Koryx Copper has agreed to increase its possession in two Zambian Copperbelt exploration licences from 51% to 80% through an amended settlement with World Class Mineral Ventures.
The transaction covers the Luanshya West (LEL 23246) and Mpongwe (LEL 23248) tasks, which are held by Koryx Copper Zambia (KCZ), a subsidiary of Koryx Copper Mauritius.
Under the up to date phrases, Koryx will pay $200,000 (€280,388) in money and subject 80,000 common shares, each valued at C$3.50, to full the acquisition.
The amended settlement removes any further contractual spending necessities to increase Koryx’s stake.
The company has also negotiated an option to purchase the remaining 20% if World Class Mineral Ventures chooses not to help finance future development, for an extra $400,000.
The settlement, which must be permitted by the TSX Venture Exchange, is expected to close by 30 September 2026 at the newest. The shares issued will be subject to a statutory maintain period of 4 months and one day.
Fieldwork has begun at both Luanshya West and Mpongwe.
At Luanshya West, a 2,500m diamond drilling programme is scheduled to begin during the week of 21 September, focusing on up to 4 areas at vertical depths between 100 and 250m.
Drilling is meant to examine geochemical and geophysical anomalies recognized on the web site and is expected to conclude by mid-December.
At Mpongwe, Koryx plans extra soil sampling and goals to gather around 3,000 samples by year-end to refine targets for future exploration.
The company said the outcomes and climate circumstances will information the timing of any shallow drilling at Mpongwe, which could start in late 2026 or be deferred to 2027.
No finder’s charges are payable under the settlement.
Koryx Copper president and CEO Heye Daun said: “While the Haib project in Namibia stays our major focus, our Zambian exploration programmes have made important progress since Koryx’ management transition.
“Detailed magnetic surveying, soil sampling and pitting at Luanshya West have helped determine and prioritise 4 targets, which we will start drilling this month, while regional sampling and our reassessment of exploration information at Mpongwe have confirmed new targets for infill sampling to be accomplished later this yr.”
“Koryx Copper plans 80% stake in Zambia Copperbelt licences” was initially created and revealed by Mining Technology, a GlobalData owned model.