"We have a highly experienced team ready to make discoveries in Zambia and to develop our exciting Haib Copper project in Namibia."

Pierre Léveillé

PRESIDENT AND CEO, KORYX COPPER INC

October 27, 2023

Koryx had the Haib Copper License renewed in July. What does this milestone mean moving forward? 

The Haib Copper License EPL 3140 has officially been renewed by the Ministry of Mines and Energy of Namibia on July 7, 2023, and is valid for a period of two years from the date it was renewed. We have also had significant support from our stakeholders in the area as for them, renewing the license means we will start employing people on site again. We plan to resume work shortly but first need to raise funds and also fix the gravel roads that have washed away since we left the site two years ago. 

Can you speak of the advantages of the Haib project?

Haib is a large tonnage low-grade copper deposit with nearly 1 billion t of ore at 0.31% Copper. When Koryx took over the project from Teck Resources in 2017, we had two major objectives. Firstly, we wanted to find a way to extract the metal at a low CAPEX and OPEX. With the deposit being low grade, it was important for us to find cost-efficient extraction technology. We tested different technologies and the deposit showed to be amenable to bio heap leaching. As the deposit is starting at the surface we have a low-strip ratio of 1.41:1, at a low CAPEX of US$340 million for an operation that has an after-tax NPV of US$957 million and an after-tax IRR of 29.7% at a copper price of US$3.00/lb, and an after-tax NPV of  US$1.3 billion and an after-tax IRR of 42.1% at a copper price of US$3.50/lb. 

We have started assaying for molybdenum with Teck Resources and have realized that molybdenum accounts for approximately 10% of the overall grade. This can increase the copper equivalent grade by at least 10%.  

What is Koryx’s exploration strategy for the three copper exploration licenses in Zambia?

Deep South’s key focus in Zambia has been on Luanshya West as the Chililabombwe and Mpongwe licenses were still very greenfield with no historic data. Luanshya West had 850 soil samples and a geophysical survey historically done, and based on that, we were already seeing the potential for anomalies. We have done an additional 1,980 samples at Luanshya West, and are also awaiting assay results from Chililabombwe where we did 140 samples. Further work will be planned for Luanshya West to get started in October 2023. 

At Luanshya West, Koryx has identified 10 copper anomalies and 13 cobalt anomalies with a peak value of 634 ppm for copper and 558 ppm for cobalt. The next step will be to do a geophysical survey with some infil sampling on some of the anomalies followed by a 3000-m reverse circulation drilling program down to 150 m. The program is to prove the anomalies are really there or if it is just at surface. If we can prove that the anomalies deeper than surface showings, we are definitely on to something that could be pretty interesting. 

Can you speak to the operating environment for juniors in Namibia and Zambia?

Namibia has always been one of the best countries in Africa for junior mining companies to do business in as the country is welcoming to mining and the legal environment is well organized where the rule of law prevails. Zambia had some challenges between 2015 and 2020 with a president that was not extremely friendly towards the mining industry, but the current president is very business oriented and is bringing Zambia back on track to again be one of the best countries to do business in, in terms of mining in Africa. 

Zambia has one of the most prospective copper belts in the world and there are currently six mines that are larger than our Haib project in Namibia. I believe Zambia will certainly play an important role in feeding the need of the growing copper market in the future, and although at a smaller scale, so will Namibia.  

What will make Koryx Copper a great story for investors in the coming months?

Koryx Copper is a serious company in copper exploration and development and we have a highly experienced team ready to make discoveries in Zambia and to develop our exciting Haib Copper project in Namibia.

INTERVIEWS MORE INTERVIEWS

"There is a consensus that large new deposits like Escondida are rare, but the development of multiple medium-sized mines, possibly centralized around shared infrastructure, offers a significant opportunity."
"Our jurisdictional diversification is certainly a defining characteristic of Thor, but so is the fact that our projects are also diversified by stage of development."
"Port Houston’s strategic location and extensive services make it the leading gateway for waterborne trade between Latin America and the US."
"Paradigm lets us run the entire blast digitally before we even drill or lay out the shot. We can simulate a model for fly rock risk, predict ground vibrations, and evaluate how blasting might impact neighbors or nearby infrastructure."

RECENT PUBLICATIONS

Québec and Atlantic Canada Mining 2025

Québec and Atlantic Canada have traversed 2025 in an enviable position. Strong gold prices have buoyed balance sheets and investor sentiment, while global demand for critical minerals keeps the region firmly on the radar of international markets. At the same time, the provinces’ depth of mining expertise – from AI-driven exploration to advanced drilling, blasting, and geophysics – ensures that technological advantage is firmly on their side.

MORE PREVIOUSLY PUBLISHED

MACIG

"Our jurisdictional diversification is certainly a defining characteristic of Thor, but so is the fact that our projects are also diversified by stage of development."

SUBSCRIBE TO OUR NEWSLETTER