Midas Minerals has reported a significant new high-grade copper and silver discovery at the Spaatzu Prospect within its Otavi Copper Project in northern Namibia, marking an early breakthrough only weeks after completing the acquisition of the asset and restarting drilling.
Initial drilling at Spaatzu has intersected near-surface copper and silver mineralisation, with the standout result coming from drill hole MORC006.
Partial assays from the hole returned a broad mineralised interval of 44 metres grading 1.36 percent copper and 36.8 grams per tonne silver from a depth of 23 metres, including a higher-grade zone of 16 metres at 2.55 percent copper and 72.6 grams per tonne silver.
The true width of the mineralisation is still being evaluated but is currently interpreted to be approximately 25 metres. Additional mineralised zones were also intersected above the main interval.
Only part of MORC006 has been assayed to date, with samples from the remaining portion of the hole and other Spaatzu drill holes still pending laboratory results.
The mineralisation identified so far is dominated by malachite and chalcocite, indicating both oxide and sulphide copper development close to surface.
Spaatzu lies approximately 12 kilometres west of the high-grade T-13 copper-silver deposit, where Midas currently has two diamond rigs operating on resource and extension drilling.
A third rig has commenced wide-spaced drilling at Spaatzu as part of a first-pass programme aimed at testing the scale and continuity of the surface geochemical anomaly.
The anomaly extends for roughly 2.5 kilometres in strike and up to 600 metres in width, and is associated with cross-faulting, brecciation and structural complexity that enhance mineralisation potential.
The company reassessed the structural interpretation of the prospect before drilling began, targeting zones where faulting and brecciation are interpreted to have created favourable pathways for mineralising fluids.
Previous limited drilling on the margins of the anomaly had intersected anomalous mineralisation and intense brecciation, prompting the expanded test programme now underway.
Geological interpretation indicates that the copper-silver mineralisation is hosted within Neoproterozoic transitional sediments of the Ombombo Subgroup and Chuos diamictite, which correlate with known copper-bearing units in the Central African Copperbelt and also host the nearby T-13 deposit.
The area also contains altered and brecciated granite bodies enriched in manganese, barium and base metals, suggesting a complex hydrothermal system.
Midas has resumed exploration and resource drilling following the seasonal break and has secured a fourth drill rig scheduled to mobilise later in January.
The additional rig will focus on accelerating drilling at Spaatzu and the Merwe prospects while maintaining momentum at the T-13 deposit.
The company reported that it remains well funded for the expanded programme, with approximately A$9 million in cash at the end of December 2025 following completion of the Otavi acquisition.
Managing Director Mark Calderwood said the early results confirmed the geological potential of the northern flank of the Merwe dome and reinforced the broader scale opportunity across the Otavi Project.
He noted that Spaatzu and T-13 sit on opposite sides of the same domal structure, highlighting the prospectivity of more than 90 kilometres of strike within the project area.
The Otavi Copper Project covers approximately 1,776 square kilometres and hosts numerous historic high-grade copper and silver intercepts, much of which has seen limited modern exploration.
Midas also holds an option to earn into the adjacent South Otavi Project, extending its footprint across one of Namibia’s most established base-metal belts.
The latest results elevate Spaatzu into a priority growth target alongside T-13, with multiple areas now advancing toward resource definition while additional regional targets are prepared for drilling through 2026.
Further assay results from Spaatzu are expected to clarify the scale and continuity of the mineralised system as drilling continues.
