Koryx Copper Inc.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
Suite 888, 700 West Georgia Vancouver, British Columbia Canada V7Y 1G5 |
| Tel No.： | +1-819-340-0140 |
| Web Site： | www.koryxcopper.com |
| E-mail： | info@koryxcopper.com |
| Contact Person： | Pierre Léveillé |
| Position： | President & CEO, Director |
| Traded Market： | TSX-V | OTCQB |
| Traded Symbol： | KRY | KRYXF |
| Outstanding Shares： | 224M |
| 52 Week High： | $ 0.135 |
| 52 Week Low： | $ 0.035 |
| Present Price： | Click Here |
Koryx Copper Inc. (formerly Deep-South Resources Inc.) is an exploration and development company focused on copper deposits in Namibia and Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Koryx Copper embraces the green revolution.
- In Namibia, Koryx holds 100% of the Haib Copper Project in the south of Namibia.
- Haib Copper hosts a NI 43-101 resource of 850 million tonnes grading 0.31% Cu. The recent Preliminary Economic Assessment (PEA) showed an After-tax net present value (NPV) of US$1.3B and Internal Rate of Return (IRR) of 36.1% at US$3.50/lb Cu
- In Zambia, Koryx holds 51% with an option to acquire 80% in three large exploration licenses covering 752 sq. km in the heart of the Zambia Copper Belt, one of the most prolific copper belts in the world.
Investment Highlights
- Trading at a serious discount to the after tax NPV of the most recent PEA. NPV at $3.50/lbs Cu: US$1.3B; Current Market Cap CDN $24 million
- Copper: Key metal for the green revolution; Number one commodity for the next 30 years
- Copper: Soaring demand / Dwindling supply
- Prime location in Namibia and Zambia, one of the most prospective copper belt in the world
- Substantial exploration upside
- Easy and low-cost access to the projects
- Near infrastructures
- Mining friendly jurisdictions
- Highly experienced Management Team with decades of experience in Africa.
Haib Copper Project, Southern Namibia
- The Haib copper deposit is a large copper/molybdenum deposit situated 40 kilometres from the southern boundary of Namibia.
- The property covers 370 sq. km (37,000 ha)
- Near highway, 15 km from Orange River, where water can be pumped via pipeline
- 85 km from a major power line
- Indicated: 3.1B lbs of copper
- Inferred: 2.2B lbs of copper
- Large high-grade zone (up to 200 m intercepts at 0.45% to 2.37% Cu)
- Excellent Metallurgical Results
- Amenable to low-cost metal extraction technologies
- Strong February 2021 PEA
- Substantial exploration upside
Koryx’s recent exploration work has enabled the delineation of many large structures (shears and faults) controlling higher grade areas. Those structures were never identified by previous companies. This is a major step forward in the understanding of the geology of the deposit. Most of the structures are vertically oriented. Therefore, the previous vertical drilling has missed most of those high grade areas. Koryx’s oriented drilling has proven that the deposit is structurally controlled and that the revised drilling orientation will enable to increase average grade of the deposit.
Zambia Licenses
- Koryx holds 51% with an option to acquire 80% of three large exploration licenses
- 752 sq. km. in the heart of the Central African Copper belt
- The Copperbelt is the world’s largest sediment-hosted stratiform copper province. It includes at least 14 giant deposits
- Licenses are at proximity to 9 large copper mines
- Excellent infrastructures
- Near of power lines
- Substantial exploration upside
- Mining friendly jurisdiction
- Many major mining companies operate in the country such as Barrick, First Quantum, Rio Tinto, Glencore, Vendanta and Sino Metals.
License Luanshya West (23246)
- The license covers 54.5 sq. km and is situated over the contact between the Granite Basement and the Lower Roan Group where most of the copper mines are located in Zambia
- 2023 soil sampling program comprising 1987 samples has enabled to identify 10 major copper anomalies and 13 major cobalt anomalies
- The 4 highest copper assays: 634ppm, 602ppm and 568ppm, 506ppm
- Peak values in Zambian deposits range between 150ppm and 450ppm
- The 4 highest cobalt assays: 558ppm, 282ppm 179ppm, 174ppm
- Peak values in Zambian deposits range between 50ppm and 170ppm
- Recently completed geophysical survey will be interpreted and delineate drilling targets
2024 Exploration and Development Program
Namibia:
- Currently drilling up to 5,000 meters
- HPGR, flotation, roast leaching and bio heap leaching test; 750 kg of samples from the current drilling (2024)
- NI 43-101 resource estimation update
- Currently advancing Environmental and Social Impact Assessment
Zambia:
- Induced Polarization (IP) survey data to be interpreted and creating a 3D model. Delineation of drilling targets.
