Midas Minerals says drilling at its Otavi Copper Project is underway at various targets, as the company moves quickly to advance exploration following the completion of its acquisition of the large-scale project in northern Namibia.
The ASX-listed explorer confirmed that two diamond drill rigs are currently operating at the high-grade T-13 copper-silver deposit, where resource definition drilling has commenced, while a reverse circulation rig is drilling at the Spaatzu prospect.
A second RC rig has been booked to mobilise in early January 2026, with drilling at the Deblin copper-gold-silver deposit scheduled to begin soon after.
The drilling campaign follows the completion of Midas’ acquisition of the Otavi Copper Project from major base metals producer Nexa Resources, first announced in May 2025.
All remaining conditions were met during the second half of the year, including the transfer of exploration licences in August and approval from the Namibian Competition Commission in October.
The Otavi Copper Project comprises ten exclusive prospecting licences covering approximately 1,776 square kilometres near the town of Otavi, about 360 kilometres northeast of Windhoek.
The project hosts two known deposits awaiting formal resource definition — T-13 and Deblin — as well as numerous underexplored targets.
Midas noted that only around 36% of the licence area has been subject to modern exploration, highlighting significant discovery upside.
Managing director Mark Calderwood described the acquisition as transformational for the company, saying Midas has moved rapidly from deal completion to active exploration.
He said the company’s focus is on accelerating drilling to define a resource base at Otavi while expanding exploration across the broader project area.
In parallel, Midas has secured exposure to the nearby South Otavi Project, located about 25 kilometres north of B2Gold’s Otjikoto gold mine.
The company has completed 140 drill holes for approximately 3,600 metres at South Otavi, with initial results expected in January 2026.
Soil sampling and geological mapping have also been completed across new prospect areas to refine follow-up targets.
Midas said it is well funded to sustain an aggressive exploration programme, reporting cash of approximately A$15.3 million as at 30 September 2025.
The company plans to deploy this capital to advance drilling across Otavi and South Otavi throughout 2026.
With multiple rigs operating, additional drilling planned, and a large underexplored landholding secured, Otavi has emerged as Midas’ flagship asset in Namibia, as the company works to unlock copper, silver, and gold potential in one of the country’s most prospective mineral districts.
