By Charles Pitts
Koryx Copper (TSX-V: KRY) has reported a significant drill intersection at its Haib Copper Project in southern Namibia, confirming the presence of massive, continuous mineralization from surface. The headline result, sourced from drillhole HM138, returned 584 meters grading 0.34% copper equivalent (CuEq). The intercept represents one of the most substantial mineralized intervals recorded in the project’s recent exploration history and underscores the potential for Haib to scale as a major bulk-tonnage porphyry operation.
The drilling update, released as part of the company’s ongoing 2026 expansion program, comes as Koryx transitions toward a Pre-Feasibility Study (PFS) slated for the second half of 2026. Beyond the sheer scale of the intercepts, the project is benefiting from a significant technological pivot: the integration of coarse particle flotation (CPF). This process optimization is designed to reject low-value waste early in the circuit, effectively upgrading the mill feed and transforming the economic profile of the deposit.
Drillhole HM138: Breaking Down the Numbers
The 584-meter intercept in HM138 is notable not only for its length but for its consistency. The mineralization began at surface and remained continuous through the entire length of the hole. Within this massive interval, several higher-grade zones were identified, suggesting that the “core” of the porphyry system may hold higher-than-average grades that could be prioritized during early-stage mining.
Key sub-intervals within HM138 included:
- 0–72 meters: 72m @ 0.48% CuEq
- 136–264 meters: 128m @ 0.36% CuEq
- 306–476 meters: 170m @ 0.42% CuEq (including 20m @ 0.70% CuEq)
The copper equivalent grade of 0.34% is comprised of primary copper enrichment along with byproduct credits for molybdenum (42 ppm) and gold (0.040 g/t). While 0.34% CuEq might appear modest compared to high-grade vein deposits, in the context of a 744-million-tonne Indicated resource, it sits above the current average resource grade of 0.32% CuEq. This suggests that recent drilling is successfully identifying zones that could provide a grade uplift to the overall resource model.
Technical Evolution: The CPF Breakthrough
For a decade, the Haib project was viewed as a “stranded” low-grade asset: too large to ignore but too low-grade to process through conventional means during periods of low copper prices. However, the 2026 flowsheet optimization has fundamentally changed that narrative.
Koryx is now moving toward an all-sulfide milling and flotation flowsheet, centered on the use of Eriez HydroFloat technology for coarse particle flotation (CPF). This technology allows the plant to treat ore at a much coarser size than traditional flotation cells. By rejecting approximately 25% to 30% of the ROM (run-of-mine) material as barren coarse gangue before it reaches the fine grinding stage, the company can achieve two critical objectives:
- Grade Uplift: The effective feed grade to the main flotation circuit is expected to rise to between 0.45% and 0.50% copper during the first decade of operation.
- Capex and Opex Reduction: Eliminating a quarter of the waste early in the process reduces the size and energy requirements of the downstream milling circuit.
“The demonstrated mass rejection enables the sulfide cut-off grade to be reduced from ~0.225% Cu to ~0.175% Cu,” noted a recent project technical review. This adjustment allows the mine to process more tonnage with better economics, as the low-value material is discarded before incurring the full cost of fine grinding and chemical treatment.
The move to an all-flotation flowsheet also eliminates the need for the previously planned sulfide heap leach circuit, simplifying the site layout and reducing environmental risks associated with large-scale leaching operations. This shift reflects a broader trend in the industry where ESG matters and digital twins are becoming as important as the drill results themselves.
Data Snapshot: Haib Project Fundamentals (2026 Outlook)
| Metric | Detail |
|---|---|
| Current Resource (Indicated) | 744 Mt @ 0.32% CuEq |
| Headline Intercept (HM138) | 584m @ 0.34% CuEq (from surface) |
| Flowsheet Optimization | Coarse Particle Flotation (Eriez HydroFloat) |
| Projected Mass Rejection | 25% – 30% of coarse gangue |
| Effective Mill Feed Grade | 0.45% – 0.50% Cu (Years 1-10) |
| Annual Production Target | ~92,000 tonnes of Copper |
| PFS Completion Target | H2 2026 |
Namibia: A Growing Copper Hub
The success at Haib is taking place within a wider resurgence of the Namibian mining sector. As the global race for Tier-1 copper dominance intensifies, Namibia has emerged as a stable, mining-friendly jurisdiction that is actively courted by Western powers.
In late 2025, the European Union announced a €1.3 billion Global Gateway investment package for Namibia, specifically targeting critical raw materials and clean energy. This geopolitical backing is crucial for large-scale projects like Haib, which require substantial infrastructure for water and power.
Furthermore, Namibia’s 2023 legislation banning the export of unprocessed ore has forced a strategic shift toward local beneficiation. For Koryx, this aligns perfectly with their plan to produce high-grade concentrates in-country. Other regional developments, such as the restart of the Kombat Mine and the advancement of the Hope & Gorob project, suggest that Namibia is on track to significantly increase its national copper output by 2027.
The 2026 Copper Context
The timing of the Haib expansion is aligned with a projected structural shortfall in the global copper market. S&P Global estimates that copper demand could reach 42 million tonnes by 2040, driven by the massive copper intensity of electric vehicles, data centers, and grid upgrades.
With long-term copper price assumptions now averaging around $4.80/lb: up significantly from 2020 levels: the economics of bulk-tonnage porphyries are being re-rated. While regions like the Vicuna District in Argentina are seeing high-grade discoveries, projects like Haib provide the necessary volume to meet the “Green Transition” demand.
Strategic Timeline and Risks
Koryx Copper aims to have the Haib project fully permitted and de-risked by the end of 2026. The upcoming H2 2026 PFS will be the definitive document that quantifies the impact of the CPF optimization on the project’s Net Present Value (NPV) and Internal Rate of Return (IRR).
However, several risks remain. Large porphyry projects are capital-intensive and sensitive to fluctuations in energy costs and water availability: a particular concern in the arid southern regions of Namibia. While the CPF flowsheet reduces water intensity by rejecting dry coarse tails, the scale of the 92,000-tonne-per-year operation will still require robust infrastructure solutions.
Conclusion
The 584-meter intercept at HM138 is a clear signal that Haib is not just a legacy resource, but a growing asset with significant grade continuity. By combining traditional geological expansion with modern processing technology like coarse particle flotation, Koryx Copper is positioning Haib to be a cornerstone of Namibia’s industrial future. As the industry looks toward the H2 2026 PFS, the focus will remain on whether these “monster” intercepts and technical gains can translate into a Tier-1 production profile.