Management and Directors
Pierre Léveillé, President & Chief Executive Officer, Director
Over 30 years of experience in the international financial sector, of which 20 years of experience in the mining exploration industry
From the mid 1990’s to today, he has been Officer and Director of several exploration companies active in Africa
Financed and managed exploration projects in Africa since 1996 including the acquisition and operation of a diamond mine. He realized over US$100 million in transactions and financings for African mining exploration projects.
Jean-Luc Roy, Chief Operating Officer & Acting Chairman
Has been a major contributor to the development of several important corporations in Africa during the last 30 years
Has been country Manager and COO for majors, mid-tiers and junior exploration companies such as First Quantum Minerals, Resolute Mining and Ampella Mining
Director for CanAlaska Uranium (TSX:CVV)
Vivian Stuart-Williams, Vice President of Exploration
Geologist with 46 years of experience in the mining and exploration industry, principally in the southern African region.
Has been involved in base metals, gold, coal, and industrial mineral projects.
Dean Richards, Vice President of Mineral Resource development
Geologist with 29 years of geological experience in exploration, mineral resource modeling and estimation, as well as mine planning and design.
Has been involved in base metals, gold, silver, platinum, manganese, vanadium coal, and industrial mineral projects.
Has worked in a number of locations across Africa, Europe and South America.
Chantelle Collins, Chief Financial Officer
Bachelor's degree in Accounting and is a member of the Chartered Professional Accountants Association of BC (CPA, CGA)
12 years of experience working in the public sector
Taryn Downing, Corporate Secretary
Over 25 years of experience in corporate compliance and public company management
Pierre Matte, Director
Matthew Starnes, Director
Alfredo Luis Riviere Gonzalez, Director
On November 15, 2024, Koryx Copper Closes Third Tranche of Private Placement and Provides Update on Flagship Haib Copper Project. Closing third tranche in amount of C$3.1m, bringing the total raised in this financing to C$18m.
Heye Daun, Koryx Executive Chairman commented: "We are delighted and very thankful for the strong support, which our longstanding financial supporters, especially Ross Beaty, RCF and others have shown us once again. With new leadership in place, a proven technical team and a selection of top-class Namibian and international engineering groups and technical consultants, whom we have worked with for many years, we now have all the ingredients in place to give the development of the Haib Copper Project a major push. We have already started growing our team and putting in place the necessary infrastructure to be able to significantly accelerate our drilling and study activities at Haib with the aim of proving its technical and economic feasibility during 2025 with the publication of an enhanced PEA and PFS in quick succession thereafter. We are highly motivated to give Haib the push it needs to become Namibia’s next major copper champion.”
On November 08, 2024, Koryx Copper Inc. has closed the second tranche of its previously announced non-brokered private placement (see press releases dated Sept. 25, 2024, and Oct. 15, 2024) raising $5,200,892.40 for the sale of 4,728,084 common shares of the company at a price of $1.10 per share.
The net proceeds from the offering will be used to advance the Haib copper project in Namibia, the Luanshya West project in Zambia and for general working capital purposes.
On October 23, 2024, Koryx Copper Inc. has publicly filed its new technical report with an updated mineral resource estimate titled, "NI 43-101 Technical Report - August 2024 Mineral Resource Estimate for the Haib Copper Project, Namibia" with an effective date of Aug. 31, 2024, and a report date of Oct. 23, 2024. The technical report was prepared for the company by The MSA Group Pty. Ltd., authored by Jeremy C. Witley, PrSciNat (nr. 400181/05), head of mineral resources of The MSA Group Pty. Ltd. and by Damian E.G. Connelly, BAppSc, FAusIMM (nr. 105679), (CP) Met, FIEAust, principal consultant of METS Engineering Group Pty. Ltd.
The new technical report details the updated mineral resource estimate first announced by the company in its news release dated Sept. 10, 2024, and is publicly available under the company's profile on SEDAR+.
On October 15, 2024, Koryx Copper Inc. has closed the first tranche of the previously announced non-brokered private placement on Oct. 11, 2024, raising gross proceeds of $9,668,463.20 from the sale of 8,789,512 common shares of the company at a price of $1.10 per share.
