Midas Minerals has increased its drilling fleet to eight rigs at its Otavi Copper Project in Namibia as it works towards delivering three mineral resource estimates in the first quarter of 2027.
The Australian-listed company said in its September 2026 quarterly activities report that drilling is continuing at the T-13, Spaatzu and Deblin deposits, while metallurgical testing is under way to assess the mineralisation at all three sites.
Midas plans to update the existing resource estimate at T-13 and deliver maiden estimates for Spaatzu and Deblin in early 2027.
The company had seven rigs operating across Otavi at the end of September, with an eighth mobilising in early October. It subsequently confirmed that all eight rigs were drilling across the project.
Midas’ Otavi project covers approximately 1,776 square kilometres and comprises three principal target areas, with T-13 the most advanced.
T-13 drilling continues
At T-13, drilling has returned 22.6 metres grading 6.01% copper equivalent, comprising 4.67% copper and 70.9 grams of silver per tonne. This included 10 metres grading 11.55% copper equivalent, comprising 8.83% copper and 143.7 grams of silver per tonne.
Another hole intersected 33.2 metres grading 2.51% copper equivalent, comprising 1.96% copper and 29.3 grams of silver per tonne.
The company said the copper-silver mineralisation encountered in hole T13DD034 was stronger than anticipated and remained open towards the west.
T-13 currently has an inferred mineral resource of 10.5 million tonnes grading 1.6% copper and 21 grams of silver per tonne, containing approximately 169,000 tonnes of copper and 7.1 million ounces of silver.
Midas has completed more than 15,000 metres of core drilling at T-13 since December 2025, with results pending for 16 holes.
The company is undertaking infill drilling to establish the geometry and grade continuity of the high-grade Main Zone ahead of the planned resource update.
Spaatzu extends to 1.5 kilometres
At Spaatzu, approximately 10.5 kilometres from T-13, drilling has extended copper-silver mineralisation to 1.5 kilometres along strike, including a new 500-metre south-eastern extension.
Results included 41 metres grading 1.13% copper and 33.4 grams of silver per tonne, including 20 metres at 1.83% copper and 63.4 grams of silver per tonne.
Other intersections included 51 metres at 0.82% copper and 19.5 grams of silver per tonne, and 22 metres at 1.34% copper and 36.8 grams of silver per tonne.
The company said Spaatzu comprises a four-kilometre-long zone of soil and induced polarisation anomalies, of which 1.5 kilometres has been partially tested through drilling.
Further assay results are pending from an additional 240 metres of strike.
Midas is investigating Spaatzu as a bulk-tonnage, open-pit copper-silver resource target, with mineralisation beginning at surface.
Six core holes have been completed for future metallurgical testing, while the initial mineral resource estimate is scheduled for early 2027.
Deblin drilling identifies multiple zones
At Deblin, located approximately 18 kilometres southeast of Otavi, drilling has identified multiple high-grade copper and precious metal zones along a corridor extending for at least 1,000 metres and reaching at least 600 metres vertically.
Results included 35.6 metres grading 3.35% copper, 6.1 grams of silver and 0.19 grams of gold per tonne.
Another hole returned 10.9 metres at 5.1% copper, including 5.7 metres at 8.85% copper.
Further results reported on 15 October included seven metres at 4.89% copper, 6.2 metres at 3.47% copper and 9.8 metres at 1.92% copper.
Midas said drilling had identified up to three high-grade mineralised positions within the Askevold volcanic rocks.
The company is deepening some existing drill holes and plans to extend others to investigate additional mineralised zones.
Three core rigs are currently undertaking resource drilling at Deblin, with plans to add one or two more rigs.
A$22.7 million cash balance
Midas reported a cash balance of A$22.7 million at 30 September 2026, compared with A$29.2 million at the end of June.
Exploration and evaluation expenditure during the quarter amounted to approximately A$5.7 million.
The company reported no substantive mining production and development activities during the period.
Outside the three principal deposits, preparations were undertaken for drilling at West Otavi during the December quarter, while soil sampling continued at Otjiwarongo, where initial results are expected during the same period.
No substantive exploration activities were undertaken at South Otavi or Khorixas West during the quarter.
Midas said it would continue drilling across Otavi while progressing metallurgical testing at T-13, Deblin and Spaatzu, ahead of the three planned mineral resource estimates in the first quarter of 2027.
