Koryx Copper has intersected 438 metres grading 0.40% copper equivalent (CuEq) at its Haib Copper Project in southern Namibia, including a 224-metre higher-grade section at 0.51% CuEq, as the company moves towards an updated mineral resource estimate and pre-feasibility study (PFS) before the end of 2026.
The result came from drill hole HM199 in Target Area 3, where Koryx’s planned mine sequence is expected to begin, making the latest drilling particularly relevant to the resource model and mine planning now underway.
HM199 returned 438 metres at 0.36% copper, 52 parts per million molybdenum and 0.026 grams per tonne gold for a copper-equivalent grade of 0.40%.
Within the wider intersection, Koryx reported 224 metres at 0.46% copper and 0.036g/t gold, equivalent to 0.51% CuEq. That interval included 26 metres at 0.68% copper and another 20 metres at 0.66% copper.
The results form part of assays from another 18 holes covering 7,074 metres of infill and expansion drilling across the Haib deposit.
Koryx president and chief executive Heye Daun said the latest results continued to show wide mineralised intersections, along with higher-grade zones close to the surface.
“This release covers assay results from a further 18 drill holes totalling 7,074m. Consistent with our prior results, we continue to see very wide intercepts across the Haib deposit, together with some notably higher-grade zones near surface, and this set of results demonstrates this well, particularly within Target Area 3 where the mine plan is scheduled to begin. With the infill and expansion drilling program now complete, our technical team is focused on completing the geological modelling and estimation work required for the updated MRE and PFS, both of which remain on track for publication before the end of 2026.”
681m intersection
HM199 was not the widest intersection reported in the latest results. Hole HM193 returned 681 metres at 0.34% CuEq, including 169 metres at 0.40% CuEq and a separate 22-metre interval at 0.71% CuEq.
HM191 returned 429 metres at 0.30% CuEq, including an 82-metre section grading 0.56% CuEq, while HM192 returned 442 metres at 0.28% CuEq, including 102 metres at 0.43% CuEq.
Several holes also encountered higher-grade copper close to surface. HM182 returned 58 metres at 0.42% copper from surface, including 20 metres at 0.59% copper.
Koryx said this intersection was “significantly higher grade than predicted by the current model”.
HM186 returned 150 metres at 0.34% copper from surface, including 14 metres at 0.57% and eight metres at 0.89% copper. HM192, meanwhile, encountered 102 metres at 0.38% copper from six metres below surface.
The latest drilling is significant because some of the mineralisation encountered is either higher grade than predicted or lies outside the company’s existing geological model.
At HM205, Koryx encountered 52 metres grading 0.39% copper, including 12 metres at 0.56%, outside the current model. The company said the result indicates that copper mineralisation extends closer to the surface than currently modelled and is expected to improve near-surface higher-grade tonnage in that area.
Not all the drilling confirmed the existing interpretation.
At Target Area 4, hole HM200 did not encounter a high-grade zone predicted between 156 and 300 metres. Koryx said the reason for the discrepancy is not yet understood and will be assessed as geological modelling progresses.
Resource update, PFS due
With the infill and expansion drilling programme now completed, Koryx’s technical team is working on geological modelling and resource estimation ahead of the updated mineral resource estimate and PFS.
Both are targeted for publication before the end of 2026.
The studies will help determine how the latest drilling changes the size, grade distribution and geometry of the Haib resource and provide more detailed technical and economic parameters for its possible development.
Koryx is studying Haib as a large-scale open-pit operation producing copper and molybdenum concentrate through conventional sulphide milling and flotation.
The project already hosts a large copper resource. Koryx’s March 2026 mineral resource estimate put Haib at 744 million tonnes in the indicated category grading 0.28% copper and containing about 2.09 million tonnes of copper, together with 579 million tonnes inferred at 0.24% copper containing another 1.39 million tonnes.
The estimate was calculated at a 0.15% copper cut-off.
Haib, located in southern Namibia near the Orange River, has been explored intermittently since the discovery of copper mineralisation in the area more than a century ago.
More than 160,000 metres of drilling has been completed since the 1970s, with previous exploration involving companies including Falconbridge, Rio Tinto and Teck before Koryx began its latest phase of intensive drilling.
Koryx owns 100% of the project and is positioning the upcoming PFS as the next major step in determining the development case for the large Haib copper deposit.
