VANCOUVER, British Columbia, Nov. 1 – Deep-South Resources Inc. (“Deep-South”), listed on the TSX-V as DSM, has officially announced the commencement of its drilling program on the Haib Copper project in southern Namibia. The company’s field crew has been mobilized, and the first drill is anticipated to arrive at the site around November 10, 2023, with the second drill following shortly on or about November 15, 2023.
Pierre Leveille, President & CEO of Deep-South, expressed his optimism, saying, “We are extremely encouraged by the current situation. We are confident in delivering drill results that will enhance an already robust project and unlock further value for our shareholders. With the backdrop of a strong copper price, we are highly optimistic for the coming months. We are well on our way towards the development of the Haib Copper project.”
The primary objective of this drilling campaign is to expand the exploration of the high-grade area of the deposit initially discovered by Deep-South in 2019. The original exploration program had aimed to drill up to 10,000 meters in this region. The first 5,000 meters were successfully drilled in 2021. However, the program was temporarily halted due to the Ministry of Mines and Energy of Namibia’s refusal to renew the Exploration and Prospecting Licence (EPL). This legal issue has since been resolved, and the licence was renewed on July 7, 2023. As a result, Deep South is now poised to complete the remaining 5,000 meters of the proposed exploration program and subsequently proceed with a new resource estimation.
Earlier drilling initiatives provided hints of higher copper-grade zones, potentially linked to near-vertical structures, such as shears and faults, within the broader mineralized areas of the project. The previous use of vertical drilling may have overlooked these structures, leading to an underestimation of the overall copper grade. The ongoing drilling program will address this concern by employing inclined holes to identify and delineate these structures while examining their association with higher copper-grade zones. The results from the first 5,000 meters drilled in 2021 have already provided support for this updated interpretation, revealing substantial intersections with copper grades considered high for the Haib region. Furthermore, the presence of molybdenum has been confirmed, with high molybdenum grades found in conjunction with these structures and alterations.
Deep-South Resources’ commitment to further explore and expand the Haib Copper project is poised to unlock significant copper wealth in Namibia. The successful execution of this drilling program has the potential to significantly enhance the project’s overall value and reinforce its role in the global copper market.