VANCOUVER, British Columbia, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Koryx Copper Inc. ("Koryx" or “the Company") (TSX-V: KRY) announces that it has initiated an induced polarization survey program at the Luanshya West (23246-HQ-LEL) project in Zambia. The induced polarization (IP) survey is a ground electrical geophysical survey which will help with drill target generation exercise prior to drilling. The IP survey will consist of two phases. The first phase will include 40.1 line kilometres of gradient array IP at 100m spacing over 6 targets totaling up to about 300 hectares that exhibits consistent geochemistry anomalies with strong Cu and Co association delineated from the previous soil sampling program and defined by the interpretation report recently completed by Earthmap Consulting. Phase two will comprise of pole dipole over IP anomalies generated by the gradient array. The survey parameters of pole dipole will depend on the geometry of the IP anomalies generated by the gradient array IP.
Pierre Léveillé, Koryx's President & CEO, stated, "This work program is a critical step toward delineating and prioritizing drill targets. The Company's recently completed review and interpretation of existing geochemical, geological, and regional airborne data provided 6 prioritized zones warranting detailed follow up groundwork. The IP survey will provide valuable subsurface geophysical signatures within these prioritized zones and support in defining drilling targets for a drill campaign to come in 2024."
Earthmap Consulting was mandated to complete the geophysical interpretation of airborne magnetic data available for the Luanshya West project. The report concluded the following:
The superimposition of Koryx Copper latest soil geochemical Cu and Co results suggest two styles of mineralization targets:
1- A high priority Footwall Arenite-Hosted Cu-Co soil anomaly with a footprint size similar to the Chibuluma South deposit, as well as 14 km of currently under-sampled Lower Roan Subgroup where additional Footwall Arenite-Hosted Cu-Co mineralization may still be found.
2- Five additional Cu-Co soil anomalies are situated in upper stratigraphy, namely Upper Roan Subgroup and possibly Mwashya Subgroup. These anomalies may indicate lateorogenic, structurally controlled Cu-Co mineralization. The aeromagnetic data is of insufficient resolution to show possible structural controls in all except one of these five targets.
Earthmap recommended to follow up the soil anomalies of all the targets with an Induced Polarization (“IP”) geophysical survey followed by drilling on the two anomalies situated over the Lower Roan Subgroup (targets 1 and 2). Earthmap also recommended the IP program and a high resolution magnetics survey followed by drilling for the 5 other targets.
Other matters
The Company has granted an aggregate of 3.75 million stock options of the company to directors, officers, and employees.
Each option entitles its holder to purchase one common share of the company at a price of $0.08 per share for a period of 3 years and will vest immediately. Options are granted in accordance with Policy 4.4 of the TSX Venture Exchange and the terms and conditions of the company's stock option plan.
About Koryx Copper Inc
Koryx Copper is a mineral exploration and development company. Koryx growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. The Company holds the Haib Copper Project in Namibia and holds an interest in three exploration licenses in the Copperbelt in Zambia. In using and assessing environmentally friendly technologies in the development of its copper projects, Koryx embraces the green revolution.
Neither 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.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: info@koryxcopper.com
www.koryxcopper.com
