Koryx Copper Inc. (formerly Deep-South Resources)
("
Koryx" or “
the
Company") (TSX-V: KRY) announces that, further to
its news release dated February 7, 2023 confirming a continuous
disclosure audit of the Company by the British Columbia Securities
Commission (the "BCSC"), it has filed an amended preliminary
economic assessment ("PEA") technical report (the "Amended Report")
for the Haib Copper project near Noordover in the south of Namibia.
The amendment has not impacted the material components of the PEA,
notably resources, metallurgy, mine plan, cost estimates, economic
analysis and environmental matters (see the Company’s news release
dated December 15, 2020 announcing the results of its PEA).
As disclosed in its February 7, 2023 news
release, because the Company was in a legal dispute with the
Ministry of Mines and Energy of Namibia (the “Ministry”) over the
license renewal of the project, the Company awaited to clarify the
legal status of the license before proceeding with the required
amendments to the original technical report. Once the license EPL
3140 Haib Copper was renewed in July 2023 by the Ministry, in order
to address the deficiencies noted by the BCSC and amend the report
accordingly, the Company engaged the services of Damian Connelly,
B.Sc. App Sc, FAusIMM, FIEAust of METS Engineering Group of
Australia and Peter Walker, B.Sc. (Hons) Geology, MBA, Pr.Sci.Nat.,
of P & E Walker Consultancy, both independent qualified persons
within the meaning of National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”) and contributing
original co-authors of the February 2021 technical report. The
Company has also appointed Mark Gallagher, Btech, FSIAMM of MSG
Consulting of South Africa, an independent qualified person within
the meaning of NI 43-101, for the purposes of Section 16 (Mining
Methods) of the Amended Report.
The Amended Report dated January 8, 2024
maintains an effective date of February 1, 2021 and is available on
SEDAR+ (www.sedarplus.ca) under Koryx's profile and on the
Company’s web site (www.koryxcopper.com).
The principal modifications to the Amended
Report are as follows: (i) adding a pit constraint in the mineral
resource estimation, (ii) adding details to support the choice of
the cut-off grade, (iii) removing 5 metal extraction options in
order to keep only one base case, (iv) modifying the
recommendations to propose to proceed with a pre-feasibility
instead of moving forward immediately with a feasibility study, and
(v) removing all the Appendixes attached the original February 2021
technical report.
A summary of the PEA highlights is provided in
Table 1.
Table 1 – Haib Copper project PEA Results and
Assumptions (all in US$)
20 Mtpa @ 85% Cu Recovery + CuSO4 |
LME Cu, tpa |
38,337 |
|
CuSO4.5H2O, tpa |
51,081 |
|
CAPEX, (US$M) |
$ 341 |
|
OPEX, (US$M / year) |
$ 96 |
|
Total Cost, US$/t ROM |
$ 8.00 |
|
Total Cost, US$/lb CuEq |
$ 1.33 |
|
Copper Price, US$/lb |
$ |
2.50 |
|
$ |
3.00 |
|
$ |
3.25 |
|
$ |
3.50 |
|
$ |
4.00 |
|
Avg. Annual Revenue LME Cu (US$ Million/year) |
$211 Million |
$254 Million |
$275 Million |
$296 Million |
$338 Million |
Avg. Annual Revenue CuSO4 (US$ Million/year) |
$90 Million |
$108 Million |
$116 Million |
$125 Million |
$143 Million |
Total Cost, USD/t ROM |
$ |
7.91 |
|
$ |
8.00 |
|
$ |
8.05 |
|
$ |
8.09 |
|
$ |
8.18 |
|
Total Cost, USD/lb CuEq |
$ |
1.32 |
|
$ |
1.33 |
|
$ |
1.34 |
|
$ |
1.35 |
|
$ |
1.36 |
|
NPV 7.5%, pre-tax (US$ M) |
$1,088 Million |
$1,673 Million |
$1,966 Million |
$2,259 Million |
$2,844 Million |
IRR pre-tax |
|
32.2 |
% |
|
42.6 |
% |
|
47.5 |
% |
|
52.2 |
% |
|
61.1 |
% |
Payback Period pre-tax |
|
3.94 |
|
|
2.94 |
|
|
2.6 |
|
|
2.4 |
|
|
2.0 |
|
NPV 7.5%, after-tax (US$ M) |
$681 Million |
$1,047 Million |
$1,229 Million |
$1,412 Million |
$1,778 Million |
IRR after-tax |
|
24.1 |
% |
|
31.3 |
% |
|
34.7 |
% |
|
38.0 |
% |
|
44.3 |
% |
Payback Period after-tax |
|
5.34 |
|
|
3.98 |
|
|
3.5 |
|
|
3.2 |
|
|
2.7 |
|
Strip Ratio |
1.41:1 |
LOM, years |
24 |
|
Note: The PEA is based only on
the estimated indicated resource and the inferred resource are not
part of this economic assessment
Please note that mineral resources that are not
mineral reserves do not have demonstrated economic viability.
