Announcement • Jun 29
Koryx Copper Reports Further Drill Results for the Haib Copper Project in Southern Namibia
Koryx Copper S.A. announced assay results from 15 drill holes (5,351m) received as part of the ongoing infill and expansion drill program on the wholly-owned Haib Copper Project in southern Namibia. The Haib deposit is a massive, disseminated porphyry copper (Cu) deposit with associated molybdenum (Mo) and gold (Au). Haib is envisaged to produce a Cu and Mo concentrate via large-scale open pit mining and mainly conventional crushing, milling and sulphide flotation with the potential for additional copper cathode production via oxide heap leaching. Ongoing process flow sheet optimization is aimed at improving project economics whilst reducing technical risk. Assay results reported for 15 drill holes comprising over 5,351m of infill drilling. Consistent, wide intercepts up to 714m in width with CuEq Grades exceeding average MRE grade. Pockets of higher-grade Au and Mo, and significant localised W (Tungsten) results. Best 8 of 15 drill hole assay intersections as follows: HM138: 584m @ 0.34% CuEq (42ppm Mo, 0.040g/t Au) (0 – 584m) incl. 72m @ 0.48% CuEq (0 – 72m) and 128m @ 0.36% CuEq (136 – 264m) and 170m @ 0.42% CuEq (306 – 476m) incl. 20m @ 0.70% CuEq; HM149: 428m @ 0.35% CuEq (56ppm Mo, 0.027g/t Au) (0-428m) incl. 54m @ 0.53% CuEq (26 - 80m) and 32m @ 0.70% CuEq (92 – 124m) and 36m @ 0.31% CuEq (142 – 178m) and 32m @ 0.46% CuEq (186 – 218m) and 24m @ 0.51% CuEq (252 – 276m); HM153: 714m @ 0.31% CuEq (101ppm Mo, 0.018g/t Au) (0 – 714m) incl. 68m @ 0.54% CuEq (294 – 362m) and 82m @ 0.41% CuEq (386 – 468m); HM141: 582m @ 0.25% CuEq (51ppm Mo, 0.022g/t Au) (0 – 582m) incl. 84m @ 0.52% CuEq (234 - 318m) and 58m @ 0.39% CuEq (334 - 392m) and 8m @ 0.63% CuEq (566 – 574m); HMRC001: 243m @ 0.40% CuEq (98ppm Mo, 0.020g/t Au) (0 – 243m); HM137: 162m @ 0.46% CuEq (50ppm Mo, 0.034g/t Au) (6 – 168m); HM139: 65m @ 0.55% CuEq (32ppm Mo, 0.060g/t Au) (140 - 205m); HMRC002: 24m @ 0.68% CuEq (110ppm Mo, 0.016g/t Au) (92 -116m). The Haib deposit is a massive, disseminated porphyry copper (Cu) deposit with associated molybdenum (Mo) and gold (Au). Haib is envisaged to produce a Cu and Mo concentrate via large-scale open pit mining and mainly conventional crushing, milling and sulphide flotation with the potential for additional copper cathode production via oxide heap leaching. Ongoing process flow sheet optimization is aimed at improving project economics whilst reducing technical risk. Target 1: HM135 was drilled as an infill hole in the northwest of Target 1, immediately south of the Volstruis River. Cu and Mo results are in line with expectations. HM137 was drilled as an infill hole targeting the high-grade centre of Target 1 Cu mineralisation. Cu and Mo grades are in line with expectations. Notably, broad W intersections occur within the first 100m, including 4m at 0.12% W from 46m down the hole and a further 20m at 0.03% W. W has been intersected in several other Target 1 holes. Its presence is somewhat anomalous given that W is generally regarded as a proximal metal in porphyry systems. It’s presence in the upper portions of Target 1 holes remains under investigation. HM139 is in the south of Target 1 and was drilled to test the southward extension and limit of Cu mineralisation. Results are significant with high-grade Cu-Au mineralisation intersected in the lower part of the hole, which was not encountered in previous drilling, and indicates a potential southward extension of Target 1 exceeding 100m. The hole was stopped in mineralisation due to rig limitations, with the final 8m returning 1.13% Cu and 0.14 g/t Au. The hole will be extended using a second rig in the coming months. HM140 was drilled approximately 140m west of HM139 along the southern limit of Target 1. Good Cu and Mo results are in line with expectations, with combined elevated grades producing multiple CuEq intervals exceeding 0.3% at regular intervals down-hole. Au is known to be elevated in this part of Target 1, and HM140 confirms this, with two 2m samples returning approximately 1g/t Au, 4m @ 0.5g/t and two separate 6m intervals returning 0.1g/t and 0.2g/t Au respectively. HM141 was drilled on the same section line as HM140 as an infill hole to close drill spacing in the centre of Target 1. Cu and Mo results are in line with expectations for this part of the deposit. HM149 was positioned as an infill hole for resource conversion in the centre of Target 1. The results are consistent with expectations. Mo is relatively well developed from surface, peaking at ~350 m downhole before declining to low levels. W is also present, with intersections of 6 m at 0.01% W, 4 m at 0.09% W, and 2 m at 0.36% W. MRC001 is the first reverse circulation hole completed at Haib, drilled as an infill hole in the southeast of Target 1. While intersection widths broadly match expectations, both Cu and Mo grades are above expectations. Target 2: HM138 was drilled as an infill hole in the eastern central portion of Target 2. Cu results are excellent, with multiple wide CuEq intervals exceeding 0.36%. Au is the most significant outcome of this hole, with deeper portions returning 6m at 0.5g/t Au and a further 20m at 0.42g/t Au, the latter including a 2m sample at 1.13g/t Au and a 2m sample at 1.96 g/t Au. These two broader intersections represent the highest Au metal intersections recorded at Haib to date. Data density to the east and west of HM138 remains low, and the lateral extent of this Au-enrichment has not yet been established. HM143 is located in the southern central portion of Target 2, with partial results previously reported. Cu grades are in line with expectations; however, wide, high-grade Mo mineralisation materially elevates the CuEq grade, producing intervals as wide as 230m at =0.34% CuEq containing narrower high-grade intervals within. Au is essentially absent. HM144 was drilled in the northern central portion of Target 2 to test the possible surface expression of good intersections encountered at depth in nearby holes. Results indicate that HM144 is located outside the limit of economic Cu mineralisation in Target 2, with Mo practically absent. HM153 is an infill hole drilled through the mid-depth mineralisation of Target 2. Results correlate well with the current resource model, with good to excellent Mo mineralisation maintained across the full drilled extent. HMRC003 is an infill reverse circulation hole on the northern edge of Target 2. Cu results are in line with expectations and show strong correlation with the existing grade shell models.
