Midas Minerals has reported robust assay results from its first diamond drill hole at the Deblin deposit within Namibia’s Otavi Copper Project, revealing two substantial zones of high-grade copper sulphide mineralisation. The company is ramping up drilling efforts with plans to expand its rig fleet and expects further assay results later this year.
- First diamond hole at Deblin returns 35.6m at 3.35% Cu
- Significant precious metal intervals with gold and silver
- Multiple rigs active with expansion to nine planned
- Otavi Project resource updates targeted for early 2027
- Strong cash position supports aggressive exploration
Deblin Drill Hole Yields Impressive Copper Grades
Midas Minerals Ltd (ASX:MM1) has unveiled assay results from its inaugural diamond drill hole (DBDD001) at the Deblin Copper-Gold-Silver Deposit, part of the Otavi Copper Project in Namibia. The hole intersected two wide zones of copper sulphide mineralisation: a 35.6-metre section grading 3.35% copper with accompanying silver and gold, and a 17.7-metre interval at 3.21% copper. Notably, a 9.3-metre sub-interval within the first zone showed elevated precious metals with 0.65 g/t gold and 16.6 g/t silver.
These results confirm the strong visual copper mineralisation reported in June and underscore the deposit’s potential. The mineralisation occurs primarily as chalcopyrite and bornite within meta-volcanic schists and carbonate rocks, with notable molybdenum and low deleterious elements, suggesting favourable metallurgy.
Expanding Drilling Campaign and Resource Targets
With three rigs currently drilling at Deblin and an additional diamond rig expected imminently, Midas is aggressively expanding its exploration footprint. The known mineralisation extends at least 1,000 metres along strike and 500 metres vertically, remaining open at depth and along strike. The company plans to increase its rig count to nine across the Otavi Project, balancing resource drilling at Deblin, T-13, and Spaatzu deposits alongside exploration at regional prospects.
Managing Director Mark Calderwood described DBDD001 as one of the company’s best holes to date, highlighting the consistency and tenor of copper grades over substantial widths. He emphasised the geological setting’s promise, with intense alteration and deformation supporting a compelling target corridor.
Robust Funding and Strategic Position in Namibia
Midas enters this phase well-funded, holding $29.2 million cash as of June 30, 2026, underpinning its ambitious drilling and resource definition plans. Namibia’s Otavi region is a proven mining jurisdiction with strong infrastructure, political stability, and favourable fiscal terms, factors that enhance the project’s attractiveness.
Further assay results from additional diamond and reverse circulation holes at Deblin are anticipated through the third quarter, feeding into an updated mineral resource estimate expected in early 2027. This follows the company’s recently announced initial Inferred Mineral Resource at the T-13 deposit, which currently stands at 10.5 million tonnes grading 1.6% copper and 21 g/t silver.
Technical Details and Next Steps
The drilling utilised triple tube tooling and industry-standard sampling and assay protocols, with samples analysed at accredited laboratories in South Africa and Canada. The company maintains rigorous quality assurance and control procedures, with no significant assay anomalies reported. True widths of mineralised intercepts remain to be determined as drilling continues.
Midas is also advancing exploration across its broader Namibian portfolio, including the South Otavi, West Otavi, Korixas West, and Otjiwarongo projects, alongside assets in Western Australia and Canada. The company’s strategy to systematically delineate resources at key deposits aims to underpin future development decisions.
Bottom Line?
Midas Minerals’ robust first assays at Deblin validate its expanding copper footprint, setting the stage for resource upgrades and intensified drilling through 2026.
Questions in the middle?
- Will upcoming assays from holes DBDD002 and DBDD003 sustain the high-grade trend observed in DBDD001?
- How will the planned increase to nine rigs impact the pace and scale of resource definition at Otavi?
- What implications might the evolving resource estimates have for Midas’ development timeline and capital requirements?