Koryx Copper Announces Maiden Drill Program on Zambia Projects and Agreement to Increase Ownership to 80%

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Postmedia has not reviewed the content. by GlobeNewswire Koryx Copper Announces Maiden Drill Program on Zambia Projects and Agreement to Increase Ownership to 80%Author of the article:Luanshya West license with four targets to be drill tested (highlighted as black boxes) GNWTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountMaiden 2,500m diamond drill program at Luanshya West scheduled to commence during the week of 21 September, with completion expected by end-of-yearDrilling will test up to four priority targets, targeting vertical depths of 100-250mFurther exploration underway at Mpongwe to refine existing and new targets, with approximately 3,000 soil samples planned to be collected by end of yearAgreement to increase Koryx’ ownership from 51% to 80%, with no remaining contractual expenditure commitments to complete earn-in LUXEMBOURG, Sept. 18, 2026 (GLOBE NEWSWIRE) — Koryx Copper S.A. (TSX:KRY.V) (NSX:KYX) (OTCQX:KRYXF) (“Koryx” or the “Company”) is pleased to announce it has entered into an amended and restated option agreement (the “A&ROption Agreement”) with World Class Mineral Ventures Limited (“WCMV”). Pursuant to the A&R Option Agreement, Koryx, through its wholly owned subsidiary, Koryx Copper Mauritius, will increase its ownership interest in Koryx Copper Zambia Ltd (“KCZ”) from 51% to 80% (the “Transaction”). KCZ holds 100% of two large-scale exploration licenses at the Luanshya West Project (LEL 23246) and the Mpongwe Project (LEL 23248) located in the Zambian Copperbelt (the “Licenses”).Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againHeye Daun, Koryx Copper’s President & CEO commented: “While the Haib project in Namibia remains our primary focus, our Zambian exploration programs have made significant progress since Koryx’ management transition. Detailed magnetic surveying, soil sampling, and pitting at Luanshya West have helped identify and prioritise four targets which we will begin drilling this month, while regional sampling and our reassessment of exploration data at Mpongwe have confirmed new targets for infill sampling to be completed later this year.We continue to be encouraged by the exploration progress and resource potential in Zambia and have therefore decided to accelerate our ownership in Koryx Copper Zambia Ltd which holds both Luanshya West and Mpongwe. This gives us greater flexibility to assess our strategic options to monetize the Zambian Projects, while continuing to retain our operational and financial emphasis on the advancement of Haib.”Amended and Restated Option AgreementThe A&R Option Agreement amends and restates Koryx’ 2022 earn-in agreement with WCMV (the “Initial Agreement”). Under the Initial Agreement, Koryx could earn an interest of up to 80% in three large-scale exploration licenses held by WCMV (LEL 23246, LEL 23247 and LEL 23248, collectively, the “Initial Licenses”). Koryx had acquired a 51% interest in the Initial Licenses by way of earn-in. Increasing Koryx’ interest from 51% to 80% originally required a further US$3 million in exploration expenditure over three years, with approximately US$1.1 million spent to date, together with US$90,000 in cash and additional share payments. The Company had already relinquished LEL 23247, leaving Luanshya West and Mpongwe as the two projects covered by the amended agreement.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.On closing, the A&R Option Agreement will increase Koryx’ interest in these two projects to an effective 80%, indirectly through its 80% ownership of KCZ, and eliminate the remaining contractual earn-in expenditure commitments. The aggregate consideration payable by Koryx at closing of the Transaction is: (a) US$200,000 in cash; and (b) 80,000 common shares in the capital of Koryx (the “Common Shares”) at a deemed price of C$3.50 per Common Share, subject to any adjustment required by the TSX Venture Exchange (the “Exchange”). The amended agreement also provides a conditional right for Koryx to acquire the remaining 20% interest for US$400,000 if WCMV elects not to contribute its share of future project funding.The Transaction constitutes an “Expedited Acquisition” in accordance with Exchange policies. The Common Shares issuable under the A&R Option Agreement will be subject to a hold period of four months and one day pursuant to Canadian securities laws. Closing of the Transaction is subject to customary closing conditions, including acceptance by the Exchange, and is expected to occur no later than the outside date of September 30, 2026. No finder’s fees are payable.Zambia Projects Exploration UpdateThe Company is pleased to provide an update on exploration activities in Zambia, where fieldwork has commenced on both the Luanshya