Midas Minerals Hits 22.6m at 6.01% Copper Equivalent, Lifting Odds of Bigger Resource
Key Takeaways
- T13DD034 returned 22.6m at 6.01% CuEq (4.67% Cu and 70.9g/t Ag) from 347.5m, with a 10.0m core at 11.55% CuEq.
- T13DD030 cut 33.2m at 2.51% CuEq from 310.3m, and management says it exceeded expectations on the margin of the high-grade zone.
- The current T-13 resource of 10.5Mt at 1.6% Cu and 21g/t Ag (211,000t CuEq) excludes all Midas drilling, and an update is due Q1 CY2027.
- T13DD034 remains open to the west, so the zone may extend further if drilling confirms it.
- Midas has drilled more than 15,000m since December 2025, has results pending for 16 holes, and is running seven rigs with an eighth arriving.
Midas hits 22.6m at 6.01% CuEq at T-13 Copper-Silver Deposit
Midas Minerals (ASX: MM1) has received assays from Main Zone infill drilling at the T-13 copper-silver deposit, part of its Otavi Copper Project in Namibia. The headline hole, T13DD034, returned 22.6m at 6.01% CuEq (4.67% Cu and 70.9g/t Ag) from 347.5m.
CuEq stands for copper equivalent, a single grade figure that folds silver into copper terms. Within that interval sits a higher-grade core of 10.0m at 11.55% CuEq (8.83% Cu and 143.7g/t Ag) from 355.5m.
A second hole, T13DD030, intersected 33.2m at 2.51% CuEq (1.96% Cu and 29.3g/t Ag) from 310.3m. Both holes were drilled at the margins of the high-grade zone of the Main Zone, from about 300m vertical depth.
The company said the mineralisation in T13DD034 is stronger than anticipated and remains open to the west. That matters because an open edge means the zone may extend further, though drilling would need to test it.
Mark Calderwood, Managing Director
“Infill drilling on the T-13 Main Zone continues to exceed expectations as the high-grade portion of the deposit exhibits stronger continuity than initially anticipated…”
What the intercepts mean for investors
Continuity is the key word here. Infill drilling (closely spaced holes inside a known zone) tests whether high grades hold between holes, and the company says the high-grade portion of the Main Zone is showing stronger continuity than initially anticipated. That bears directly on the resource update planned for Q1 CY2027, and the open westward extension adds potential upside.
Management said T13DD034 delivered metal content similar to earlier holes T13DD017 (27.1m at 3.98% CuEq) and T13DD021 (30.1m at 5.35% CuEq). Mr Calderwood also said T13DD030 exceeded expectations and is one of the deeper holes drilled by Midas so far at T-13.
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Drill results and metal content at a glance
The table below sets out the reported intercepts, as listed in the announcement’s Appendix A.
| Hole | From (m) | Interval (m) | Cu % / Ag g/t | CuEq % |
|---|---|---|---|---|
| T13DD034 | 347.5 | 22.6 | 4.67% / 70.9 | 6.01% |
| T13DD034 incl. | 355.5 | 10.0 | 8.83% / 143.7 | 11.55% |
| T13DD030 | 310.3 | 33.2 | 1.96% / 29.3 | 2.51% |
A few technical details help put these numbers in context:
- Intercepts are down hole. Estimated true width is 90% to 95% of intercept width for T13DD034 and 80% to 85% for T13DD030.
- Intercepts are reported above a cut-off grade of 0.4% Cu.
- The CuEq calculation assumes copper at US$11,906 per tonne, silver at US$2.254 per gram, and equal recoveries of 85% for both metals.
- Assays are still pending for drill holes T13DD028, T13DD032 and T13DD033 (among others).
Understanding copper equivalent and resource upgrades
Why use CuEq at all? T-13 contains both copper and silver, so comparing holes on copper alone would miss part of the picture. CuEq converts the silver grade into copper terms using the price and recovery assumptions above, giving you one number to compare holes.
An Inferred Mineral Resource is the lowest confidence category under the JORC Code, meaning geological evidence suggests mineralisation but with limited certainty. Infill drilling adds closer data points, which is the work needed to test whether a resource can be refined and potentially grown.
The initial T-13 Mineral Resource Estimate (MRE), released on 16 April 2026, was based on pre-acquisition drilling only. It stands at 10.5Mt at 1.6% Cu and 21g/t Ag, for 169,000t of contained copper and 7.1Moz of silver, or 2.0% CuEq for 211,000t CuEq.
For investors, the point is straightforward: the current estimate does not include Midas’ own drilling. Mr Calderwood said the update will look to go beyond the initial MRE, which only included drilling completed prior to the acquisition.
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Drilling momentum and the road to Q1 CY2027 resource updates
Since December 2025, Midas has completed more than 15,000m of core drilling, with results pending for 16 holes. The company is working to complete infill drilling of a large portion of the T-13 deposit ahead of a resource update in Q1 CY2027.
Seven rigs are operating across the Otavi project, and an eighth is expected to arrive this week. The company expects a strong flow of results from resource and exploration drilling through 2H 2026.
The catalysts to watch include:
- Pending assays from remaining T-13 holes.
- An updated T-13 MRE, expected in Q1 CY2027.
- Initial MREs for Deblin (70km ESE of T-13) and Spaatzu (11km from T-13), also expected in Q1 CY2027.
- Follow-up of priority drilling targets across the 1,776km² Otavi land package.
- Further drilling of the West Zone, which the company said will be undertaken on completion of Main Zone infill drilling.
Namibia as a mining jurisdiction
The announcement describes Namibia as ranked 4th on the Investment Attractiveness Index for Africa (Fraser Institute 2024). It cites a 37.5% tax on miners (other than diamonds) and a 3% royalty for precious and base metals, along with excellent physical infrastructure including roads, power, water and rail.
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