Midas Minerals has reported a 41-metre intersection grading 1.13% copper and 33.4 grams per tonne silver at its Spaatzu prospect in Namibia, as new drilling extended the confirmed copper-silver mineralisation to at least 1.2 kilometres of strike within a much larger four-kilometre exploration corridor.
The 41-metre intersection, starting from 19 metres in hole SPRC094, included a higher-grade section of 20 metres at 1.83% copper and 63.4g/t silver from 39 metres, while two other holes returned similarly wide copper-silver intersections from the south-eastern extension of Spaatzu.
Hole SPRC093 returned 37 metres at 1.11% copper and 29.7g/t silver from 73 metres, including 10 metres at 1.51% copper and 47g/t silver from 74 metres and another five metres at 1.97% copper and 52.8g/t silver from 98 metres.
Another hole, SPRC097, intersected 29 metres at 1.47% copper and 37g/t silver from 86 metres, including eight metres at 2.74% copper and 71.9g/t silver from 102 metres. Midas said the latest results represent the most consistent mineralisation encountered at Spaatzu to date, with the intercepts considered close to true width.
The results have expanded the area in which Midas has demonstrated copper-silver mineralisation at Spaatzu from about 800 metres of strike reported in July to at least 1.2km, while the broader prospect is defined by soil and induced-polarisation anomalies extending for about four kilometres.
The latest drilling focused on the south-eastern extension of Spaatzu, where Midas made what it describes as a blind discovery after reinterpreting the prospect’s geological and structural setting.
Recent reverse-circulation drilling tested an area beneath anomalous base metals and silver previously encountered in a single shallow rotary air blast hole. Midas said strong copper-silver mineralisation was subsequently intersected in all the recent holes drilled along the corridor across three drill lines spaced about 80 metres apart.
The new zone appears to be a continuation of shallower mineralisation encountered about 400 metres northwest of SPRC097, with the mineralised system dipping and plunging gently towards the southeast.
Midas managing director Mark Calderwood said the results, together with the company’s revised geological interpretation, had increased its understanding of the potential scale of the Spaatzu system.
“Our recent drilling results and revised geological interpretation at Spaatzu have significantly increased our understanding of the potential of this mineralised corridor which potentially extends for 4km and has been successfully drill tested over 1.2km, demonstrating strong zones of mineralisation,” Calderwood said.
“The copper-silver mineralisation in the south-eastern extension is more consistent than that encountered to the northwest, highlighting the significant resource potential.”
Midas said copper mineralisation in the south-eastern extension is dominated by chalcocite, which it says accounts for the high silver content. In contrast, the mineralisation appears consistent, reflecting favourable geology in which the host horizons are relatively wide and gently dipping.
The company is continuing reverse-circulation drilling on additional lines southeast of SPRC097 to test how far the newly defined zone continues.
Two rigs are currently operating at Spaatzu on a combination of exploration and resource drilling, with further assay results pending, while Midas has seven rigs operating across the wider Otavi project and plans to increase that number to nine.
The drilling is also moving Spaatzu towards its first mineral resource estimate, which Midas is targeting for the first quarter of 2027 alongside an initial resource for Deblin and an updated resource for its T-13 copper-silver deposit.
T-13 already has an inferred mineral resource of 10.5 million tonnes grading 1.6% copper and 21g/t silver, announced in April 2026.
The south-eastern extension of Spaatzu lies about 10.5km west of T-13, raising the importance of the largely unexplored ground separating the two areas.
“The extension to Spaatzu is located only 10.5km west of T-13 West and the area between is deemed to be a high-priority zone for further exploration,” Calderwood said.
“We are working to have Mineral Resource Estimates completed for T-13, Spaatzu and Deblin in Q1 2027.”
Midas owns 100% of the approximately 1,776 km² Otavi Copper Project, which lies in Namibia’s Otavi Fold Belt near the historic Tsumeb mining district. The company says modern exploration has covered less than 40% of the project area, despite numerous historic copper occurrences and high-grade drill intersections across the tenure.
The company is also building a larger exploration position around Otavi. It has an option to acquire 80% of the approximately 195 km² South Otavi Project and options to acquire interests of up to 85% in the West Otavi, Korixas and Otjiwarongo projects.
Midas reported A$29.2 million in cash at 30 June 2026, providing funding to continue the expanded drilling campaign as it works toward resource estimates at Spaatzu and Deblin and an updated estimate at T-13.
