Koryx Copper is nearing the end of its infill drilling programme at the Haib Copper Project in southern Namibia, with the latest results showing potential changes to the boundaries of the mineralised zones that will feed into another updated resource estimate ahead of a pre-feasibility study targeted for the end of 2026.
The company reported results on Friday from 17 drill holes covering 6,430 metres, with some holes indicating extensions beyond the existing grade shells while others are expected to reduce mineralised volumes in parts of the current geological model.
At HM139 in Target Area 1, Koryx said the drill trace lies almost entirely outside the current copper grade-shell model, and results are expected to shift the 0.25% copper grade shell southwards by approximately 50 to 140 metres, depending on depth.
The hole returned 466 metres at 0.26% copper equivalent from surface, including 76 metres at 0.52% copper equivalent from 140 metres and a 14-metre section grading 0.70% copper equivalent.
Koryx said HM134, drilled on the eastern edge of the higher-grade Target Area 1 mineralisation, also indicated that copper grades above 0.2% potentially extend about 100 metres below the current grade shell.
However, not all the new drilling points towards expansion of the resource model.
HM163 returned copper grades in the lower half of the hole that were below those predicted from surrounding boreholes, which Koryx said is expected to reduce the extent of the 0.25% copper grade shell in that area.
In Target Area 2, results from HM156 indicate that the grade-shell boundary is likely to shift southwards, resulting in a localised reduction in mineralised volume. Koryx said two intervals exceeding 0.46% copper outside the existing model are expected to offset the reduction partially.
Koryx is undertaking the drilling after publishing an updated Haib Mineral Resource Estimate effective 16 March 2026. That estimate incorporated 59 additional Koryx drill holes compared with the previous resource model, while drilling completed after the data cut-off is being used to improve resource confidence and further define higher-grade copper zones.
Koryx president and chief executive Heye Daun said the latest results were generally confirming the company’s geological model as the infill programme approaches completion.
“These results stand out for their length as much as their grade. HM155 intersected 0.27% CuEq from surface to 831m including 244m at 0.42% CuEq, while HM139 and HM147 returned continuous zones of 76m at 0.52% CuEq and 84m at 0.47% CuEq, respectively, underscoring the scale and continuity of mineralization at Haib at good grades,” Daun said.
“As we approach the end of our infill drilling ahead of an updated resource estimate, the balance of holes serve to confirm the existing model, with results trending consistently to the upside across all of the Haib system, reinforcing our confidence in the deposit as we advance towards the PFS publication expected at the end of 2026,” he said.
Among the latest results, HM155 returned 831 metres at 0.27% copper equivalent from surface, including 244 metres at 0.42% copper equivalent between 536 and 780 metres. Koryx states that the reported intervals are down-hole widths and that true widths are unknown.
HM147 returned 654 metres at 0.25% copper equivalent from surface, including 84 metres at 0.47%, while HM152 returned 578 metres at 0.25% copper equivalent.
The drilling also produced the highest copper and silver grades recorded at Haib to date. HMRC008 returned 231 metres at 0.44% copper equivalent from surface, including 12 metres at 2.55% copper equivalent. Within that section, a two-metre interval from four to six metres graded 8.01% copper and 60.5 grams per tonne silver.
Koryx said the silver result has prompted the company to model silver as an additional potential by-product at Haib.
“By-product credits continue to strengthen the resource as well, with molybdenum and gold now joined by encouraging silver values, including our highest Ag grade at Haib to date,” Daun said.
Fifteen drill rigs are currently operating at Haib, seven on double shifts, while technical studies and cost estimation continue toward publication of the PFS at the end of 2026.
Koryx said in June that the PFS base-case processing configuration will use conventional milling and flotation for all sulphide material, incorporating coarse particle flotation to reject low-value material before finer grinding. The company is also working on plans for a 200MVA power supply and water supply from the Orange River, while environmental approval is targeted for 2027.
