Koryx Copper to Acquire 80% Stake in Zambian Copperbelt Exploration Licences
Koryx Copper has entered into an agreement with World Class Mineral Ventures to increase its ownership stake from 51% to 80% in two exploration licences located on Zambia's Copperbelt. The Luanshya West (LEL 23246) and Mpongwe (LEL 23248) projects are held by Koryx Copper Zambia, a subsidiary of the company. To finalize this deal, Koryx will pay $200,000 in cash and issue 80,000 common shares valued at C$3.50 each. The agreement removes any future spending obligations for increasing ownership further, with an option to acquire the remaining 20% if World Class Mineral Ventures does not assist in financing development, requiring an additional $400,000 payment. The deal is pending approval from the TSX Venture Exchange and expected to close by September 30, 2026. Exploration activities have already begun at both sites with drilling planned for Luanshya West starting on September 21. At Mpongwe, soil sampling will continue through year-end before potential shallow drilling in late 2026 or early 2027.
Topics: Copperbelt exploration mining Zambia