Midas Minerals is preparing to substantially expand the resource base of its Otavi Copper Project in Namibia, with updated and maiden mineral resource estimates expected for three deposits over the next six months as the company accelerates drilling across the project.
According to the company’s June 2026 Quarterly Activities Report, an updated Mineral Resource Estimate (MRE) for the flagship T-13 deposit is expected by the end of 2026, while maiden resource estimates for the Deblin and Spaatzu deposits are targeted for the first quarter of 2027.
If delivered on schedule, the updates would mark a significant milestone for Midas, which currently has only one defined mineral resource at Otavi.
The existing T-13 resource stands at 10.5 million tonnes grading 1.6% copper and 21 grams per tonne silver, containing 169,000 tonnes of copper and 7.1 million ounces of silver, equivalent to 211,000 tonnes of copper equivalent.
The company is undertaking an intensive resource definition programme aimed at increasing both the size of the resource and confidence in the estimate ahead of the update later this year.
Exploration activity has intensified across the broader Otavi Project, where seven drill rigs are now operating simultaneously.
Two diamond rigs continue resource drilling at T-13, while two additional core rigs and one reverse circulation rig are working at Deblin. Further drilling is planned at Hartbeespoort, with exploration also advancing at South Otavi and Khorixas West.
During the June quarter, drilling at T-13 continued to deliver high-grade copper and silver intercepts that reinforced the continuity of the deposit’s high-grade core while extending mineralisation into previously less-defined areas.
The company also reported encouraging results from the newly defined T-13 West zone, located about 600 metres west of the Main Zone.
At Deblin, Midas reported that its first drilling campaign intercepted broad zones of visible copper sulphide mineralisation in several holes, with laboratory assay results expected during the September quarter. The company said the primary target corridor extends for at least 1.1 kilometres of open strike.
Meanwhile, drilling at the Spaatzu prospect continued to confirm extensive copper, silver and lead mineralisation over an area that now extends for at least 800 metres along strike.
The company said additional drilling will be required to define the full extent of the mineralised system and better understand the geological controls on mineralisation.
Beyond the three principal deposits, Midas is also advancing exploration across several regional targets. At South Otavi, drilling has defined gold and pathfinder anomalies extending over at least 3.9 kilometres, while initial exploration at Khorixas West has returned rock-chip samples grading up to 30.8% copper, 4.26 grams per tonne gold and 149 grams per tonne silver, with further drilling planned after soil sampling results are received.
To support the accelerated exploration programme, Midas completed a A$28 million capital raising during the quarter.
The company said the proceeds will fund expanded resource and exploration drilling at Otavi, initial feasibility work, metallurgical studies and general working capital as it advances the project towards its next stage of development.
