Vancouver, B.C., Canada – NOVEMBER 9, 2022 – Deep-South Resources Inc. (“Deep-South” or the Company) (TSX-V: DSM) announces that the Environmental Project Briefs (“EPB”) submitted to the Zambia Environmental Management Agency (“ZEMA”) have been approved. The team started mobilizing on Tuesday November 8 and will start the soil sampling program on the three licences.
The program:
The program consists of geochemical soil sampling on each licence with the aim of identify anomalies and defining drilling targets.
Luanshya West Project (licence 23246):
The licence is situated in the center of the Zambian Copper belt and covers 5,423.26 hectares (54.24 Sq. Km). The project prospectivity is based on the location of the property over the unconformable contact between the basement granites and the Lower Roan Group sediments where most copper belt mines in both Zambia and the Democratic Republic of Congo (the “DRC”) are located.
Historically, some 850 soil samples and geophysical data were collected over the property by Teal (a subsidiary of African Rainbow Minerals Ltd) between 2007 and 2009. This data has enabled DSM to identify at least four large anomalies. The goal of the sampling program is to generate new geochemical data (verify the old data) and to delineate drilling targets over the anomalies identified.
The program consists of 820 soil samples collected in an identical manner to the original Teal sampling program. The sampling grid will be 500 x 100 metres, duplicating the old grid with the addition of some extra samples in areas not previously sampled (holes in the grid). The program will be completed in about 30 days.
The project area is close to established copper / cobalt mines with Chibuluma mine some 35Km to the north-east, Chambishi mine 41Km north-northeast, N’changa mine 53Km north-northwest and Luanshya mine some 40Km east-southeast from the centre of the project area.
A National Instrument 43-101 Standards of Disclosure for Mineral Projects (“43-101”) compliant technical qualifying report is available on SEDAR at www.sedar.com under Deep-South’s profile or on the Company’s web site: www.koryxcopper.com
Chililabombwe Project (licence 23247):
The licence is situated in the north of the Zambia Copper belt near the DRC border. The Large Exploration Licence covers 2,200 hectares (22.5 Sq, Km). The project prospectivity is based on the location of the property over the unconformable contact zone between the basement granites and the Lower Roan Group sediments where most copper belt mines in both Zambia and the DRC are located.
The program consist of 132 soil samples on a grid of 500m by 100m. The soil-geochemistry survey should locate any copper anomalies within the area. In this particular area, due to their abundance, termite mounds will be sampled rather than digging sample holes. This is because termites bring material to the surface from considerable depth and therefore generate a deeper sampling profile.
Mpongwe Project (licence 23248). This licence is situated in the center of the Zambian Copper belt. The Large Exploration Licence covers 67,500 hectares (675 Sq. Km). The project is considered prospective as it is again located over the unconformable contact zone between basement granites and the Lower Roan Group sediments where most copper belt mines in both Zambia and the DRC are located.
The program consist of 2,675 soil samples on a grid of 500m by 100m. It has been designed to search for copper anomalies using a soil-geochemistry survey.
No Mineral Resources have been estimated on these projects as they have not demonstrated economic viability at this stage. The historical geophysical survey and sampling results demonstrate potential to classify the Luanshya West project as one of merit but are considered too speculative geologically to complete a NI 43-101 compliant resource estimation at this time and it is uncertain that those historic results will be converted into minerals resources.
Qualified Person
Vivian Suart-Willams MSc (Hons.) Pr.Sci.Nat., Vice-President Exploration of Deep-South Resources, has reviewed the technical content of this presentation, and is the designated Qualified Person under the terms of National Instrument 43-101. Mr. Stuart-Williams is responsible for the technical part of this press release.
About Deep-South Resources Inc.
Deep-South Resources is a mineral exploration and development company. Deep-South’s growth strategy is to focus on the exploration and development of quality assets in significant mineralized trends and in proximity to infrastructure in stable countries. In using and assessing environmentally friendly technologies in the development of its copper project, Deep-South embraces the green revolution.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: info@koryxcopper.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information
Information contained in this news release which are not statements of historical facts may be “forward-looking information” for the purposes of Canadian securities laws. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward looking information. The words “believe”, “expect”, “anticipate”, “contemplate”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule”, “understand” and similar expressions identify forward-looking information. These forward-looking statements relate to, among other things: the Minister’s of Mines and Energy of Namibia refusal to renew the Company’s Licence, the Company’s intention to contest the Minister’s decision before the Courts of Namibia and the outcome of such proceedings.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by Deep-South, are inherently subject to significant technical, political, business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information. Factors and assumptions that could cause actual results or events to differ materially from current expectations include, among other things: political risks associated with the Company’s operations in Namibia; the failure of the Namibian Government to comply with its continuing obligations under the Act to allow for the renewal of the Licence; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances. For additional risk factors, please see the Company’s most recently filed Management Discussions & Analysis available on SEDAR at www.sedar.com.
There can be no assurances that forward-looking information and statements will prove to be accurate, as many factors and future events, both known and unknown could cause actual results, performance or achievements to vary or differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained herein or incorporated by reference. Accordingly, all such factors should be considered carefully when making decisions with respect to Deep-South, and prospective investors should not place undue reliance on forward looking information. Forward-looking information in this news release is made as at the date hereof. The Company assumes no obligation to update or revise forward-looking information to reflect changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as required by applicable legislation.
