Midas Minerals has reported a four-metre intersection grading 9.83% copper at its Hartbeespoort prospect in Namibia, with assay results still outstanding for 39 of the 47 holes drilled across the three-kilometre exploration area.
The Australian-listed company announced on 9 November 2026 that initial reverse circulation drilling at Hartbeespoort, five kilometres south-east of its Deblin deposit within the Otavi Copper Project, had intersected shallow copper, gold and silver mineralisation.
The highest-grade interval was recorded in drill hole HBRC005, which returned 14 metres grading 3.86% copper and 7.5 grams of silver per tonne from a downhole depth of 60 metres. This included four metres grading 9.83% copper and 15.5 grams of silver per tonne from 61 metres.
Another hole, HBRC008, intersected seven metres grading 2.37% copper and 8.0 grams of silver per tonne from 24 metres, including three metres grading 4.66% copper, 0.14 grams of gold per tonne and 9.3 grams of silver per tonne.
Drill hole HBRC003 returned three metres grading 2.73% copper, 1.50 grams of gold per tonne and 23.0 grams of silver per tonne from 35 metres.
Midas said it had completed 47 reverse circulation holes totalling 3,427 metres at Hartbeespoort, but had received laboratory results from only the first eight holes. Further assays are expected during the fourth quarter of 2026.
Managing director Mark Calderwood said the company had undertaken initial shallow drilling to investigate mineralisation previously identified through surface mapping, soil sampling and limited historical drilling.
“Our drilling has been successful in locating significant shallow, high-grade copper, gold and silver mineralisation,” Calderwood said.
He said Hartbeespoort shares geological characteristics with the nearby Deblin deposit, with both prospects situated close to the contact between Ombombo Group sediments and Askevold volcanic rocks.
Hartbeespoort was first identified as a prospective copper area in the early 1970s. Previous drilling by Nexa intersected 11 metres grading 3.11% copper, 0.54 grams of gold per tonne and 28.4 grams of silver per tonne from 26 metres, according to Midas.
The company plans additional drilling to establish the geometry of the shallow oxide-transition mineralisation and investigate deeper sulphide targets.
Midas also reported additional copper and silver results from its Spaatzu deposit, where drilling has extended the known mineralised system to more than 1.6 kilometres along strike.
The latest results include 15 metres grading 1.20% copper and 69.9 grams of silver per tonne from 73 metres in drill hole SPRC112, including four metres grading 2.54% copper and 173.8 grams of silver per tonne.
Another hole, SPRC109, returned 15 metres grading 0.97% copper and 30.3 grams of silver per tonne from 43 metres, including five metres grading 1.74% copper and 54.8 grams of silver per tonne.
Midas said drilling had confirmed mineralisation along 600 metres of the south-eastern extension, with assays pending across another 300 metres. The mineralised system remains open to the east and south.
The company has received results from 15 reverse circulation holes in the latest Spaatzu programme, while assays for another 17 holes remain outstanding.
Calderwood said the drilling was intended to support an initial mineral resource estimate and assess whether Spaatzu could contribute to a future mining operation based around the T-13 deposit, approximately 10.5 kilometres away.
“At Spaatzu, the footprint of mineralisation continues to grow with each line of step out drilling,” he said.
Midas said eight drilling rigs were operating across its 1,776-square-kilometre Otavi project, including three diamond drilling rigs at Deblin and two at T-13.
The company expects to complete an updated mineral resource estimate for T-13 and initial estimates for Deblin and Spaatzu during the first quarter of 2027.
Hartbeespoort is not included among those three planned resource estimates. Midas intends to undertake follow-up drilling there when a rig becomes available.
According to its September-quarter financial report, the company held A$22.7 million in cash at 30 September 2026.
Although the latest drilling has identified high-grade copper intervals at Hartbeespoort, further assays, geological interpretation and drilling are required to establish the extent and continuity of mineralisation. The prospect does not yet have a declared mineral resource estimate.
