Koryx Copper Inc. has unveiled highly encouraging results from its ongoing Phase 2 drilling campaign at the advanced-stage Haib Copper Project in southern Namibia, revealing wider mineralization zones, higher grades, and significant molybdenum potential, though operational hurdles have prompted a revision to the overall drilling schedule.
Assay results from twelve drill holes, totaling 3,603 meters, demonstrate substantial positive impacts on the project’s geological model and resource potential. The drilling, focused on Target Areas 2, 3, and the transition zones between them and Target 4, has successfully expanded the known mineralization footprint and revealed valuable new geological insights, reinforcing Haib’s potential as a major future source of copper, molybdenum, and gold.
President and CEO Heye Daun expressed strong optimism about the findings: “We are very encouraged by the latest drill results which demonstrates that the Haib copper/molybdenum project continues to incrementally improve, albeit at a slightly slower drilling and assaying pace than we expected earlier this year.” Daun highlighted the company’s response to the pace, stating, “We now have a bulked-up technical team in place, with additional drill rigs expected to arrive within the next few weeks, which should improve our drilling rate from the 2nd half of the year.” He further emphasized parallel progress beyond drilling: “In parallel with the drilling, we are making very significant progress with the various met testwork components towards demonstrating the feasibility of a large-scale conventional sulfide flotation concentration flowsheet. Together with the various engineering specialists we have also made exceptional progress with the ancillary studies related to tailings deposition, site infrastructure, power and water supply, and concentrate transportation, all towards an updated technical report to be published late in 2025.”
The results from Target 2 were particularly significant. Hole HM51 confirmed the presence of shallow mineralization, leading to an approximate 50-meter horizontal expansion of the resource model in that area. Furthermore, consistently high molybdenum (Mo) grades, averaging over 140 parts per million (ppm) across more than 92 meters, underscored the need for a dedicated molybdenum model within the overall resource. The transition zone between Target 2 and Target 4 also yielded valuable data. Holes drilled here confirmed existing copper (Cu) tonnage and grade estimates in the east but revealed higher-grade copper mineralization extending closer to the surface in the west, covering an area 40 meters wider than previously modelled. Molybdenum grades remained notably high, averaging over 180ppm in hole HM65.
Drilling in Target 3, focused on defining the western and northern boundaries, delivered substantial gains. Results indicate the major vertical shear zone forming the northern limit of Target 3 mineralization is positioned further north than previously thought, resulting in a direct increase in estimated tonnage and grade. Near the western edge, increased structural complexity was observed, splitting high-grade mineralization into two wide sub-vertical lobes. Hole HM62, initially suspected of being deflected, intersected a zone previously drilled without success by four historical holes, leading to an unexpected tonnage and grade gain. Additionally, the southern limit of Target 3 mineralization extends further towards Target 4 than prior models indicated. Molybdenum presence in Target 3 is described as “relatively well developed,” increasing with depth and showing no correlation with copper grades.
Drilling north of Target 2, testing an eastward projection of Target 3 mineralization, confirmed the presence of high-grade copper in two wide zones (approximately 100m and 50m wide) separated by lower-grade material in holes HM61 and HM64. Hole HM63 refined the model, showing the northern boundary shear zone slightly further south than expected.
The overall interpretation points to continuous copper mineralization throughout the tested areas. The successful holes either delivered wide mineralized intercepts meeting expectations or intersected copper grades exceeding the average grade of Haib’s existing resource model. Critically, the results highlight Target 2 as the most significant zone for molybdenum, featuring multiple wide, high-grade zones (exceeding 0.01% Mo) extending to the surface, with frequent two-meter intercepts surpassing 0.1% and even 0.3% Mo. Many of the reported intercepts are located in shallow to mid-depth areas of the conceptual resource pit shell, with several holes showing higher-grade copper intercepts starting from surface. This is expected to upgrade shallow blocks in the model, leading to a slight overall increase in both tonnage and grade. Practically, this improvement in shallow resources creates opportunities for selective high-grade starter pit mining in the mine’s initial years, potentially enhancing early project economics.
Despite the positive results, Koryx has adjusted its drilling timeline due to logistical challenges. The initial plan aimed for 55,000 meters drilled across Phases 2, 3, and 4 by the end of 2025, requiring additional man-portable rigs and double-shift operations. Delays in the delivery of four new man-portable rigs, coupled with the rugged terrain making many sites unsafe for night drilling, have impacted progress. The revised schedule now anticipates completing Phase 2 by mid-2024, Phase 3 by the end of Q1 2026, and only 28,000 meters drilled by the end of 2025. The final Phase 4 infill program, designed to convert the entire mineral resource to the higher-confidence Indicated category, will now commence in Q2 2026 and finish by year-end 2026.
Beyond defining copper resources, the ongoing drill programs aim to fully characterize potential byproducts, particularly molybdenum, through comprehensive multi-element assays. The current results confirm that molybdenum mineralization, while often occurring in distinct vein sets separate from copper, is a significant feature requiring its own dedicated geological model. Koryx is actively developing a revised geology model integrating new lithological, geochemical, and structural insights from recent drilling. Relogging of historical drill holes is also underway using improved systems to ensure consistency in the new model. This enhanced geological understanding is crucial for more precisely identifying and targeting higher-grade zones in future drilling, ultimately leading to a more robust mineral resource estimate for the Haib project as it advances towards feasibility and development.