Midas Minerals Extends Spaatzu Copper-Silver Zone to 1.2km with High-Grade Drilling

Significant High-Grade Copper-Silver Intercepts at Spaatzu

Midas Minerals Ltd (ASX:MM1) has revealed a series of robust drill results from its Spaatzu Prospect at the Otavi Copper Project in Namibia, confirming a substantial extension of high-grade copper-silver mineralisation. The latest reverse circulation (RC) drilling intercepted wide zones of mineralisation, including standout hits such as 41 metres at 1.13% copper and 33.4 grams per tonne silver from just 19 metres depth, with higher-grade intervals nested within these intercepts.

Notably, one hole (SPRC094) returned 20 metres at 1.83% copper and 63.4 g/t silver starting at 39 metres, while others like SPRC097 delivered 29 metres at 1.47% copper and 37 g/t silver, including 8 metres at 2.74% copper and 71.9 g/t silver. These results are close to true width, indicating the mineralised zones are both consistent and substantial.

Expanding the Mineralised Corridor

The Spaatzu Prospect, previously known for its copper-silver anomalism over a 4-kilometre strike, has now been drill-tested over 1.2 kilometres with these recent results. The newly identified south-eastern extension was a blind target, successfully located through a reinterpretation of geological and structural data, and it exhibits a shallow-dipping mineralisation zone plunging gently to the southeast.

This extension lies just 10.5 kilometres west of the T-13 Copper-Silver Deposit, a key asset within the Otavi Project. The mineralisation is structurally controlled and hosted within brecciated hanging wall rocks of a fault-affected fold system, with copper predominantly occurring as chalcocite, which explains the elevated silver grades.

Operational Scale and Upcoming Resource Estimates

Midas currently operates seven drilling rigs across the Otavi Project, including two focused on Spaatzu, and plans to increase this to nine rigs to accelerate exploration and resource definition. The company is targeting initial Mineral Resource Estimates (MREs) for Spaatzu and Deblin, alongside an updated resource for T-13, all expected in the first quarter of calendar 2027.

With a strong cash position of $29.2 million as of 30 June 2026, Midas is well placed to fund this expanded drilling campaign. Managing Director Mark Calderwood highlighted the enhanced geological understanding and consistent mineralisation at Spaatzu, emphasizing the prospect’s significant resource potential and the high-priority exploration zone between Spaatzu and T-13.

Strategic Positioning in Namibia’s Mining Jurisdiction

The Otavi Project benefits from its location in Namibia, ranked fourth in Africa for mining investment attractiveness by the Fraser Institute in 2024. The country offers political stability, transparent mineral rights, and solid infrastructure, all critical factors for advancing mining projects. Midas’s tenure includes ten exclusive prospecting licences covering approximately 1,776 square kilometres, with no known impediments to exploration or mining.

Alongside Spaatzu and T-13, Midas is progressing exploration at other Namibian projects including Deblin, South Otavi, West Otavi, Korixas West, and Otjiwarongo, all of which hold potential for further copper and precious metals discoveries.