Midas Minerals Hits 5.7m at 8.85% Cu as Deblin Corridor Spans 1,000m
Key Takeaways
- DBDD002 returned 10.9m at 5.10% Cu from 362.5m, including a high-grade sub-interval of 5.7m at 8.85% Cu — the strongest result yet from the Deblin diamond drilling programme.
- Mineralisation at Deblin now extends across at least 1,000m of strike and 500m down dip, with multiple higher-grade subzones identified within a defined NW-SE target corridor.
- Seven rigs are currently operating across the Otavi Project with plans to scale to nine, and eight core holes plus approximately 12 RC holes have assays pending for H2 2026.
- Maiden Mineral Resource Estimates for Deblin and Spaatzu, alongside an updated T-13 MRE, are targeted for Q1 CY2027 — underpinned by A$29.2M cash at 30 June 2026.
- The existing T-13 Inferred Resource of 10.5Mt at 1.6% Cu and 21g/t Ag provides a reference point for the scale that systematic resource drilling at Deblin is now targeting.
High-grade copper intercepts confirm Deblin’s scale potential
Midas Minerals (ASX: MM1) has delivered another set of compelling drill results from its Deblin deposit in Namibia, headlined by DBDD002‘s intercept of 10.9m at 5.10% Cu from 362.5m, including a high-grade sub-interval of 5.7m at 8.85% Cu from 365.4m. Assays are now back on all three initial diamond drill holes, completing the picture across the earliest holes at the deposit.
The results continue to build a coherent high-grade copper corridor at Deblin, reinforced by additional RC drill results including 12m at 1.65% Cu from 162m (DBRC015) and 9m at 1.67% Cu from 257m (DBRC001). With seven rigs currently operating across the Otavi Project and plans to scale to nine, and A$29.2M cash at 30 June 2026, the company is well positioned to advance towards a maiden Mineral Resource Estimate.
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Deblin drill results build a high-grade copper corridor
The spatial relationships between drill holes are where the Deblin story becomes particularly interesting for investors. DBDD002’s headline result sits approximately 70m up dip of DBDD001, which had previously returned 35.6m at 3.35% Cu from 367m plus 17.7m at 3.21% Cu from 429.1m. DBRC015 extends the picture a further 285m up dip from DBDD002.
Taken together, mineralisation at Deblin now extends for at least 1,000m of strike and 500m down dip, with wide-spaced drilling already defining multiple higher-grade subzones. Intercepts reported are generally +/- 90% of true width.
What the drill holes are showing
Key intercepts from the current programme:
- DBDD002: 10.9m at 5.10% Cu from 362.5m, including 5.7m at 8.85% Cu from 365.4m
- DBDD003: 8.3m at 1.81% Cu from 373.8m, including 6m at 2.21% Cu from 374.5m
- DBRC015: 12m at 1.65% Cu from 162m, including 8m at 2.18% Cu from 162m
- DBRC001: 9m at 1.67% Cu from 257m, including 5m at 2.45% Cu from 258m
Most of the significant high-grade intercepts cluster within a NW-SE corridor, which the company has identified as the target corridor for the initial resource estimate at the deposit. The corridor remains open at depth and is underexplored along strike.
Results table — diamond and RC holes
| Hole ID | From (m) | Intercept (m) | Cu (%) | Notes |
|---|---|---|---|---|
| DBDD002 | 362.5 | 10.9 | 5.10% | Diamond hole |
| DBDD002 (incl.) | 365.4 | 5.7 | 8.85% | High-grade sub-interval |
| DBDD003 | 373.8 | 8.3 | 1.81% | Diamond hole |
| DBDD003 (incl.) | 374.5 | 6.0 | 2.21% | High-grade sub-interval |
| DBDD004 | 359.2 | 12.0 | 0.99% | Diamond hole |
| DBDD005 | 396.5 | 15.2 | 1.08% | Diamond hole |
| DBRC001 | 257 | 9.0 | 1.67% | RC hole |
| DBRC001 (incl.) | 258 | 5.0 | 2.45% | High-grade sub-interval |
| DBRC015 | 162 | 12.0 | 1.65% | RC hole; 285m up dip of DBDD002 |
| DBRC015 (incl.) | 162 | 8.0 | 2.18% | High-grade sub-interval |
What is resource drilling and why does it matter for investors?
