Midas Minerals Hits 7m at 4.89% Copper as Deblin Resource Target Grows
Key Takeaways
- Hole DBDD008 returned 7.0m at 4.89% Cu and 5.6g/t Ag from 438.8m, with two further zones of 3.47% Cu and 1.92% Cu in the same hole.
- Up to three high-grade mineralised positions in the Askevold volcanics point to stacked zones and a growing resource target across at least 1,000m of strike and 600m depth.
- Shallow hole DBRC031 cut 24m at 1.84% Cu from 169m, including 3m at 8.24% Cu, while DBDD006 hit 8.2m at 3.22% Cu and is still being extended.
- Three rigs are at Deblin with assays pending on 11 of 19 core holes, and Midas plans to add one or two more rigs.
- Sighter metallurgical work starts within two weeks, with initial Deblin and Spaatzu MREs and an updated T-13 MRE due in Q1 CY2027.
Multiple high-grade zones confirmed at Deblin as resource target grows
Midas Minerals (ASX: MM1) has received further assays from the Deblin deposit at its Otavi Copper Project in Namibia, and they point to multiple high-grade copper zones. The headline intercept came from hole DBDD008, which returned 7.0m at 4.89% Cu and 5.6g/t Ag from 438.8m.
Here are the key results from the latest batch:
- DBDD008: 6.2m at 3.47% Cu, 5.6g/t Ag, 0.24g/t Au and 337ppm Mo from 471.3m
- DBDD008: 9.8m at 1.92% Cu, 4.1g/t Ag and 422ppm Mo from 486.5m
- DBDD006: 8.2m at 3.22% Cu, 17.0g/t Ag and 0.60g/t Au from 498.4m (hole currently being extended)
- DBRC031: 24m at 1.84% Cu from 169m, including 3m at 8.24% Cu from 170m
DBDD008 and subsequent holes (pending analysis) indicate up to three high-grade mineralised positions within the Askevold volcanics. For investors, that matters because more stacked zones can mean a bigger resource target.
All intersections are down hole, and true width is yet to be determined.
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Drilling results in detail
Intercepts at a glance
The table below sets out the key intercepts from Appendix A of the announcement. Cu is copper, Ag is silver, Au is gold and Mo is molybdenum.
| Hole | From (m) | Interval (m) | Cu (%) | Other metals |
|---|---|---|---|---|
| DBDD008 | 438.8 | 7.0 | 4.89 | 5.6g/t Ag, 0.02g/t Au, 128ppm Mo |
| DBDD008 | 471.3 | 6.2 | 3.47 | 5.6g/t Ag, 0.24g/t Au, 337ppm Mo |
| DBDD008 | 486.5 | 9.8 | 1.92 | 4.1g/t Ag, 0.09g/t Au, 422ppm Mo |
| DBDD006 | 498.4 | 8.2 | 3.22 | 17.0g/t Ag, 0.60g/t Au, 172ppm Mo |
| DBRC031 | 169 | 24 | 1.84 | 0.8g/t Ag, 0.04g/t Au, 5ppm Mo |
| DBRC031 (included) | 170 | 3 | 8.24 | 3.7g/t Ag, 0.07g/t Au, 10ppm Mo |
DBDD006 is still being extended, so its results are not final for that hole.
Management view
Managing Director Mark Calderwood said the drilling points to a system with several high-grade zones, and he sees room to grow it.
Mark Calderwood, Managing Director
“Drilling to date indicates significant potential for a large-scale mineralised system at Deblin, comprising multiple high-grade zones of copper sulphide that appear to be both structurally controlled, with indications of a possible stratabound component.”
“Each of the sub-zones at Deblin exhibit moderate to broad intervals ranging from 5m to 30m in width and grading between 1.5% to 5% copper, accompanied by variable gold, silver and molybdenum.”
He also said there is “strong potential to further extend high-grade mineralisation, particularly along strike to the west”.
Previously reported holes
Earlier results provide context for the latest assays:
- DBDD001: 35.6m at 3.35% Cu from 367m
- DBDD002: 10.9m at 5.1% Cu from 362.5m
- DBDD003: 8.3m at 1.81% Cu from 373.8m
Why does copper mineralisation style matter for investors?
Deblin’s copper is dominated by two minerals, chalcopyrite and bornite. Both are copper sulphides, meaning copper bound with sulphur, and they are the minerals a processing plant would target.
The announcement describes the mineralisation as structurally controlled, with indications of a possible stratabound component. Structurally controlled means the copper sits along faults or shear zones. Stratabound means it follows a particular rock layer. The distinction matters because it shapes how drillers predict where the next zone sits.
Two styles have been identified at Deblin. The first is shallow mineralisation in carbonate rocks, characterised by massive, undeformed chalcopyrite. The second, deeper style sits in a shear zone within the Askevold Volcanics and at the transitional contact with the carbonate sequence, with coincident gold and silver.
Drilling to date demonstrates potential for multiple zones within a target corridor of at least 1,000m of strike, from surface to at least 600m vertically. Scale and grade together drive resource potential, and a Mineral Resource Estimate (MRE) is the formal calculation of how much mineralised material a deposit contains, and at what grade.
Sighter metallurgical test work is set to commence within two weeks. These early tests help show how well copper can be recovered from the rock, which feeds into whether a deposit could eventually be processed economically.
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Drilling ramps up toward Q1 CY2027 resource estimates
Scaling up activity
Three core rigs are operating at Deblin, with 19 core holes completed and assays pending for 11. Midas plans to add one or two additional rigs as the target area has grown.
Across the wider Otavi Project, eight rigs are drilling. Midas expects a strong flow of results through 2H 2026 and well into 2027. DBDD006 is being deepened, and several other holes are planned to be extended to test for similar additional zones.
Upcoming catalysts
Three items stand out for the months ahead:
- Remaining assays from the 11 core holes
- Metallurgical test work
- Initial MREs for Deblin and Spaatzu, plus an updated T-13 MRE, on track for delivery in Q1 CY2027
For context, T-13 carries an initial Inferred Mineral Resource of 10.5Mt at 1.6% Cu and 21g/t Ag. Deblin sits 18km south-east of the town of Otavi, 25km west-southwest of the Kombat copper mine and 70km east-south-east of T-13.
The announcement also notes that Namibia ranks 4th on the Fraser Institute 2024 Investment Attractiveness Index for Africa, with a 3% royalty on precious and base metals. For you as an investor, the next signals to watch are the pending assays and the first Deblin MRE.
For readers wanting to see how the third resource in the Q1 CY2027 schedule is shaping up, our detailed coverage of Spaatzu drilling explains the 1,500m strike extension, the 51m intercept at 0.82% Cu and the 19 holes still awaiting assays.
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