Midas Minerals Hits 30m at 5.35% Copper Eq as T-13 Deposit Expands to the West
Midas Minerals expands high-grade copper-silver zone at Otavi’s T-13 deposit
Midas Minerals has reported exceptional copper-silver intercepts from infill drilling at the T-13 Deposit within its Otavi Copper Project in Namibia. The programme has delivered high-grade results from both the Main Zone and the West Zone, with the Main Zone confirming strong grade continuity at depth and the West Zone revealing a higher-grade core not defined in earlier drilling.
Main Zone highlights included 30.1m at 5.35% CuEq (4.01% Cu, 71.2g/t Ag) from 325.6m and 27.1m at 3.98% CuEq (3.03% Cu, 50.3g/t Ag) from 307.9m. The West Zone returned 31.4m at 2.58% CuEq (1.88% Cu, 37.1g/t Ag) from 335.7m, including 15.0m at 3.87% CuEq. An updated MRE for the T-13 deposit is expected to be estimated and released by the end of 2026.
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What is copper equivalent and why does it matter for resource calculations?
Copper equivalent (CuEq) is a standardised metric that expresses the combined economic value of copper and silver in a single percentage figure. This allows investors to compare intercepts and resources across deposits with different metal ratios on an equivalent basis.
Midas has applied the following assumptions in calculating CuEq: copper price of US$11,906/t, silver price of US$2.254/g, and equal recovery rates of 85% for both metals based on sighter metallurgical testwork undertaken in 2024. The formula used is: CuEq (%) = Cu(%) + (Ag(g/t) × 0.018931216).
Understanding CuEq helps investors assess whether high silver credits meaningfully enhance project economics. In the case of T-13, elevated silver grades in certain zones contribute materially to the overall copper equivalent grade.
Main Zone intercepts confirm very high-grade continuity at depth
Three newly reported Main Zone holes (T13DD011, T13DD017, T13DD021) and final results from T13DD003 have confirmed exceptional grade continuity within the very high-grade portion of the deposit. Holes T13DD017 and T13DD021 have expanded the interpreted extent of this high-grade zone, with strong silver-rich bornite-chalcocite mineralisation observed in both holes.
| Hole ID | From (m) | Intercept (m) | Cu (%) | Ag (g/t) | CuEq (%) |
|---|---|---|---|---|---|
| T13DD021 | 325.6 | 30.1 (incl. 23.1m at 6.72%) | 4.01 | 71.2 | 5.35 |
| T13DD017 | 307.9 | 27.1 (incl. 18.1m at 5.36%) | 3.03 | 50.3 | 3.98 |
| T13DD011 | 176.3 | 7.2 | 4.18 | 57.3 | 5.26 |
| T13DD003 | 114.8 | 15.5 (incl. 9.5m at 7.74%) | 4.33 | 35.1 | 4.99 |
Mark Calderwood, Managing Director
“Infill drilling on the T-13 Main Zone continues to exceed expectations as the very high-grade portion exhibits strong continuity.”
The consistency of high-grade intersections at depth supports potential underground mining scenarios and de-risks resource confidence ahead of the updated MRE. Grade continuity at these depths is a critical value driver for projects targeting bulk underground extraction methods.
West Zone reveals higher-grade core previously unrecognised
The West Zone was previously drilled at 200m spacing and accounted for only approximately 20% of the April 2026 MRE at a relatively low grade (0.99% Cu, 6.6g/t Ag average). Current infill drilling at 80m spacing has revealed a higher-grade core not defined in earlier drilling, representing material uplift potential to the existing resource base.
Significant West Zone intercepts include:
- T13DD022: 31.4m at 2.58% CuEq from 335.7m, including 15.0m at 3.87% CuEq and 6.0m at 5.90% CuEq
- T13DD025: 22.0m at 2.70% CuEq from 363.6m
- T13DD023: 10.1m recovered core at 3.02% CuEq from 203.6m
The West Zone sits approximately 500m west of the Main Zone, highlighting potential for repeat high-grade zones along the broader 4.6km T-13 Prospect. The majority of prior exploration occurred on the eastern half of the prospect, leaving the western half relatively underexplored.
