01:58 PM EDT, 05/26/2025 (MT Newswires) -- Koryx Copper ( KRYXF ) on Monday released assay results from 12 drill holes, totaling 3,603 meters, received as part of the phase 2 drill program for its 2025 exploration and project development strategy on the wholly-owned Haib Copper Project in southern Namibia.

The company said it completed 29 drill holes out of a planned 37 holes in phase 2 for 8,647m of diamond drilling and many results received have higher copper (Cu) grade than average mineral resource estimate (MRE) over large intercepts.

Best results included 572 meters testing at 0.33% copper from HM62, and 112 meters with at 0.32% copper.

A company statement noted that the phase 2 drill results indicate that inclined drilling on modelled structural corridors has the "potential to provide continuity of improved grades", especially in the Target 2 and Target 3 areas that have been tested to date.

The company added that four additional man portable rigs are expected to commence drilling in the second half of 2025, complementing the two track mounted and two skid rigs currently turning.

The company now expects to complete its phase 2 program by mid-year, and the phase 3 program by the end of Q1 2026. It expects to complete 28,000 meters by the end of 2025, with much of the drilling being completed in the second half of the year. The company further added that the final phase 4 infill drilling program to convert the entire mineral resource to indicated category will begin in the second quarter of 2026 and be completed by the end of 2026.

A statement further noted that work is ongoing to produce updated geological model which will improve mineral resource estimation later in 2025, and will include enhancements in lithology, structure and modelling of molybdenum (Mo) and gold (Au) by-products.

"We are very encouraged by the latest drill results which demonstrates that the Haib copper/molybdenum project continues to incrementally improve, albeit at a slightly slower drilling and assaying pace than we expected earlier this year," said Chief Executive Officer Heye Daun. "We now have a bulked-up technical team in place, with additional drill rigs expected to arrive within the next few weeks, which should improve our drilling rate from the 2nd half of the year. In parallel with the drilling, we are making very significant progress with the various met testwork components towards demonstrating the feasibility of a large-scale conventional sulfide flotation concentration flowsheet."

The company's shares were last seen up $0.02 to $0.97 on the TSX Venture Exchange.

Price: 0.97, Change: +0.02, Percent Change: +2.11