Midas Minerals has reported strong drilling results from its 100%-owned Otavi Copper Project in Namibia, with the first diamond drill hole at the Deblin deposit intersecting two wide zones of high-grade copper mineralisation as the company accelerates exploration.
The maiden diamond drill hole, DBDD001, returned an upper intercept of 35.6 metres grading 3.35% copper, 6.1 grams per tonne (g/t) silver and 0.19g/t gold from a depth of 367 metres. The interval included a higher-grade section of 9.3 metres at 3.84% copper, 16.6g/t silver and 0.65g/t gold.
A second mineralised zone intersected 17.7 metres grading 3.21% copper, 11.3g/t silver and 0.09g/t gold from 429.1 metres.
The drill hole also recorded peak values of up to 1.98g/t gold, 42g/t silver and 1,720 parts per million molybdenum, indicating the presence of additional precious and strategic metals within the copper system.
Midas Minerals Managing Director Mark Calderwood described the results as among the strongest recorded by the company at the Otavi Project.
“The first drill hole at Deblin is one of the best Midas has drilled to date on the Otavi Project. What strikes me is the consistency and tenor of copper mineralisation over the two substantial intervals of 35.6 metres and 17.7 metres respectively. The geological setting is very impressive based on the width of favourable lithological units and the intensity of alteration and deformation,” he said.
According to the company, the mineralisation occurs within calcite-enriched Ombombo dolomite and underlying sheared Askevold meta-volcanic rocks. The system also displays a copper, gold, silver and molybdenum geochemical signature, with relatively low levels of lead, zinc and arsenic.
Midas said the Deblin mineralised footprint extends for at least 1,000 metres along strike and 500 metres vertically, remaining open at depth and along strike, indicating significant potential for further resource growth.
The company has completed a further nine diamond drill holes and 28 reverse-circulation holes at Deblin. Three drill rigs are currently operating at the deposit, with plans to add another core rig as exploration expands.
Across the broader Otavi Copper Project, seven rigs are currently in operation, with Midas planning to increase this to nine rigs over the coming months.
“We are working hard to accelerate our exploration at Otavi as quickly as possible and expect to have up to nine rigs on site over the coming months to help us deliver an updated mineral resource estimate for the T-13 deposit and initial resources for Deblin and Spaatzu early next year,” Calderwood said.
Further assay results are expected during the third quarter of 2026, while the company is targeting an updated mineral resource estimate for the T-13 deposit and maiden resource estimates for the Deblin and Spaatzu deposits in early 2027.
The Otavi Copper Project covers approximately 1,776 square kilometres and hosts an existing inferred resource at the T-13 deposit of 10.5 million tonnes grading 1.6% copper and 21g/t silver. Midas held US$29.2 million (about N$473 million) in cash at 30 June 2026 to fund its ongoing exploration programme.