There is an important distinction between exploration drilling and resource drilling, and it is one that shapes how you should interpret Midas’s current activity. Exploration drilling confirms that mineralisation exists. Resource drilling is the systematic, closely-spaced follow-up work that allows a company to formally estimate the size and grade of a deposit under the JORC Code (the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). A JORC-compliant Mineral Resource Estimate (MRE) is the bridge between compelling drill results and a formally defined asset that sits on the balance sheet and underpins project value.
The resource definition process broadly follows these steps:
- Identify the extent and orientation of mineralisation through initial drilling
- Design a systematic drilling grid to provide adequate data density
- Complete geological modelling and grade interpolation across the drill hole data
- Apply cut-off grades and classification criteria (Inferred, Indicated, or Measured) to produce a formal estimate
- Report the MRE under the JORC Code with a sign-off from a qualified Competent Person
Midas is now undertaking resource drilling simultaneously across three deposits: T-13, Deblin and Spaatzu. The company’s existing T-13 Inferred Mineral Resource, 10.5Mt at 1.6% Cu and 21g/t Ag, illustrates what a completed MRE looks like and provides a reference point for the scale that resource drilling at Deblin is targeting. Maiden MREs for Deblin and Spaatzu are targeted for delivery in Q1 CY2027.
MD quote and momentum heading into H2 2026
Mark Calderwood on what the drilling is proving
Mark Calderwood, Managing Director
“Drilling at Deblin is showing an extensive area near the contact between volcanics and dolomite to be mineralised over a width of +/-10m with sub-zones showing significant blow-outs in width and/or strong grades (incl. 35.6m at 3.35% Cu plus 17.7m at 3.21% Cu, 10.9m at 5.10% Cu, 15m @ 4.15% Cu and 17m at 1.72% Cu) as demonstrated by DBDD001, DBDD002 and prior drill holes NDDH 9 and NDDH 11.
“Drilling to date indicates that most of significant high-grade intercepts are within a NW-SE corridor which represents the target corridor for the upcoming initial resource at the deposit.
“The plan is to increase to three core rigs operating at Deblin, to systematically drill out the target corridor which remains open at depth and underexplored along strike.
“We are working hard to accelerate our exploration at Otavi as quickly as possible and deliver an updated mineral resource estimate for the T-13 deposit and initial resources for Deblin and Spaatzu early next year.”
Rigs, results pipeline and the path to resources
The operational scale of the programme is accelerating rapidly. Key points from the announcement:
- Two diamond rigs are currently drilling at Deblin, with a third expected to arrive in September 2026
- Seven rigs are operating across the Otavi Project, with plans to increase to nine
- Eight core holes and approximately 12 RC holes have assays pending, with a strong flow of results expected through H2 2026
- Updated T-13 MRE and maiden MREs for Deblin and Spaatzu are targeted for Q1 CY2027
- A$29.2M cash at 30 June 2026 provides the funding base to execute the programme
What this reflects is a company transitioning from the discovery phase into systematic resource definition at meaningful scale. Midas is running a funded, multi-rig programme across a 1,776km² tenure in Namibia, with three deposits advancing in parallel towards formal resource estimates. That is a different investment proposition from a single-hole exploration story, though the outcome remains dependent on continued drilling success and resource conversion, which are not guaranteed.
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Namibia: the jurisdiction behind the project
For investors less familiar with Namibia, it is worth understanding why the address matters. Namibia ranked 4th on the Fraser Institute’s 2024 Investment Attractiveness Index for Africa, reflecting a genuinely supportive environment for mining capital.
Key jurisdiction attributes:
- Stable democracy with an independent judiciary
- Transparent system of mineral and surface title
- Diverse economy with political and social support for mining
- Solid physical infrastructure including roads, power, water and rail
- English is the official language
The Otavi region is well-established mining country. Other companies operating in Namibia include B2Gold, South 32 and Paladin Energy, which speaks to the jurisdiction’s credibility as a destination for serious mining capital.
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