The company has increased the size of the offering to raise combined gross proceeds (including this first tranche) of up to $17-million in aggregate. The second tranche is fully subscribed for and is expected to close shortly.
The net proceeds from the offering will be used to advance the Haib copper project in Namibia and the Luanshya West project in Zambia, and for general working capital purposes.
On September 25, 2024, Koryx Copper Inc. has received commitments for $10-million proceeds pursuant to a non-brokered private placement for the sale of up to 9,090,910 common shares of the company at a price of $1.10 per share.
The offering is subject to TSX Venture Exchange approval, and all shares issued under the offering will be subject to a four-month hold from the date of issuance. No new control person will be created as a result of the offering. The total amount of the offering has already been committed to, and the company expects that the offering will be fully subscribed.
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 for general working capital purposes.
On September 24, 2024, Koryx Copper Inc. has appointed a highly experienced technical and management team that will implement the fast-tracked development of the Haib copper project in Namibia. This multidisciplinary team has worked together successfully for many years advancing Osino's 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. Highlights:
- Tony da Silva appointed as chief financial officer;
- Charles Creasy appointed as head of project development;
- Steve Burks appointed as senior metallurgical study consultant;
- Jon Andrew appointed as vice-president of exploration (Namibia and Zambia);
- All four are part of the former Osino management team who discovered and advanced Osino's Twin Hills gold project in Namibia until the recent sale to Shanjin Gold International. They have successfully worked together as a team for over five years and continue to assist in the ownership transition of Osino, whilst taking up their new roles with Koryx;
- Together with this established and well proven team, Heye Daun and Alan Friedman will lead the repositioning of Koryx as a successful African copper developer with a strengthened shareholder base, improved technical credibility and better public market traction.
On September 10, 2024, Koryx Copper Inc. announced that an updated resource statement for the Haib Copper Project completed by the Company’s independent technical consultant MSA Group (“MSA”) following all results being received from the 2024 drilling program. Highlights:
- Indicated mineral resource of 414Mt @ 0.35% Cu for 3,216 Mlbs Cu at 0.25% cut-off
- Inferred mineral resource of 345Mt @ 0.33% Cu for 2,503 Mlbs at 0.25% cut off
- Sensitivities at 0.3% Cu cut off and 0.5 revenue factor of 116 MT at 0.41% Cu for 1,058 Mlbs Cu
- Follow-on diamond core drill program comprising 8,200m will commence shortly, targeting higher grade areas and potential mineral resource extensions
- Additional significant drill program planned for later in 2024 or early 2025 to investigate areas of down dip extension with no previous drilling but the potential for significant mineral resource expansion
Heye Daun, Koryx Copper’s Executive Chairman, stated: “We are delighted with the results of the recently completed drill program, which have now been modelled and have resulted in an overall grade increase of 13-14% of the entire Haib deposit. This is a very significant improvement and has been achieved by focusing the drilling on structurally controlled, higher grade portions of especially the Target 1 area of the Haib deposit. This success is even more remarkable, given the relatively limited amount of new drilling which was completed as part of this program. It is testament to the quality of the technical work which the team carried out and which continues to identify further areas of potential grade improvement and mineral resource growth of the Haib deposit. As the incoming management team we are very excited about the positive base which has been established. The next step is to build on this by planning & 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 to fast-track the development of the Haib copper deposit.”
On September 04, 2024, Koryx Copper Inc. has appointed Heye Daun as executive chairman and Alan Friedman as lead independent director of Koryx, effective immediately.
Furthermore, Jean-Luc Roy, Pierre Matte and Tim Fernback have resigned from the board of directors. Pierre Leveille steps down as chief executive officer but remains president and director of the company. All the changes are effective immediately.
Pending the conclusion of their continuing technical review of Koryx activities, Mr. Daun and Mr. Friedman will lead the repositioning of Koryx Copper as a successful African copper developer with a strengthened shareholder base, improved technical credibility and better public market traction.
Heye Daun, incoming executive chairman, stated: "After investing our own capital into Koryx earlier in 2024, we are delighted to now be joining the board of directors and to be taking a leading role in repositioning Koryx as a successful Namibian copper developer with very significant scale potential. Our track record and experience, particularly in Namibia, in founding Osino and leading its rapid advancement from discovery to construction is a great example of our vision for Koryx Copper. That vision is to demonstrate the technical and economic feasibility of the Haib copper project as the next great copper development asset in Africa. We plan to achieve this by financing the company, assembling a quality management team, and then to permit and advance the project to construction readiness in as short a time frame as possible."
