Midas Minerals Ltd is targeting the first quarter of 2027 for initial mineral resource estimates at its Spaatzu and Deblin prospects, alongside an updated resource estimate for the T-13 copper-silver deposit at its Otavi Copper Project in Namibia.
The timeline comes as the company reported extending the drill-tested copper-silver mineralisation at Spaatzu to 1.2 kilometres, following further drilling results that Midas says strengthen the prospect’s resource potential.
The company reported several significant intersections, including 41 metres grading 1.13% copper and 33.4 grams per tonne (g/t) silver from 19 metres in drill hole SPRC094. The intersection included 20 metres at 1.83% copper and 63.4 g/t silver.
“Our recent drilling results and revised geological interpretation at Spaatzu have significantly increased our understanding of the potential of this mineralised corridor which potentially extends for 4km and has been successfully drill tested over 1.2km, demonstrating strong zones of mineralisation,” Midas Managing Director Mark Calderwood said.
Drill hole SPRC093 returned 37 metres at 1.11% copper and 29.7 g/t silver from 73 metres, including 10 metres at 1.51% copper and five metres at 1.97% copper.
SPRC097 returned 29 metres at 1.47% copper and 37 g/t silver from 86 metres, including an eight-metre interval grading 2.74% copper and 71.9 g/t silver.
Midas said copper-silver mineralisation in the south-eastern extension of Spaatzu has shown greater consistency than mineralisation encountered to the north-west.
“The copper-silver mineralisation in the south-eastern extension is more consistent than that encountered to the north-west, highlighting the significant resource potential. Recent intercepts are close to true width within a gentle dipping/plunging zone of mineralisation,” Calderwood said.
The mineralisation is primarily associated with chalcocite, a copper mineral that the company said also contributes to elevated silver grades at the prospect.
According to Midas, the mineralisation is structurally controlled and occurs within basement-inlier leucogranite, Chuos diamictite and siltstone. Spaatzu forms part of a broader four-kilometre anomalous corridor and is located about 10.5 kilometres west of the T-13 copper-silver deposit.
The company currently has seven drilling rigs operating across the Otavi project and plans to increase the number to nine. Two rigs are currently operating at Spaatzu on exploration and resource drilling.
Midas owns 100% of the Otavi Copper Project, which covers approximately 1,776 square kilometres.
The T-13 deposit currently has an inferred mineral resource of 10.5 million tonnes grading 1.6% copper and 21 g/t silver.
Midas reported holding A$29.2 million, approximately N$333 million, in cash as at 30 June 2026, with drilling and exploration activities continuing across the Otavi project.
