Midas Reports Multiple Wide Intercepts up to 50.6m at 7.81% CuEq at T-13

Exceptional Drill Results Reinforce T-13’s High-Grade Continuity

Midas Minerals Ltd (ASX:MM1) has unveiled a fresh wave of compelling assay results from its Otavi Copper Project in Namibia, spotlighting the T-13 Deposit’s robust high-grade copper and silver mineralisation. The latest six infill diamond drill holes confirm wide, consistent mineralised zones, including standout intercepts such as 50.6 metres at 7.81% copper equivalent (CuEq) and 46.2 metres at 4.01% CuEq. These findings reinforce the deposit’s potential to underpin a significant resource upgrade slated for later in 2026.

Notably, the drill hole T13DD005a returned an eye-catching 14.4 metres at 20.9% CuEq within a broader 50.6-metre interval, underscoring the presence of exceptionally rich mineralisation. Meanwhile, T13DD009 delivered 46.2 metres at 4.01% CuEq, including multiple higher-grade sub-intervals exceeding 6% CuEq. These results build on the company’s earlier record 50m at 7.9% CuEq intercepts reported in May, confirming the Main Zone’s continuity and grade consistency.

First Infill Hole Highlights New T-13 West Zone Potential

For the first time, Midas has reported assays from an infill hole drilled in the T-13 West Zone, located approximately 600 metres west of the Main Zone. Hole T13DD016 intersected 27 metres at 1.46% CuEq, including a higher-grade 6-metre section at 3.20% CuEq. This marks a significant step in validating the West Zone as a credible extension of the high-grade system, with the company noting that prior wide-spaced drilling had indicated predominantly lower grades in this area.

Managing Director Mark Calderwood emphasised the importance of this milestone, stating that the West Zone confirmation “underlines the potential for the deposit to grow” beyond the known Main Zone footprint. This discovery aligns with Midas’ broader strategy to expand the Otavi resource base through systematic infill and step-out drilling.

Active Multi-Rig Drilling Campaign Across Otavi

Midas currently operates five drilling rigs across the Otavi Project, with two diamond rigs focused on the T-13 Deposit, complemented by rigs at the Deblin and Spaatzu prospects. The company plans to add a sixth core rig shortly, reflecting an aggressive exploration pace funded by a recent $28 million capital raise. This capital injection was highlighted in the company’s initial 211kt CuEq resource announcement, which provided the first inferred resource estimate for T-13 at 10.5 million tonnes grading 1.6% copper and 21 grams per tonne silver.

The ongoing drilling aims to refine resource definitions and test extensions at multiple targets within the Otavi tenure, which spans approximately 1,776 square kilometres. The project’s location in Namibia, ranked fourth in Africa for mining investment attractiveness by the Fraser Institute, offers a stable regulatory environment and robust infrastructure, factors that bolster Midas’ development prospects.

Geological Setting and Mineralisation Style

The T-13 Deposit lies within the Otavi Mountain Land, a geologically significant region hosting world-class copper, lead, and zinc deposits. Mineralisation is structurally controlled by a shear zone intersecting Proterozoic sedimentary sequences, with copper and silver grades concentrated along a strike-parallel thrust fault. The new drilling has helped clarify the geometry and grade continuity of these zones, with true widths estimated at 60–90% of downhole intercepts, enhancing confidence in resource modelling.

These geological insights, combined with the high-grade assays, position T-13 as a cornerstone asset for Midas, with further resource updates expected to capture the expanded footprint and improved grade continuity demonstrated by recent drilling.