Koryx Copper has agreed to increase its ownership in two Zambian Copperbelt exploration licences from 51% to 80% through an amended agreement with World Class Mineral Ventures.
The transaction covers the Luanshya West (LEL 23246) and Mpongwe (LEL 23248) projects, which are held by Koryx Copper Zambia (KCZ), a subsidiary of Koryx Copper Mauritius.
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Under the updated terms, Koryx will pay $200,000 (€280,388) in cash and issue 80,000 common shares, each valued at C$3.50, to complete the acquisition.
The amended agreement removes any further contractual spending requirements to increase Koryx’s stake.
The company has also negotiated an option to acquire the remaining 20% if World Class Mineral Ventures chooses not to help finance future development, for an additional $400,000.
The agreement, which must be approved by the TSX Venture Exchange, is expected to close by 30 September 2026 at the latest. The shares issued will be subject to a statutory hold period of four 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 start during the week of 21 September, targeting up to four locations at vertical depths between 100 and 250m.
Drilling is intended to investigate geochemical and geophysical anomalies identified on the site and is expected to conclude by mid-December.
At Mpongwe, Koryx plans additional soil sampling and aims to collect around 3,000 samples by year-end to refine targets for future exploration.
The company said the results and weather conditions will guide the timing of any shallow drilling at Mpongwe, which could begin in late 2026 or be deferred to 2027.
No finder’s fees are payable under the agreement.
Koryx Copper president and CEO Heye Daun said: “While the Haib project in Namibia remains our primary focus, our Zambian exploration programmes have made significant progress since Koryx’ management transition.
“Detailed magnetic surveying, soil sampling and pitting at Luanshya West have helped identify and prioritise four targets, which we will begin drilling this month, while regional sampling and our reassessment of exploration data at Mpongwe have confirmed new targets for infill sampling to be completed later this year.”
