Announcement • May 16
Koryx Copper S.A. Announces Further Significant Drill Results for the Haib Copper Project
Koryx Copper S.A. announced assay results from 17 drill holes (5,252m) received as part of the infill and expansion drilling for its 2026 exploration and project development program on the wholly-owned Haib Copper Project in southern Namibia. Haib is a large-scale, advanced open-pit sulphide Cu-Mo-Au porphyry with a small oxide cap. The project is technically and economically feasible utilising mainly a low-risk open pit crushing/milling/flotation process. The project has attractive economics and a simple, scalable, long-life and low-cost development strategy undergoing rapid advancement, with an envisaged average annual Cu production rate of 92,000tpa in clean concentrate over a 24-year mine. Summary of Results from Target Area 1: HM122 was drilled just north of the Volstruis River as an infill hole. Copper (Cu) and molybdenum (Mo) results are in line with expectations, with Mo effectively absent. HM123 was drilled in the southeastern portion of Target 1 and positioned to intersect mineralisation both above and below the quartz vein separating Target 1 and Target 2. The results are significant. Firstly, the upper high-grade zone confirms a southward extension of Cu mineralisation approximately 130m beyond the current model. This zone is associated with Mo, with grades exceeding 100 ppm. Secondly, the deeper high-grade zone that was intersected has not been identified in previous drilling and lies more than 200m outside the current 0.25% grade shell. Based on a single intersection, the orientation and full resource implications remain uncertain and will require further drilling. Mo is present in this zone, but at lower levels than the shallower zone. HM124 is located just east of the centre of Target 1. While results are strong, they are broadly consistent with expectations. Mo is largely absent in the upper portion of the hole but increases steadily with depth, with numerous samples exceeding 100ppm. HM127 was collared south of the Volstruis River near the northeastern edge of Target 1 Summary of Results from Target Area 2: HM119 was drilled northwards from within Target 2. Cu results correlate well with the current model, while Mo occurs at low levels, consistent with what has been observed in this area. HM125 was collared in the southern part of Target 2 to better delineate the limit of Cu mineralisation. Results align well with the current grade shell model. Mo is initially absent but increases from 26m downhole, averaging >160ppm over 236m from 142m downhole, including 28m at 447ppm. HM126 was drilled near the southern intersection of Target 2 and Target 4, into the east–west structural zone south of Target 3 and associated with Cu depletion. Cu results are in line with expectations both prior and in the Cu depletion zone. In contrast, Mo is consistently present, averaging 120ppm over the full 308m hole length, highlighting differing controls on Cu and Mo mineralisation. HM128 was drilled on the northern edge of Target 2, just north of the Volstruis River. The hole successfully intersected the Cu-depleted east–west structural zone, although at a greater depth than anticipated, representing a potential resource gain. Mo grades remain low throughout. Au is present, with a 12m interval averaging 0.2g/t from 132 m downhole, including 4m at 0.3g/t. HM130 is an infill hole designed to test the eastward extension of the shallow, wide, high-grade Cu zone (~0.9%) previously intersected in boreholes HM090 and HM006. While the zone was intersected, Cu grades are significantly lower, averaging 0.4% over 132m from surface. Mo is present, although grades exceeding 100ppm are sporadic. HM131 was drilled southwards from near the southern margin of mineralisation. Cu results are as expected; however, Mo mineralisation is well developed, averaging 171ppm over 132m from 214m downhole, including a 46m interval at 249ppm and a further 10m at 305ppm. HM132 is an infill hole drilled northwards from the southern margin of mineralisation. Cu results are strong and consistent with the current model. In several intervals, Cu mineralisation is associated with elevated Mo grades, averaging 184ppm over 118m from 122m downhole. This provides a significant uplift to the CuEq grade, as reflected in the significant intersections. HM143 was drilled approximately 35m northwest of HM132 near the southern margin of Target 2. Results indicate that the hole likely missed the main Cu mineralisation, averaging <0.2% Cu to 228m downhole and <0.1% thereafter. When considered on a CuEq basis, this zone may be of economic consequence. Summary of Results from Target Area 3: HM129 was collared south of Target 3 and drilled northwards into the mineralised zone. Cu results are strong and, as an infill hole, are broadly consistent with expectations. Mo is present throughout the hole and increases with depth. Notably, the deeper Cu-mineralised intervals are associated with elevated Mo grades, which contribute significantly to the CuEq. Tungsten (W) occurs sporadically in the deeper sections of the hole, with grades locally exceeding 400ppm. Gold (Au) is also present, with the interval from 26 to 28m returning 0.65g/t. Summary of Results from Target Area 4: HM136 was drilled west of the Target 4 grade shell to test for a possible extension of mineralisation in this direction. Cu and Mo results clearly indicate that mineralisation from Target 4 does not extend into this area. HM145 was drilled as an infill hole within Target 4, where Cu mineralisation had previously been defined by two historical RTZ boreholes. The results confirm the presence of Cu mineralisation. Mo grades are elevated, averaging close to 100ppm over the length of the hole, but exhibit a generally antipathetic relationship with Cu (i.e., intervals of high Cu correspond to low Mo, and vice versa). All drill core was logged, photographed, and cut in half with a diamond saw. Half of the core was bagged and sent to ALS Laboratories Ltd. in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory, No. T0387) and ActLabs in Canada, 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 analysed by Induced Coupled Plasma (ICP) utilizing a 4-acid digestion and gold is assayed for 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 (“QA/QC”) The QA/QC frequency is 1 in 20 for each of blanks, duplicates and standards.