On August 08, 2024, Koryx Copper Inc. has released the sixth and final batch of assay results from the first half 2024 drill program at its Haib copper project in southern Namibia.
The seven holes for which assay results are reported herein cover 1,430 metres and 716 sample assays. One of the holes reported was drilled on target 1, two were drilled from target 1 towards target 2 and the remaining four were drilled in the target 2 area. The primary purpose of this drill program was to close the sample spacing in target 1, define the mineralization between target 1 and target 2, and to delineate the grade limit above 0.3 per cent copper in the target 2 area. Highlights:
- HM25: 44 metres of 0.32 per cent copper equivalent (from surface), including eight metres of 0.51 per cent copper equivalent;
- HM40: 28 metres of 0.31 per cent copper equivalent (from surface) and 10 metres of 0.80 per cent copper equivalent from 104 metres;
- HM41: 24 metres of 0.34 per cent copper equivalent, including six metres of 0.53 per cent copper equivalent;
- HM44: 76 metres of 0.33 per cent copper equivalent and 48 metres (from surface) of 0.31 per cent copper equivalent;
- HM45: 72 metres of 0.38 per cent copper equivalent, including 10 metres of 0.68 per cent copper equivalent;
- HM46: 80 metres of 0.34 per cent copper equivalent (from near surface), including four metres of 0.58 per cent copper equivalent;
- HM47: 28 metres of 0.39 per cent copper equivalent (from near surface) and 40 metres of 0.39 per cent copper equivalent.
Pierre Leveille, president and chief executive officer of Koryx, stated: "The final results from our 2024 drill program demonstrate that the deposit can deliver grades over 0.3 per cent copper for substantial widths within the project area. They also indicate the potential to significantly improve the average grade of the deposit compared to previous mineral resource estimates. These results are also important in that they also indicate above-average grades in the outer limits of the deposit. This bodes well for the imminent, updated [National Instrument] 43-101 mineral resource estimate and follow-up drill program due to start in August, 2024."
On July 03, 2024, Koryx Copper Inc. has appointed Charles Loots as an independent director effective immediately.
Mr. Loots is a Namibian permanent resident and a dual South African and Australian citizen. He has 24 years of experience in the mining industry and is an environmental, social and corporate governance (ESG) specialist within Namibia and throughout Africa. He is currently project support manager for Osino Resources in Namibia. From 2012 to 2023, he was employed in a senior executive position as general manager -- corporate and director for B2 Gold in Namibia. Prior to those roles, he was general manager and director of Auryx Gold Namibia, manager corporate affairs for Anvil Mining, and community manager for AngloGold Ashanti overviewing seven mines in Mali, Tanzania, Namibia, Guinea and Ghana.
Pierre Leveille, president and chief executive officer of Koryx, stated that: "The appointment of Mr. Loots to our board of directors is a very strong move for the development of the company. Mr. Loots brings a wealth of knowledge and mining experience in Namibia and provides a solid background in ESG to the company. His vast experience and qualifications add considerable strength to Koryx as we develop our mineral assets in Namibia and Zambia."
On June 20, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on May 22, 2024.
Number of shares: 16,665,759 shares
Purchase price: 12 cents per share
Number of placees: 47 placees
Total existing pro group involvement: 1,041,697 (seven pro groups)
On June 17, 2024, Koryx Copper Inc. has closed a non-brokered private placement for total gross proceeds of $1,999,890.96 for the sale of 16,665,758 common shares of the company at a preconsolidation price of 12 cents per share.
All shares issued under the offering are subject to a four-month hold from the date of issuance. The company did not pay any finders' fees and no new control person has been created as a result of the offering.
The net proceeds from the offering will be used for exploration work on the company's Haib copper project in Namibia and Luanshya West project in Zambia and for general working capital purposes.
On June 12, 2024, Pursuant to a directors resolution passed on May 21, 2024, the company has consolidated its capital on a one-new-for-five-old basis. The name of the company has not been changed.
Effective at the opening on Friday, June 14, 2024, the common shares of Koryx Copper Inc. will commence trading on the TSX Venture Exchange on a consolidated basis. The company is classified as a mining company.
On June 11, 2024, Koryx Copper Inc., further to its news release on May 22, 2024, has received approval of the TSX Venture Exchange for the consolidation of the company's issued and outstanding common shares on the basis of one new common shares for every five existing common shares. The consolidation is effective as at the opening of the market on June 14, 2024.
