en.Wedoany.com Reported - Koryx Copper has released assay results from 15 holes totaling 5,351 meters completed as part of its infill and expansion drilling program at the Haib copper project in southern Namibia. The results show continuous wide mineralized intersection zones, with the longest reaching 714 meters, with copper equivalent (CuEq) grades exceeding the average mineral resource estimate grade, accompanied by higher-grade gold, molybdenum, and localized tungsten mineralization.
Among the reported drill results, hole HM138 returned 584 meters of 0.34% CuEq mineralization from surface, including 72 meters of 0.48% CuEq, 128 meters of 0.36% CuEq, and 170 meters of 0.42% CuEq, with a 20-meter section grading 0.70% CuEq. Hole HM149 intersected 428 meters of 0.35% CuEq mineralization from surface, while hole HM153 returned 714 meters of 0.31% CuEq mineralization from surface, including 68 meters of 0.54% CuEq and 82 meters of 0.41% CuEq. Other reported intercepts include 582 meters of 0.25% CuEq in hole HM141, 243 meters of 0.40% CuEq in hole HMRC001, 162 meters of 0.46% CuEq in hole HM137, 65 meters of 0.55% CuEq in hole HM139, and 24 meters of 0.68% CuEq in hole HMRC002.
The Haib deposit is a disseminated porphyry copper deposit with associated molybdenum and gold mineralization. The project is planned for large-scale open-pit mining, producing copper and molybdenum concentrates through conventional crushing, grinding, and sulfide flotation, with the potential for additional cathode copper production via oxide heap leaching. Ongoing process optimization aims to improve project economics while reducing technical risk.
The company discussed drill results from multiple target zones. In Target Zone 1, hole HM139 encountered high-grade copper and gold mineralization in the lower part of the hole not previously encountered in drilling, and was stopped in mineralization due to rig limitations, with plans to extend it using a second drill rig in the coming months. HMRC001, the first reverse circulation hole completed at Haib, returned copper and molybdenum grades higher than expected. In Target Zone 2, hole HM138 produced the highest gold metal intersection recorded at Haib to date, while hole HM153 maintained good to excellent molybdenum mineralization throughout the entire drilled interval. In Target Zone 4, HMRC002 indicated that the boundary of the east-west structural zone in the resource model requires a minor positional adjustment, which will not materially impact the mineralization interpretation.
President and CEO Heye Daun stated in the company's press release that this is another set of excellent drill results from the ongoing 15-rig drilling program. The very wide intercepts, good grades (exceeding 0.3% CuEq), and mostly starting from surface indicate potential for further improvement of the mineral resource. Combined with recently announced process improvements, the upcoming pre-feasibility study is expected to significantly enhance the economics of the Haib project, with the study anticipated for release by the end of 2026.
At the market level, Ron Struthers noted in a June 30 report that copper remains in a long-term uptrend, with the recent pullback providing better entry prices for some copper junior companies. Trading Economics reported on July 4 that copper futures approached $6.20 per pound after weaker-than-expected U.S. employment data in June, and were on track for a weekly gain. Power Hedge stated in a July 5 market outlook that copper miners and diversified mining companies could benefit if AI-related demand continues to outpace supply growth.
In a July 1 report, Dominic Frisby identified Namibia as an emerging mining jurisdiction and selected Koryx Copper as his top investment pick in the country. Frisby wrote that the company has significantly de-risked compared to two years ago, describing the Haib project as one of the world's largest undeveloped copper deposits. He stated that long-term demand factors such as AI infrastructure, electrification, manufacturing, electric vehicles, data centers, power grids, wind turbines, solar installations, and defense applications continue to support copper prices, while noting that large new copper discoveries have become increasingly rare. Frisby also mentioned Namibia's mining sector, describing it as having property rights, rule of law, and developed infrastructure, and pointed out that large, long-life deposits remain relatively scarce in investable jurisdictions. He predicted the company could be acquired by a major company within 18-36 months at twice the current share price or higher, citing Haywood Securities' description of Haib as "simple, buildable" and BMO Capital Markets' CA$6.00 target price.
In a June 4 report, Red Cloud Securities analyst Ron Stewart maintained a "Buy" rating on Koryx Copper with a target price of CA$5.00 per share. Stewart stated that beneficiation process optimization has been largely completed ahead of the pre-feasibility study, with the work aimed at improving economics and reducing technical risk. He identified coarse particle flotation as a key component of this update, believing it has the greatest impact on project economics, and that the optimized process should reduce unit operating costs and capital intensity.
After completing an updated preliminary economic assessment and technical studies in 2025, Koryx is conducting an infill drilling program exceeding 55,000 meters, targeting the release of a pre-feasibility study in the second half of 2026. Technical strategy priorities include completing metallurgical test work to demonstrate the technical and economic feasibility of conventional sulfide flotation processes, and studying additional processing technologies aimed at enhancing the process flow. On infrastructure, a capacity assessment application has been submitted to NamPower for connection to a 220 kV transmission line located 45 kilometers from the proposed plant site, with the project's expected power demand at 150 megawatts. For water supply, multiple options are being evaluated, including water extraction from the Orange River approximately 9 kilometers from the site, with on-site storage capacity of up to six months, and the Neckartal Dam option being advanced as a backup and growth option, requiring a 230-kilometer pipeline. The Haib project is a scalable pre-feasibility stage open-pit copper, molybdenum, and gold project in southern Namibia, with over 120,000 meters of historical drilling and extensive metallurgical test work completed by previous operators.
