Midas Minerals Confirms High-Grade Copper-Silver Extension at Otavi Project

High-Grade Copper-Silver Extension Confirmed at Spaatzu

Midas Minerals Ltd (ASX:MM1) has reinforced the potential of its Otavi Copper Project in Namibia with new drilling results from the Spaatzu prospect confirming a significant extension of copper and silver mineralisation. Assays from drillhole SPRC062 revealed a substantial 52m intercept grading 1.19% copper and 8.7g/t silver from 148m, including a higher-grade 30m section at 1.87% copper and 12.7g/t silver.

This intercept lies 300m west of the initial discovery hole MORC006, indicating the mineralised corridor now extends at least 800m along strike. The mineralisation is structurally controlled, hosted predominantly within the Ombombo Subgroup, analogous to the Lower Roan Formation of the Zambian Copperbelt, with copper and silver enriched along WNW-trending faults intersecting favourable lithologies.

Complementary High-Grade Manganese and Lead Mineralisation

Alongside copper and silver, Midas has identified significant high-grade manganese mineralisation at Spaatzu, including a re-assayed Nexa diamond hole returning 97.8m at 17.6% manganese and 0.11% copper from near surface. Notably, a 16.6m interval graded 35.3% manganese and 0.16% copper. Shallow reverse circulation (RC) drilling also intercepted manganese oxide veins with grades up to 33.9% manganese, often peripheral to copper-silver zones.

Lead and molybdenum are also present in appreciable quantities, with intercepts such as 33m at 0.76% copper, 17.8g/t silver, and 1.69% lead from 18m depth, adding to the polymetallic nature of the system. Midas has commenced diamond drilling to better understand the structural and lithological controls on mineralisation, while ongoing RC drilling targets shallower induced polarisation (IP) anomalies across a 2km strike length.

Encouraging Early Results at South Otavi and Khorixas West

Beyond Spaatzu, the South Otavi Project has yielded a 3.9km strike of anomalous gold and pathfinder elements from wide-spaced, shallow RC drilling completed in 2025. Seven holes at the Deutsche Erde Copper Prospect returned copper intercepts up to 6m at 0.57% copper, with further work planned.

At the Khorixas West Project, initial rock chip sampling has delivered standout assays including 30.8% copper, 1.79g/t gold, and 45g/t silver from weathered schist outcrops, alongside other samples exceeding 10% copper and notable gold values. Midas has collected over 570 soil samples covering 4.4km strike, with assay results expected in the September quarter to guide upcoming drilling.

Active Drilling and Strategic Position in Namibia

Midas currently operates six drill rigs across its Namibian portfolio, underscoring an aggressive exploration campaign. The company highlights Namibia’s status as a top African mining jurisdiction, ranked fourth for investment attractiveness, supported by stable governance, strong infrastructure, transparent mineral rights, and favourable fiscal terms.

The Otavi Project itself spans approximately 1,776km2, with historical shallow drilling revealing high-grade intercepts such as 17.2m at 7.24% copper and 144.4g/t silver. Midas recently announced an initial inferred mineral resource of 10.5Mt at 1.6% copper and 21g/t silver at the T-13 Deposit, with ongoing drilling aimed at expanding resources and understanding mineralisation controls at Spaatzu and other prospects.

Managing Director Mark Calderwood emphasised that the ongoing diamond drilling at Spaatzu will provide critical insights into structural controls, while RC drilling continues to test extensive IP targets. He also noted the promising gold anomalies at South Otavi and early encouraging results at Khorixas West, with further exploration planned throughout 2026.