Koryx Copper Inc. has received commitments for N$128 million (C$10 million) proceeds under a non-brokered private placement for selling up to 9 million common shares for $1.10 per share.
The net proceeds from the offering will be used to advance the Haib copper project in Namibia, the Luanshya West and Mpongwe projects in Zambia, and general working capital purposes.
Koryx Copper Inc. is a Canadian copper development Company focused on advancing the 100% owned, PEA-stage Haib Copper Project in Namibia while building a portfolio of copper exploration licenses in Zambia.
Haib is a large and advanced copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators.
Mineralization at Haib is typical of a porphyry copper deposit, which remains intact.
Porphyry copper deposits are a primary global source of copper, with the best-known examples being concentrated around the Pacific Rim, North America and South America.
Haib is one of the few examples of a Paleoproterozoic porphyry copper deposit worldwide and one of only two in southern Africa (both in Namibia).
Due to its age, the deposit has been subjected to multiple metamorphic and deformation events but retains many of the classic mineralization and alteration features typical of these deposits.
The mineralization is dominantly chalcopyrite, with minor bornite and chalcocite present and only minor secondary copper minerals at the surface due to the arid environment.
More than 70,000m of drilling has been conducted at Haib since the 1970s, and significant exploration programs have been led by companies such as Falconbridge (1964), Rio Tinto (1975), and Teck (2014). Teck remains a strategic and supportive shareholder.
In addition to extensive drilling, metallurgical testing, geophysics and geological mapping, various mine modelling and technical studies have been completed.