Mineral resource estimates do not account for mineability,
selectivity, mining loss and dilution. These mineral resource
estimates are based on Indicated Mineral Resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves. However, there is no certainty
that these indicated mineral resources will be converted to
measured categories through further drilling, or into mineral
reserves, once economic considerations are applied. There is no
certainty that the preliminary economic assessment will be
realized.
Qualified Person
Damian E.G. Connelly, BSc (Applied Science),
FAusIMM, CP (Met), Principal Consulting Engineer of METS
Engineering Group is one of the main authors of the Amended Report
and is responsible for the technical part of this press release and
is the designated Qualified Person under the terms of NI
43-101.
About Koryx Copper Inc.
Koryx Copper is a mineral exploration and
development company. Koryx’s 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 by email
at info@koryxcopper.com
Cautionary statement on forward-looking
information
This news release contains “forward-looking
information” within the meaning of the applicable Canadian
securities legislation. Such statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the company, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information. Such statements can be
identified by the use of words such as “may”, “would”, “could”,
“will”, “intend”, “expect”, “believe”, “plan”, “anticipate”,
“estimate”, “scheduled”, “forecast”, “predict” and other similar
terminology, or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved. These statements reflect the company’s current
expectations regarding future events, performance and results and
speak only as of the date of this release.
The results of the PEA constitute
forward-looking information, including estimates of internal rates
of return, net present value, future production, estimates of cash
cost, assumed long term price for copper of US$3.00 per pound,
proposed mining plans and methods, mine life estimates, cash flow
forecasts, metal recoveries, and estimates of capital and operating
costs. Furthermore, with respect to this specific forward-looking
information concerning the development of the Haib Copper Project,
Koryx has based its assumptions and analysis on certain factors
that are inherently uncertain. Uncertainties include among others:
(i) the adequacy of infrastructure); (ii) unforeseen changes in
geological characteristics; (iii) changes in the metallurgical
characteristics of the mineralization; (iv) the ability to develop
adequate processing capacity; (v) the price of copper; (vi) the
availability of equipment and facilities necessary to complete
development; (vii) the size of future processing plants and future
mining rates, (viii) the cost of consumables and mining and
processing equipment; (ix) unforeseen technological and engineering
problems; (x) accidents or acts of sabotage or terrorism; (xi)
currency fluctuations; (xii) changes in laws or regulations; (xiii)
the availability and productivity of skilled labour; (xiv) the
regulation of the mining industry by various governmental agencies;
(xv) political factors, including political stability.
Other important factors that could cause actual
results to differ from these forward-looking statements also
include those described under the heading “Risk Factors” in the
Company’s most recently filed management discussion and analysis
(MD&A), which is available on SEDAR+ under the Company’s
profile at www.sedarplus.ca . There can be no assurance that such
statements 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. The Company does not undertake to
update or revise any such forward-looking statements or
forward-looking information contained herein to reflect new events
or circumstances, except as may be required by applicable
securities laws.
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