbridge) comprising a total of 29 drillholes completed
during the period 1963 to1969 were excluded from grade estimation
as MSA was unable to satisfactorily validate this data. Koryx
drilled 45 NQ-sized holes from 2021 to 2024, which verified the
nature of the mineralization in the historical database and
infilled the drilling grid along the main mineralization trend.
Mineralization has been intersected by diamond
drilling to a maximum depth of 790 m below the topographic surface.
Copper mineralization is predominantly chalcopyrite, however small
amounts of supergene copper mineralization in various mineralogical
states occurs near surface to shallow depths (generally less than
10 m).
Upcoming Drill Program
Drill rigs were mobilized to site during August
and a follow-on drill program is planned to start later in
September 2024. Approximately 8,200m of diamond core drilling in 36
holes has been planned to test potential resource extensions and to
prove up additional mineralized material at hopefully higher
grades.
A further drill program will then be planned to
commence later in 2024 or early 2025 which will target the
identified down dip extensions to mineralization where the RPEEE
pit has been data constrained.
It is expected that a successful drill program
in this area has the potential to significantly increase the total
tonnage of the mineralised system.
Qualified Person
The technical and scientific information in this
news release has been reviewed and approved by Mr. Dean
Richards Pr.Sci.Nat., MGSSA – BSc. (Hons) Geology, who is a
Qualified Person as defined by NI 43-101. Mr. Richards is the Vice
President, Mineral Resource Development of the Company and is not
independent of the Company under NI 43-101.
Technical Report
A NI 43-101 Technical Report associated with the
MRE prepared by MSA will be filed on SEDAR+ within 45 days of this
news release and will be available at that time on the Koryx Copper
website.
About Koryx Copper Inc.
Koryx Copper Inc. is a Canadian copper
development Company focused on advancing the 100% owned, PEA-stage
Haib Copper Project in Namibia whilst also building a portfolio of
copper exploration licenses in Zambia.
Haib is a large and advanced copper/molybdenum
porphyry deposit in southern Namibia with a long history of
exploration and project development by multiple operators.
Mineralization at Haib is typical of a porphyry copper deposit and
the deposit remains intact. 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 the 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.
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. In addition to extensive drilling, metallurgical
testing, geophysics and geological mapping, various mine modeling
and technical studies have been completed to date.
Further details are available on the Company's
website at https://koryxcopper.com and under the Company's profile
on SEDAR+ at www.sedarplus.ca.
Heye DaunExecutive Chairman+1-819-340-0140info@koryxcopper.com |
Pierre LéveilléPresident+1-819-340-0140info@koryxcopper.com |
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.
Forward Looking Statement and Disclaimer
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 future plans or prospects of the Company, including
prospects for economic recoverability of mineral resources.
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, there may be other factors that 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 important factors that could cause actual
results to differ from these forward-looking statements also
include those described under the heading “Risk Factors” in the
Company’s most recently filed management discussion and analysis
(MD&A), which is available on SEDAR+ under the Company’s
profile at www.sedarplus.ca There can be no assurance that
such statements 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. The Company does not
undertake to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by applicable
securities laws.
Photos accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/21ba9ae9-2873-4493-90c0-d624cc881135
https://www.globenewswire.com/NewsRoom/AttachmentNg/de4d5192-e8d8-4525-8b58-fb9f63ff56c4
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a44451c-fd2a-47f6-8dcc-e181a6854822
https://www.globenewswire.com/NewsRoom/AttachmentNg/ded0755f-e6f4-4552-b551-62e89bf12db7
Koryx Copper (TSXV:KRY)
Historical Stock Chart
From Aug 2024 to Sep 2024
Koryx Copper (TSXV:KRY)
Historical Stock Chart
From Sep 2023 to Sep 2024