Koryx Copper Advances Haib Project with $18M Financing
Friday, Nov 15, 2024 9:47 am ET
1min read Koryx Copper Inc. (TSX-V: KRY) has successfully closed the third and final tranche of its non-brokered private placement, raising C$18 million in total. The funds will be allocated to advance the company's flagship Haib Copper Project in southern Namibia and other Koryx initiatives. This significant investment reflects the market's confidence in Koryx's growth potential and the Haib Copper Project's viability.
The Haib Copper Project is a large and advanced copper/molybdenum porphyry deposit with a long history of exploration and project development. With more than 70,000 meters of drilling completed since the 1970s, the project has seen significant exploration programs led by companies such as Falconbridge, Rio Tinto, and Teck. The deposit retains many of the classic mineralization and alteration features typical of porphyry copper deposits, with dominant chalcopyrite and minor bornite and chalcocite present.
Koryx plans to use the raised capital to achieve several key milestones for the Haib Copper Project. An 8,200-meter Phase 2 drill program has commenced, using two drill rigs to test and extend previously identified areas of higher grade mineralization. Metallurgical testwork sampling is underway to demonstrate the feasibility of conventional processing routes, with samples dispatched to laboratories for analysis. The company has also identified potential technology providers and metallurgical facilities to assist with testing and flowsheet development of possible pre-concentration and bacterial heap leaching processes for lower grade material.
DRA Global Limited has been appointed as the overall co-ordinating engineering group to compile an enhanced preliminary economic assessment (PEA) for the project. This PEA aims to demonstrate the economic feasibility of conventional sulphide flotation for the higher grade material. Various other specialist studies, including environmental and social impact assessments, tailings storage facility design, pit geotechnical analysis, mine planning, and infrastructure studies, are also underway to support permitting applications.
In addition to these technical advancements, Koryx is growing its Namibian technical team and improving infrastructure to substantially increase drilling and study activities from the first quarter of 2025. The company's strategic partnerships and investments, led by prominent investors such as Ross Beaty and Resource Capital Funds, will enhance its growth prospects and contribute to the long-term success of the Haib Copper Project.
The successful closure of Koryx Copper's private placement demonstrates the market's confidence in the company's ability to unlock the significant copper resources at Haib and deliver value to shareholders. With a balanced and analytical approach to investing, Koryx is well-positioned to capitalize on the growing demand for copper and the potential of the Haib Copper Project.
The Haib Copper Project is a large and advanced copper/molybdenum porphyry deposit with a long history of exploration and project development. With more than 70,000 meters of drilling completed since the 1970s, the project has seen significant exploration programs led by companies such as Falconbridge, Rio Tinto, and Teck. The deposit retains many of the classic mineralization and alteration features typical of porphyry copper deposits, with dominant chalcopyrite and minor bornite and chalcocite present.
Koryx plans to use the raised capital to achieve several key milestones for the Haib Copper Project. An 8,200-meter Phase 2 drill program has commenced, using two drill rigs to test and extend previously identified areas of higher grade mineralization. Metallurgical testwork sampling is underway to demonstrate the feasibility of conventional processing routes, with samples dispatched to laboratories for analysis. The company has also identified potential technology providers and metallurgical facilities to assist with testing and flowsheet development of possible pre-concentration and bacterial heap leaching processes for lower grade material.
DRA Global Limited has been appointed as the overall co-ordinating engineering group to compile an enhanced preliminary economic assessment (PEA) for the project. This PEA aims to demonstrate the economic feasibility of conventional sulphide flotation for the higher grade material. Various other specialist studies, including environmental and social impact assessments, tailings storage facility design, pit geotechnical analysis, mine planning, and infrastructure studies, are also underway to support permitting applications.
In addition to these technical advancements, Koryx is growing its Namibian technical team and improving infrastructure to substantially increase drilling and study activities from the first quarter of 2025. The company's strategic partnerships and investments, led by prominent investors such as Ross Beaty and Resource Capital Funds, will enhance its growth prospects and contribute to the long-term success of the Haib Copper Project.
The successful closure of Koryx Copper's private placement demonstrates the market's confidence in the company's ability to unlock the significant copper resources at Haib and deliver value to shareholders. With a balanced and analytical approach to investing, Koryx is well-positioned to capitalize on the growing demand for copper and the potential of the Haib Copper Project.
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