The recently completed drill program at the Haib Copper Project has now been modelled, resulting in an overall grade increase of 13-14%.
The Haib project is a sizeable copper-molybdenum deposit located in the Karas region of southern Namibia, 30 km from the Orange River and the South African border.
The deposit is a porphyry copper-molybdenum dating from the Archean age.
The mineral resource is classified into indicated and inferred categories and is reported to have a cut-off grade of 0.25% copper (Cu).
The indicated mineral resource is 414 Mt @ 0.35% Cu for 3,216 Mlbs Cu at 0.25% cut-off, while the inferred mineral resource is 345 Mt @ 0.33% Cu for 2,503 Mlbs at 0.25% cut-off.
The Koryx Copper executive chairperson, Heye Daun, said this is a significant improvement achieved by focusing the drilling on structurally controlled, higher-grade portions.
Daun added that this success is even more remarkable, given the relatively limited amount of new drilling completed as part of this program.
“It is a testament to the quality of the technical work the team carried out and 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 that has been established.
“The next step is to build on this by planning and executing a significantly upsized follow-on drill program, initiating the additional met testwork to demonstrate the feasibility of a more conventional process route to generally continue to de-risk and fast-track the development of the Haib copper deposit,” Daun said.
Koryx Copper plans an additional significant drill program for later in 2024 or early 2025 to investigate areas of downdip extension with no previous drilling but the potential for substantial mineral resource expansion.
Drill rigs were mobilized to site during August, and a follow-on drill program is planned to start later in September 2024. Approximately 8,200 m 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 downdip 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.
