Koryx Copper raising $10 million for projects in Africa, including Haib Copper
Koryx Copper Inc. [KRY-TSXV] has announced details of a non-brokered private placement financing that is expected to raise $10 million. Net proceeds will be used to advance the Haib copper project in Namibia, the Luanshya West and Mpongwe projects in Zambia and for general working capital.
The private placement will consist of up to 9.09 million common shares priced at $1.10 per share.
On Wednesday, Koryx shares eased up 0.85% or $0.01 to $1.18 and currently trade in a 52-week range of $1.20 and 17.5 cents.
Koryx was in the new recently when it announced the appointment of an experienced technical and management team who will implement the fast-tracked development of the Haib Copper Project. It said the multi-disciplinary team has worked together successfully for many years advancing Osino Resources’ Twin Hills Gold Project (recently sold to Shanjin International Gold) and is already in place to drive the continued advancement of Koryx assets in Namibia and 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.
More than 70,000 metres of drilling has been conducted at Haib since the 1970s, with significant exploration programs led by Falconbridge (1964), Rio Tinto Plc [RIO-NYSE] (1975) and Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) (2014). The company said Teck remains a strategic and supportive shareholder.
In a press release on September 10, 2024, Koryx announced an updated resource estimate for the Haib project. It said the new estimate followed all results received from the 2024 drilling program.
Koryx said the project hosts an indicated resource of 414 million tonnes at 0.35% copper for 3,216 M lbs of copper at a 0.25% cut off. On top of that is an inferred resource of 354 million tonnes at 0.33% copper for 2,503 M lbs at 0.25% cut off.
The company said a follow-on diamond core drill program consisting of 8,200 metres will commence shortly, targeting higher grade areas and potential mineral resource extensions. It also said significant drilling is planned for later in 2024 and early 2025 to investigate areas of down dip extension and win no previous drilling but shows the potential for significant mineral resource expansion.
Koryx Copper Executive Chairman Heye Daun said recent drilling has resulted in an overall grade increase of 13-14% within the entire Haib deposit. “This is a very significant improvement and has been achieved by focusing the drilling on structurally controlled, higher-grade portions, especially the Target 1 area of the deposit,” he said. “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 hopefully 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.’’