Mark Calderwood, Managing Director
“Recent drilling will significantly impact on what is currently a low-grade portion of the MRE based on pre-acquisition drilling completed at 200m spacing.”
The West Zone upgrade potential represents meaningful upside to the existing resource without requiring grassroots discovery risk. The infill drilling has effectively redefined a previously low-confidence zone into a potential high-grade contributor.
Mineralisation zonation pattern may guide future exploration
A clear mineralisation zonation pattern has emerged from the drilling programme. High-grade core zones are dominated by chalcocite to bornite (both silver-rich), grading outward to low-silver chalcopyrite at the margins and pyrite at the periphery.
Hole T13DD020, drilled 80m east of the high-grade mineralisation within the West Zone, intercepted low-grade copper but exhibited strong shearing, alteration, and pyrite content — indicators of proximity to mineralisation. This zonation pattern may prove useful as a vectoring tool as Midas explores for additional high-grade core zones within the broader 4.6km T-13 Prospect.
Mark Calderwood, Managing Director
“This pattern may prove important as we explore for more high-grade ‘core zones’ within the broader 4.6km long T-13 prospect.”
A predictive geological model reduces exploration risk and may accelerate target generation across the underexplored western half of T-13. The ability to predict high-grade zones based on mineralogical zonation enhances drilling efficiency and capital allocation.
Current resource base and pathway to updated estimate
The existing MRE for the T-13 Deposit stands at 10.5Mt at 1.6% Cu and 21g/t Ag (2.0% CuEq), containing:
- 169,000t copper
- 7.1Moz silver
- 211,000t copper equivalent
This estimate is based on pre-acquisition drilling only and does not incorporate any of the infill drilling reported in this announcement. An updated MRE for T-13 is expected by the end of 2026, followed by an initial MRE for the Deblin prospect in Q1 2027.
The current MRE represents a baseline. The drilling reported today is expected to materially enhance both tonnes and grade in the updated estimate, particularly through the incorporation of higher-grade West Zone intercepts and improved confidence in the Main Zone geometry.
Six rigs operating with seventh arriving in July
Midas currently has six rigs drilling across the Otavi Project, with a seventh rig expected to arrive in July. This multi-rig programme signals an aggressive drilling cadence designed to generate a strong flow of assay results from resource and exploration drilling through H2 2026.
The bulk of prior exploration occurred on the eastern half of the 4.6km T-13 Prospect, leaving the western half relatively underexplored. Ongoing drilling is systematically testing this underexplored area, with strong newsflow expected ahead of the updated MRE release.
The operational intensity underscores management’s confidence in the project and positions the company to deliver multiple newsflow catalysts in the lead-up to the updated resource estimate.
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Namibia’s position as a premier African mining jurisdiction
Namibia is ranked 4th on the Investment Attractiveness Index – Africa (Fraser Institute 2024), reflecting its status as a premier mining jurisdiction. Key advantages include:
- Stable democracy with an independent judiciary
- Transparent mineral and surface title system
- Excellent infrastructure (roads, power, water, rail)
- Stable tax code: 37.5% corporate tax for base metals miners, 3% royalty, 1% export levy on copper
Peer companies operating in Namibia include B2Gold, South32, Vedanta Zinc, Paladin Energy, Deep Yellow, and Bannerman Energy. The jurisdiction’s quality reduces sovereign risk premium and supports project financing optionality, a critical consideration for projects approaching development studies.
Ready to Learn More About the Otavi Copper Project?
Midas Minerals’ infill drilling programme has revealed high-grade copper-silver continuity at depth and a previously unrecognised higher-grade core within the West Zone. With six rigs currently operating and an updated MRE expected by the end of 2026, the T-13 Deposit continues to demonstrate material resource upside potential.
For detailed project updates, drilling results, and strategic developments at the Otavi Copper Project, visit the Midas Minerals investor centre. Stay informed on newsflow ahead of the company’s updated resource estimate and ongoing exploration across the 4.6km T-13 Prospect.