The company's name and trading symbol remain unchanged following the consolidation. The new CUSIP number will be 50067J202 and the new ISIN will be CA50067J2020 for the postconsolidation common shares. The company has 231,668,716 preconsolidation common shares issued and outstanding (including the shares issued under the offering) and, after the consolidation, there are approximately 46,333,743 postconsolidation common shares issued and outstanding (excluding the common shares issued under an offering of common shares that is expected to close on June 13, 2024).
On May 22, 2024, Koryx Copper Inc. has received commitments for $2-million proceeds pursuant to a non-brokered private placement for the sale of up to 16,666,666 common shares of the company at a price of 12 cents per share.
The offering is subject to TSX Venture Exchange approval, and all shares issued under the offering will be subject to a four-month hold from the date of issuance. The company will not pay any finders' fees and no new control person will be created as a result of the offering. The total amount of the offering has been committed to and the company expects that the offering will be fully subscribed.
The net proceeds from the offering will be used to advance the Haib copper project in Namibia the Luanshya West project in Zambia, and for general working capital purposes.
The company also announces that its board of directors has approved the consolidation of all of the issued and outstanding shares of the company on the basis of one new common share for every five existing shares, subject to TSX-V approval.
On May 15, 2024, Koryx Copper Inc. has released the sixth batch of assay results from the current drill program at its Haib copper project in southern Namibia. The results from the latest three drill holes continue to confirm that the deposit can deliver high grades over substantial widths within the known historical resource.
The hole intersects 338.61 meters at 0.38% Cu Eq including 230.61 meters at 0.45% Cu Eq and multiple 2 meters intersections over 1.00% Cu Eq.
Pierre Leveille, President & CEO of Koryx stated that: " We keep generating very positive results that demonstrate that the average grade of the deposit could be higher than the previous Mineral Resource Estimate. We are highly satisfied with those results which clearly add significant value to the deposit.
We expect the results of the remaining 8 drillholes from the 2023-2024 drill program within four weeks, after which the focus will shift to updating the Mineral Resource Estimation."
April 24, 2024, Koryx Copper announced the fifth assay results from its current drilling program at its Haib Copper project in southern Namibia.
- HM19: 116 m from near surface @ 0.54% CuEq
- HM20: 26.00 m @ 0.44% CuEq
- HM24: 44.00 m 0.32% CuEq
- HM36: 207 m @ 0.49% CuEq, including 92.00 m @ 0.58% CuEq
- HM37: 255 m from surface @ 0.36% CuEq, including 38.00 m @ 0.45% and 98.00 m @ 0.44% CuEq
- All drill intercepts included multiple +2 metre samples with >1.00% CuEq with one interval returning 3.95% CuEq, the highest in the history of the project.
Pierre Léveillé, President & CEO of Koryx stated that: “We keep generating very positive results that demonstrate that the average grade of the deposit could be higher than the previous Mineral Resource Estimation. We are highly satisfied with those results which clearly add significant value to the deposit. We still have 9 holes that have been drilled with assays yet to be reported.”
April 10, 2024, Koryx Copper announced the fourth assay results from its current drilling program at its Haib Copper project in southern Namibia.
- HM17: 0.93% CuEq over 12 metres from near surface, including 4 m @ 1.52% CuEq.
- HM32: 0.43% CuEq over 98.00 m, including 4 m @ 1.12% CuEq, 2.00 m @ 1.47% CuEq.
- HM33: 0.37% CuEq over 34 m, including 8 m at 0.49% CuEq.
April 4, 2024, Koryx Copper announced the third assay results from its current drilling program at its Haib Copper project in southern Namibia.
- HM34: 1.06% CuEq over 16 metres from near surface including 8 m @ 1.71% CuEq; and 0.40% CuEq over 168.60 m including 2 m @ 1.50% CuEq, 2 m @ 1.48% CuEq, and 2 m @ 1.02% CuEq .
- HM38: 0.73% CuEq over 34.00 m including 2 m @ 2.28% CuEq, 2 m @ 1.32% CuEq, 4 m @ 1.23% CuEq; and 0.33% CuEq over 50 m.
- HM39: 0.37% CuEq over 50 m including 4 m at 1.16% CuEq.
March 28, 2024, Koryx Copper Closed a Non-Brokered Private Placement Totalling $1,505,250
https://koryxcopper.com/koryx-copper-closed-a-non-brokered-private-placement-totaling-1505250/