Midas Minerals has reported near-surface copper grades of up to 2.55% Cu and 72.6g/t Ag at its Otavi Copper Project in Namibia, highlighting early exploration success in its December 2025 Quarterly Activities Report released to the market.
The ASX-listed explorer said its first reverse-circulation drill hole at the Spaatzu Prospect, MORC006, intersected a broad zone of 44 metres at 1.36% copper and 36.8g/t silver from 23 metres, including 16 metres at 2.55% copper and 72.6g/t silver. The company noted that the results are from partially assayed samples, with additional assays pending from both MORC006 and other Spaatzu holes.
According to the quarterly report, Spaatzu extends over a 2.5-kilometre strike length and is located 12 kilometres west of the high-grade T-13 copper-silver deposit, where Midas has two diamond drill rigs currently operating. The company said the geological setting, marked by cross-faulting and intense brecciation, suggests potential for a significant mineralised system.
During the December quarter, Midas completed four diamond drill holes totalling 478 metres at T-13 as part of an infill drilling programme aimed at improving geological continuity. Core cutting and sampling commenced during the quarter, with the first assay results from the programme expected in February 2026.
The quarterly report also noted operational challenges at Otavi, where 11 RC holes totalling 579 metres failed to reach target depth due to groundwater inflows and swelling clays. Despite these setbacks, Midas advanced its geochemical understanding of the project, collecting 274 auger samples as part of a planned 1,600-sample infill programme across 4.5 kilometres of strike.
Post-quarter, the company reported results from more than 2,300 geochemical samples, allowing it to define new high-priority copper drill targets at the Merwe, Segen and Devon prospects. The report said all three areas returned strong copper geochemistry and confirmed in-situ bedrock mineralisation, with drill testing planned once wet-season constraints ease.
At the nearby South Otavi Project, Midas completed 133 shallow RC holes totalling 3,092 metres to test historic gold anomalies, along with seven RC holes totalling 601 metres on the Deutsche Erde copper-silver trend. Additional sampling expanded the Deutsche Erde anomaly to an open strike of 5.8 kilometres, according to the quarterly report.
On the corporate side, Midas said it ended the December quarter with approximately A$8.8 million in cash, following completion of the second tranche of its A$11.5 million share placement, leaving the company well funded to advance exploration at Otavi and South Otavi.