West (license 23246-HQ-LEL) and Mpongwe (23248-HQ-LEL) projects.At Luanshya West an initial diamond drill program will commence before the end of September 2026 aimed at testing three or four targets with 2,500m of drilling (see Figure 1 below). Drill holes will be inclined and test surface geochemistry anomalies, induced polarization (IP) chargeability and resistivity features and structural targets to a vertical depth of 100m to 250m. The drill program is expected to be completed by mid-December this year.At the Mpongwe project, follow up and in-fill soil sampling will be completed on targets identified during 2025 sampling programs (at Lwabufubu, MP1 and MP2 targets), as well as completing regional soil sampling in the western parts of the license which could not be sampled in 2025. The sampling is expected to be completed in early November and will total about 3,000 samples. Results and possible early onset of the rainy season will determine whether follow up shallow drilling will be carried out in late 2026 or be delayed until 2027.Figure 1: Luanshya West license with four targets to be drill tested (highlighted as black boxes)Quality Assurance / Quality Control All drill core is HQ sized at collar and reduced to NQ size in fresh rock. The core was all logged, photographed, and cut in half with a diamond saw. Half of the core was bagged and sent to ALS Laboratories Ltd. in Johannesburg, South Africa for analysis (SANAS Accredited Testing Laboratory, No. T0387) and ActLabs in Canada, while the other half was quartered with one quarter archived and stored on site for verification and reference purposes while the other quarter will be used for metallurgical test work. 33 elements are analyzed by Inductively Coupled Plasma (ICP) utilizing a 4-acid digestion and gold is assayed for using a 30g fire assay method. Duplicate samples, blanks, and certified standards are included with every batch and are actively used to ensure proper quality assurance and quality control (“QA/QC”) The QA/QC frequency is 1 in 20 for each of blanks, duplicates and standards. Mr. Dean Richards, BSc. (Hons) Geology, Pr.Sci.Nat., MGSSA – is the Qualified Person for the Haib Copper Project and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr.Sci.Nat. No. 400190/08). Mr. Richards is independent of the Company and its mineral properties and is a Qualified Person for the purposes of National Instrument 43-101.Koryx Copper S.A. is a Luxembourg domiciled copper development Company focused on advancing its 100% owned Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia. Haib is a large copper porphyry deposit in southern Namibia with significant gold and molybdenum credits and a long history of exploration and project development by multiple operators.More than 155,000m of drilling has been conducted at Haib since the 1970’s with significant exploration programs led by companies including Falconbridge (1964), Rio Tinto (1975), Teck (2014) and Koryx Copper (2021-2026). Extensive further drilling, metallurgical testing and various technical studies have been completed at Haib. Additional studies are underway aiming to demonstrate Haib as a future long-life, low-cost, low-risk open pit, sulphide milling and flotation copper project with additional heap leach potential.Mineralisation at Haib is typical of a porphyry copper deposit and is dominantly chalcopyrite with minor bornite and chalcocite present and only minor secondary copper minerals at surface due to the arid environment. Haib is one of only a few examples of a Paleoproterozoic porphyry copper deposit in the world. Due to its age, the deposit has been subjected to multiple metamorphic and deformation events but still retains many of the classic mineralisation and alteration features typical of these deposits.Further details of the Haib Copper Project are available in the technical report titled “March 2026 Mineral Resource Estimate Haib Copper Project, Namibia, National Instrument 43-101 Technical Report” dated effective March 16, 2026. The report and other information are available on the Company’s website at www.koryxcopper.com and under the Company’s profile on SEDAR+ at www.sedarplus.ca.Additional information is also available by contacting the Company:Aideen McDermott Investor Relations amcdermott@koryxcopper.com+1-416-837-7680Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Cautionary Statement Regarding Forward-Looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the future or prospects of the Haib project or the Company, including prospective production rates and life-of-mine, the timing of publishing a PFS, the commencement of trading of the Shares under the new Company name, and the effective date of the new CUSIP and ISIN assigned to the Shares. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect “, “is expected “, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.