Midas Minerals Grows Spaatzu Copper Find to 1.5km With 51m Hit, More Assays Due
Key Takeaways
- Spaatzu copper-silver mineralisation now extends at least 1,500m of strike after a 500m south-eastern step-out, and it remains open to the south-east.
- SPRC101 returned 51m at 0.82% Cu and 19.5g/t Ag from 80m, while SPRC102 hit 22m at 1.34% Cu and 36.8g/t Ag from 88m.
- Assays are pending for 19 holes over a further 240m of strike, with six holes reported out of 25 RC holes completed since August.
- An initial Spaatzu Mineral Resource Estimate is on track for Q1 CY2027, alongside Deblin and an updated T-13 resource, with no resource yet reported for Spaatzu.
- Spaatzu sits just 10.5km from T-13, which holds a 10.5Mt at 1.6% Cu Inferred resource, and the deposit lies blind under shallow transported cover.
Midas Minerals extends Spaatzu copper-silver to 1.5km strike with 51m at 0.82% Cu intercept
Step-out drilling has confirmed a 500m south-eastern extension, and Midas Minerals (ASX: MM1) now reports that Spaatzu copper-silver mineralisation extends for at least 1,500m of strike. The latest results from the Otavi Copper Project in Namibia include 51m at 0.82% Cu, 19.5g/t Ag from 80m (SPRC101) and 22m at 1.34% Cu, 36.8g/t Ag from 88m (SPRC102).
The company describes Spaatzu as a shallow, bulk tonnage, open-pit Cu-Ag resource target starting at surface, located only 10.5km west of its T-13 Copper-Silver Deposit. Wide, shallow, medium- to high-grade intercepts like these are what a bulk tonnage target looks like in the drill results.
Mark Calderwood, Managing Director
“…we don’t yet know the limits of mineralisation with no prior drilling undertaken within 9km of Spaatzu and we now know that soil sampling is of limited value, with the deposit essentially blind under shallow transported cover.”
When big ASX news breaks, our subscribers know first
Best intercepts from the latest drilling
Six holes have reported results out of 25 RC holes completed since August. The table below shows the headline intercepts, using the figures from the announcement highlights.
| Hole ID | From (m) | Interval (m) | Cu (%) | Ag (g/t) |
|---|---|---|---|---|
| SPRC101 | 80 | 51 | 0.82 | 19.5 |
| incl. SPRC101 | 105 | 11 | 1.52 | 37.7 |
| and incl. SPRC101 | 125 | 6 | 2.39 | 61.8 |
| SPRC102 | 88 | 22 | 1.34 | 36.8 |
| incl. SPRC102 | 95 | 2 | 2.10 | 49.0 |
| and incl. SPRC102 | 99 | 10 | 1.82 | 53.6 |
The higher-grade zones sit inside the wider intercepts:
- 11m at 1.52% Cu, 37.7g/t Ag (SPRC101)
- 6m at 2.39% Cu, 61.8g/t Ag (SPRC101)
- 2m at 2.10% Cu, 49.0g/t Ag (SPRC102)
- 10m at 1.82% Cu, 53.6g/t Ag and 424ppm Mo (SPRC102)
Assays are pending for 19 holes over a further 240m of strike, and the zone remains open to the south-east. That tells you the footprint may still be growing, though pending results could land anywhere on the grade spectrum.
SPRC098 returned no significant assays because it was drilled outside the main target corridor.
What is a bulk tonnage open-pit copper target?
A bulk tonnage target is a large volume of mineralisation that is mined in bulk rather than from narrow, high-grade veins. Mineralisation that starts at surface and is relatively shallow is suited to open-pit mining, and a low strip ratio (the amount of waste rock moved per tonne of mineralised rock) can help mining economics. Midas has not claimed economic viability for Spaatzu.
The deposit is also “blind”, meaning it sits under shallow transported cover. Mr Calderwood noted that soil sampling is therefore of limited value, which helps explain why drilling is doing the heavy lifting.
Silver adds to the investment case. At Spaatzu, silver occurs with copper at an average of 27g/t Ag per 1% Cu. Mr Calderwood also pointed to molybdenum and lead mineralisation alongside the copper and silver.
Geology points to continuity
The announcement links the consistency of mineralisation to a favourable geological setting. Key points include:
- Copper mineralisation in the south-east extension is dominated by chalcocite, with subordinate malachite in shallow intervals.
- The host horizons are gentle dipping and relatively thick.
- The mineralised corridor follows a SE-NW fault structure transecting the Merwe dome, while stratabound mineralisation has dispersed laterally from the fault zone along reducing and permeable lithologies.
- True widths are interpreted at 70-80% of intercept interval for SPRC100 to SPRC103 and 95% for SPRC099.
Resource, metallurgy and regional drilling next
Definition of an initial Mineral Resource Estimate for Spaatzu is on track for Q1 CY2027, alongside the Deblin deposit and an updated T-13 resource. No Mineral Resource is reported for Spaatzu in this announcement.
The existing T-13 Inferred Mineral Resource is 10.5Mt at 1.6% Cu and 21g/t Ag (ASX release dated 16 April 2026). Midas says it is based only on drilling prior to its acquisition.
The latest T-13 drilling results show how the neighbouring deposit is performing, with a 22.6m intercept at 6.01% CuEq from infill work feeding the same Q1 CY2027 resource update that will also cover Spaatzu.
Sighter metallurgical test work for Spaatzu mineralisation is underway in Perth, and six core holes have been drilled and are awaiting sampling. A ground gravity survey over Spaatzu and T-13 is complete, and Midas expects preliminary results to help define further drill targets, with the survey to be expanded in coming months.
Shallow geochemical RC drilling is about to commence across a wide area of the +60km-long Merwe dome. Spaatzu itself is a 4km long zone of soil and IP anomalism, partially drill-tested over 1.5km.
The next major ASX story will hit our subscribers first
Namibia backdrop and Otavi scale
Namibia ranked 4th on the Fraser Institute 2024 Investment Attractiveness Index for Africa. Midas points to:
- A stable democracy with an independent judiciary
- A transparent system of mineral and surface title
- A 3% royalty for precious and base metals
- A 37.5% tax on miners (other than diamonds)
The Otavi Project covers 1,776km² and is 100% owned by Midas, with modern exploration covering <40% of the tenure.
Near-term catalysts include assays for the 19 pending holes, the Q1 CY2027 resource estimates and the metallurgical results.
Don’t Miss the Next ASX Copper Breakout
Get FREE ASX mining and energy alerts delivered within minutes of release, with in-depth analysis and the full announcement included. Join 30,000+ investors already staying ahead of the market. Click the “Free Alerts” button at Big News Blast to receive breaking copper news the moment it hits.